Best Restructuring & Insolvency Lawyers in Sendai

Share your needs with us, get contacted by law firms.

Free. Takes 2 min.


English
Adirehoritsujimusho Sendai Shiten is a distinguished law firm located in Sendai, Japan, offering comprehensive legal services across multiple practice areas, including bankruptcy, divorce, employment, estate planning, and general legal counsel. The firm is staffed by a team of over 225 experienced...
AS SEEN ON

About Restructuring & Insolvency Law in Sendai, Japan

Restructuring and insolvency law in Sendai, Japan, is designed to help businesses and individuals manage financial distress and, if necessary, navigate bankruptcy in a fair and orderly manner. Sendai, as a major city in the Tohoku region, follows the legal framework set forth by Japanese national law, but also relies on local courts and professionals experienced in the unique needs of the area. The main goals of restructuring and insolvency procedures are to provide financially troubled entities a chance to rehabilitate, protect creditors' rights, and maintain economic stability in the community.

Why You May Need a Lawyer

Legal assistance is often essential when facing financial difficulties that might lead to restructuring or insolvency. Common situations where people or companies in Sendai may require legal support include:

  • Struggling to pay debts to suppliers, lenders, or tax authorities
  • Experiencing lawsuits from creditors or facing asset seizures
  • Needing to negotiate restructuring agreements with creditors to avoid bankruptcy
  • Considering voluntary or involuntary bankruptcy filings
  • Having disputes over distribution of assets among creditors
  • Assisting employees with their rights and claims in insolvency procedures
  • Seeking to restart a business after rehabilitation

A lawyer can explain your options, represent you in negotiations or court, and help ensure compliance with all legal requirements to protect your interests.

Local Laws Overview

In Sendai, restructuring and insolvency proceedings are governed primarily by national Japanese statutes, including the Bankruptcy Act, Civil Rehabilitation Act, Corporate Reorganization Act, and the Companies Act. Here are key aspects of the local legal landscape:

  • Bankruptcy (Hasan): Individuals or companies who cannot repay debts can file for bankruptcy, leading to liquidation of assets under court supervision.
  • Civil Rehabilitation (Minji Saisei): Mainly for small to medium-sized entities, this allows businesses to reorganize and continue operation while paying creditors according to an approved plan.
  • Corporate Reorganization (Kaisha Kosei): Suitable for larger companies, this process is more formalized and complex, focusing on restoring business viability.
  • Special Liquidation (Tokusetsu Seisan): A simplified liquidation process, commonly used for dissolving companies that are not insolvent but choose to wind up business voluntarily or due to mergers.
  • Sendai District Court: Handles most insolvency and bankruptcy cases in Sendai, with local professionals such as certified insolvency administrators (Kanrinin) managing estate distribution.
  • Creditors Meetings: Creditors often have rights to attend meetings and approve rehabilitation or reorganization plans. Proper notice and transparency are required.

Local customs and the availability of local mediators or restructuring experts can sometimes influence the approach taken in insolvency cases in Sendai, making local legal guidance important.

Frequently Asked Questions

What is the difference between bankruptcy and civil rehabilitation in Japan?

Bankruptcy typically results in liquidation of assets and closure of the business, while civil rehabilitation allows businesses to reorganize and continue operating by paying creditors through a court-approved plan.

Can individuals file for insolvency, or is it only for businesses?

Both individuals and companies can file for insolvency. Laws such as the Bankruptcy Act apply to both individuals and corporations in Sendai.

How long does the bankruptcy process usually take in Sendai?

The process length varies depending on the case complexity. Personal bankruptcies can take several months, while corporate cases might take a year or more.

Will filing for bankruptcy affect my credit score in Japan?

Yes, your credit history will be negatively impacted for several years, usually between 5 to 10 years, making it more difficult to obtain loans or credit in the future.

Are directors or officers personally liable for company debts?

Generally, company debts are separate from personal assets of directors or officers, unless there was fraud, gross negligence, or the offering of personal guarantees.

What happens to employees if a company goes bankrupt?

Employees are entitled to claim unpaid wages and certain benefits through the insolvency process. The government may assist through the Wage Payment Guarantee System if the company cannot pay.

Can I negotiate with creditors myself before filing for bankruptcy?

Yes, it is possible to attempt direct negotiations with creditors, but legal professionals can often achieve better outcomes and ensure your rights are protected.

Is court involvement always necessary for debt restructuring?

Not always. Out-of-court settlements, such as private workouts, can be an alternative if all parties agree. However, court involvement is essential for formal bankruptcy or rehabilitation.

What documentation do I need to prepare for filing for insolvency?

Essential documents include financial statements, lists of assets and liabilities, creditor lists, contracts, and evidence of financial distress.

Where can I find a restructuring or insolvency lawyer in Sendai?

There are several local law firms and bar association resources. The Miyagi Bar Association is a good starting point for referrals to qualified local legal professionals.

Additional Resources

If you need more information or support regarding restructuring and insolvency in Sendai, the following resources may be helpful:

  • Miyagi Bar Association: Provides guidance and lawyer referrals for insolvency and restructuring matters.
  • Sendai District Court: Handles local bankruptcy and civil rehabilitation proceedings.
  • Small and Medium Enterprise Agency (SMEA): Offers support for business owners facing financial difficulties, including management consultation services.
  • Japan Federation of Certified Public Tax Accountants' Associations: Knowledgeable in tax issues related to insolvency and restructuring.
  • Legal Support Centers (Houterasu): Supplies general legal information and may offer assistance in locating a suitable lawyer.

Next Steps

If you believe you may need legal assistance with restructuring or insolvency in Sendai, here is how you can proceed:

  1. Assess your financial situation and collect key documents, including financial statements, contracts, and creditor information.
  2. Contact the Miyagi Bar Association or visit a local legal support center (such as Houterasu) to seek a referral to an experienced restructuring or insolvency lawyer.
  3. Prepare a list of questions or concerns to discuss during your initial consultation with a legal professional.
  4. Consider all available options, including negotiation, private settlement, or formal court proceedings, based on your lawyer’s advice.
  5. Take swift action, as delays can make resolving financial problems more difficult and limit the available solutions.

Seeking professional legal advice early in the process will help protect your interests and improve your chances of reaching a positive outcome, whether you are an individual or a business in Sendai, Japan.

Lawzana helps you find the best lawyers and law firms in Sendai through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Sendai, Japan - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.