1. INTRODUCTION 1
1.1 Complimentary work in the Asian Development Bank 2
1.2 Other projects and studies 2
1.3 Scope and content of the second phase of this project 3
1.4 Areas of particular interest 5
1.5 This report 7

2. THE CORPORATION AND CORPORATE MANAGEMENT 8
2.1 Corporate management and its relevance to corporate insolvency law systems 8
2.2 Corporate management in the five economies 9
2.3 Korea 10
2.4 Malaysia 11
2.5 Thailand 12
2.6 Philippines 13
2.7 Indonesia 14
2.8 Training and education 15
2.9 Conclusions and proposals 16
3. THE BANKING SECTOR AND LENDING PRACTICES 18
3.1 Relevance to insolvency processes 19
3.2 Philippines 21
3.3 Malaysia 21
3.4 Korea 22
3.5 Thailand 23
3.6 Indonesia 23
3.7 Conclusions and proposals 25
4. PROPERTY RIGHTS AND SECURED TRANSACTIONS 27
4.1 Philippines 28
4.2 Korea 28
4.3 Malaysia 29
4.4 Indonesia 30
4.5 Thailand 31
4.6 Conclusions and proposals 32
5. LEVEL OF INSOLVENCY CASE ACTIVITY 34
5.1 Liquidations 34
5.2 Formal rescue 34
5.3 Informal rescue 35
5.4 Conclusions and proposals 36
6. STATISTICS AND INFORMATION 40
6.1 Evaluation of the statistical information in the five economies 40
6.2 Suggestions for improvement 41
6.3 Conclusions and proposals 42
7. THE OPERATION OF AND REFORMS TO INSOLVENCY LAWS 44
7.1 Korea 44
7.2 Indonesia 45
7.3 Philippines 46
7.4 Thailand 49
7.5 Malaysia 51
7.6 Conclusions and proposals 52
8. OPERATION OF THE COURTS IN THE INSOLVENCY LAW SYSTEM 54
8.1 Korea 54
8.2 Malaysia 55
8.3 Indonesia 55
8.4 Experience of a recent case in Indonesia 56
8.5 Thailand 58
8.6 Philippines 59
8.7 Conclusions and proposals 59
9. INFORMAL INSOLVENCY PROCESSES 61
9.1 Malaysia 62
9.2 Korea 64
9.3 Indonesia 66
9.4 Thailand 67
9.5 Philippines 69
9.6 Conclusions and proposals 69
10. INSOLVENCY CASE ADMINISTRATION 71
10.1 Indonesia 71
10.2 Thailand 72
10.3 Korea 72
10.4 Malaysia 73
10.5 Philippines 73
10.6 Conclusions and proposals 74
11. CROSS-BORDER CONSIDERATIONS 75
11.1 Cross-border insolvency legislation 75
11.2 Regional co-operation and collaboration 76
11.3 Conclusions and proposals 76