Turnaround ADR
Open-knowledge reference entry
Turnaround Alternative Dispute Resolution (ADR) (Japanese: 事業再生 Jigyo Saisei ADR), also known as Business Revitalization ADR, is a process increasingly used by companies in Japan to adjust their debt. This out-of-court procedure was established in Japan in 2007 and is based on Japanese Law, specifically the Special Measures Law for Industrial Revitalization and Rebirth of Japan. It allows companies to forgo bankruptcy proceedings and replaces previous voluntary debt adjustments under such as the "Guideline for Voluntary Debt Adjustment" (Shiteki Seiri Guideline).
Although the procedure is named using the generic alternative dispute resolution title, Turnaround ADR is not a procedure for resolving disputes. Rather, it offers a way for financially stressed companies to reassess and restructure debts.
Features
When a Turnaround ADR is applied, the debtor can maintain payment to business partners and customers. Only claims held by financial institutions participating in this procedure become subject to adjustment; if the relevant institutions reach consensus, the debts can be minimized.
Turnaround ADR is frequently misunderstood in the United States and other Western nations because no equivalent procedure exists there. Applying for or initiating a Turnaround ADR is not considered a default triggering event. Rather, adopting a Turnaround ADR is considered a preferable procedure for financially distressed companies as it provides breathing space for such companies to focus on revitalizing their business.
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