Insolvency Law for a new century: Japan's revised framework for economic failures

Insolvency was not covered in the original volume of Law in Japan: The Legal Order in a Changing Society. According to that book's index, the only reference to debtor-creditor law was a single notation that the Bankruptcy Act was adopted in 1922.¹ Perhaps this is not surprising given the focus of the original project on the "development and evolution" of Japanese law. For most of the postwar era, insolvency law² has not been at the cutting edge of law reform. Indeed, the initial citation to insolvency law in this review is to the same 1922 bankruptcy legislation.