Ohara Law Office

February 24, 2016

Is gambling legal in Japan?

Gambling is prohibited under Japanese law and anyone caught gambling can be punished with a fine of up to 500,000 yen. Someone who organizes a gambling group or runs a place for gambling can be punished with up to 5 years of prison.
February 24, 2016

What types of bankruptcy are possible in Japan?

In Japan, there are two main laws that deal with companies that are in dire financial condition: rehabilitation laws and insolvency laws.
February 24, 2016

If a debtor goes through bankruptcy, will the creditor get any money back?

Bankruptcy is a judicial process by which a debtor’s assets are divided among his or her creditors to pay off as much of the debtor’s debt as possible. To achieve these ends, the debtor’s assets will be converted to money in order to be fairly divided among creditors.
February 24, 2016

What is corporate reorganization and how does it affect a business partnership?

Corporate reorganization is a process by which a company can petition the court to help it meet its debt obligations. The court will appoint professionals such as trustees and examiners to work with the company and its creditors to find a way to keep the company afloat. The main focus of corporate reorganizations is usually on preserving as many jobs as possible and maintaining a stable continuation of the company.