Introduction

Insolvency law, by nature, flourishes in difficult times. The year 2020 is certainly one of the most difficult in modern history. While it will be remembered as a year of lockdown, restructuring and insolvency activity in 2020 has never stopped opening up all manner of developments all over the world, together with rapid insolvency law reform.

The Asia-Pacific region has seen a fair share of recent financial distress and solutions to distress, as this edition of the Asia-Pacific Restructuring Review demonstrates. Each of the jurisdictions covered in the Review has its own domestic economic challenges, its own prescribed solutions and probably too many insolvency developments to write about.

The experts in each jurisdiction have, therefore, helpfully culled the most recent and pertinent developments and practices to share with readers. Many of the cross-border developments are modelled on practices in other parts of the world and may sometimes serve as a model for international practices within the region. A case in point is mainland China (included in this Review for the first time). Mainland Chinese insolvency proceedings need and want other jurisdictions to recognise them. The China chapter shows how the Chinese courts may learn from international practices and start to reciprocate the goodwill other jurisdictions have bestowed on Chinese insolvency proceedings.

As restructuring and insolvency practices are ever-changing, it is helpful to take stock once in a while. In that regard, the Review may serve as an informative snapshot summary of the most recent trends.