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Cross-border insolvency cases can involve either a single case where the debtor's assets are located in multiple jurisdictions or the insolvency of multiple members of a cross-border group resulting in concurrent insolvency proceedings in multiple jurisdictions.
In 2000, Japan enacted the Law of Recognition and Assistance for Foreign Insolvency Proceedings (LRAFIP) which adopted almost all the provisions of the UNCITRAL Model Law on Cross-Border Insolvency, and abolished the notorious territorialism contained in Japanese insolvency laws for so many years. Since the LRAFIP became effective in 2002, only two cases have been filed, calling for recognition and assistance under the LRAFIP. Also, in Korea, from 2006, the new era of bankruptcy law governing international insolvency began. The previous three bankruptcy laws - Bankruptcy Act, Composition Act, and Corporate Reorganization Act - have been merged into, and were replaced by, the Debtor Rehabilitation and Bankruptcy Act of Korea. One of the most important changes on the Act (DRBAK) is the introduction of “universalism” of an international insolvency part.
This Paper introduces international insolvency law regime, especially Japanese law involving insolvency proceedings. Also, by researching Japanese international insolvency cases under Japanese legal system, the international insolvency regime in Korea. Although Korea established new universalism system with respect to international insolvency problems, the research and the study of effects and values of new system is still necessary. Paper proposes that international suitability and global fitness in international insolvency regime in Korea. Although Korea established new universalism system with respect to international insolvency problems, the research and the study of effects and values of new system is still necessary.

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