Introduction

Insolvency law, by nature, flourishes in difficult times. Just like last year, restructuring and insolvency activity in 2022 continues to flourish all over the world, together with rapid insolvency law reform.

The Asia-Pacific region continues to see 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 models for international practices within the region. A case in point is the development of the Hong Kong common law recognition regime. Matching international standards, the Hong Kong common law recognition regime now uses the concept of centre of main interests as the recognition yardstick, as opposed to the 19th-century concept of jurisdiction of incorporation.

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.