U&P has been involved in many insolvency proceedings per requests from creditors and sponsors as well as the filing of applications for insolvency proceedings on behalf of debtors.

When we are involved in insolvency proceedings on behalf of a creditor, our first step is to examine all possible means for collecting debts, including the possibility and methods of setting off receivables and payables, within a limited time, and then we provide specifically tailored advice to the client. Since the field of insolvency law does not have well established precedent cases and/or academic theories, we are often required to address novel questions requiring difficult judgment and decisions on complex legal issues, and we also are required to negotiate with trustees, etc., about such legal uncertainties.

When we are retained by a sponsor, we need to focus our efforts on a large volume of work, within a short period of time, including uncovering legal issues through due diligence (legal audit) of the insolvent company, and negotiating contract terms of M&A transactions and drafting contracts, etc.

In filing applications for insolvency proceedings, we are required to coordinate among the interests of creditors and many other parties concerned in a fair and prompt manner under the pressure of insolvency.

In light of recent economic conditions, it is expected that these services incidental to insolvencies will be required more.