Introduction

Insolvency law, by nature, flourishes in difficult times. Just like last year, 2021 continues to be one of the most difficult in modern history; nevertheless, restructuring and insolvency activity in 2021 continues to flourish 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 the interaction between mainland China and Hong Kong. Mainland Chinese insolvency proceedings are now recognised in Hong Kong, and the mainland authorities have commenced a historic pilot project to recognise and assist Hong Kong insolvency proceedings. Future cross-border insolvency reform depends on the success of this pilot project.

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.