http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures


'a trustee has very few public disclosure requirements in respect of the debtor’s financial well-being. For instance, the laws do not require U.S.-style monthly operating reports to creditors, nor do they require a disclosure statement in support of a plan of reorganization'

'a courtsupervised restructuring process in Japan tends to be far less transparent than in the United States.'

'the system’s lack of required notice, disclosure and hearings makes it difficult for smaller creditors (even financial creditors) to play an active role'

'Corporate Reorganization Law Trustee: An individual appointed by the court to run the debtor’s affairs and to develop its restructuring
Plan. Although historically the trustee has been an independent bankruptcy professional, recent cases have permitted the appointment of an existing member of management.'