(a) In relation to each type of insolvency procedure available in the legal system of this economy, what types of claims of creditors are properly admissible for payment in the context of that procedure? (for example liquidated debts, future debts, contingent claims, secured claims, unliquidated claims for damages, interest claims, costs of administration or of legal proceedings, periodical payments, debts owed by guarantors of the business organization.)

All claims which has arisen from a cause before the bankruptcy declaration will be valued as of the date of bankruptcy declaration. (Article 15) Secured claims are excluded to the extent that such claims can be satisfied by the security.

Under the corporate reorganisation procedure, secured creditors are also bound by the reorganisation plan. The administrator appraises the going concern value of the security and offers the payment schedule of the secured rights to secured creditors in the reorganisation plan.

(b) At what date are the amounts of admissible debts computed?

For general creditors, the date of bankruptcy or the reorganisation commencement decision by the court.

(c) By what method are claims of creditors proven by those creditors in the context of each type of insolvency procedure?

Creditors submit documentary evidences such as order sheets and invoices and agreements. If such claims are properly booked in the debtor company's records, the administrator usually accepts such claims.

(d) How are disputed claims made by creditors adjudicated upon? (for example by the administrator, or by a Court.)

The disputed claims are adjudicated upon under litigations outside of the insolvency proceedings. The party whose claims are opposed by the administrator has a burden to initiate the proceeding to confirm the disputed claims.

(a) In relation to each type of insolvency procedure available in the legal system of this economy, what principles apply to the division of available assets of the corporate debtor among those of its creditors entitled to payment? Is there a basic principle of equality of payment, or are rights of priority of payment enjoyed by secured creditors, or by certain classes of creditors over others? (for example costs of the administration, claims for taxes owed by the debtor, amounts owed to employees of the organization.)

Bankruptcy:

General creditors; a basic principle of equality of payment (Article 40)

Certain superior creditors such as 1, 2, 3 and 4 below (Articles 39 and 47)

Secured creditors are exclusively satisfied by their security and unsatisfied portion can be treated as general creditors.

Corporte Reorganisation.

Almost same as above. The security of the secured creditor is valued and such valuation is reflected in the payment schedule of such secured creditor in the reorganisation plan. Superior creditors are similar (Article 208). But only tax claims which arise after the commencement order of the procedure are treated as superior claims.

(b) Give a brief account of the order of priorities, if any, of payment of creditors prescribed by the legal system of this economy.

In bankruptcy the order of priorities is as follows:

1 costs of the administration

2 tax obligations

3 claims incurred by actions of the administrator

4 amounts owed to employees

5 general claims