(a) In relation to each type of insolvency procedure available in the legal system of this economy, what are the administrative organs/entities involved in the implementation and management of that procedure? (For example a trustee, liquidator, receiver, government official.)

Please see I3.

(b) What qualifications must each type of administrator of insolvency procedures possess? Is there a system of regulation of insolvency administrators in this economy?

There is no special qualification requirement. The court appoints an appropriate person to serve as reorganization receiver, composition administrator or bankruptcy administrator.

(c) Are the creditors of a corporate debtor permitted to participate in the administration of the relevant insolvency procedure, and if so, how? (For example are the creditors permitted to assist the administrator, or supervise or dictate the conduct of the administration?)

In a reorganization and composition proceedings, creditors form a creditors meeting. The creditors can, through the creditors meeting, express its opinion to the court. Although the court is not bound by such opinion expressed, it is nevertheless persuasive to the court.

(a) In relation to each type of insolvency procedure available in the legal system of this economy, what are the powers given to each type of administrator by statute, at general law or pursuant to the terms of the appointment? (for example power to carry on the business of the organization, to pay creditors, to compromise claims of or against the debtor, to issue or defend legal proceedings, to obtain credit, to sell property, to execute documents on behalf of the debtor.)

(b) To what extent and in what circumstances may each type of insolvency administrator seek assistance, advice or direction in the conduct of the administration, and from what sources? (for example the Court, his appointor, the creditors of the debtor, a solicitor, accountant or other relevant person.)

(a) In relation to each type of insolvency procedure available in the legal system of this economy, what are the duties imposed upon each type of administrator by statute and at general law? (for example a duty to take possession of assets of the debtor, to realise those assets, to discharge the debt owed to his appointor, to call for proofs of debts owed to creditors, to adjudicate upon claims of creditors, to apply available assets in discharge of those claims, to report on the conduct of the debtor by the proprietors.)

1. Administrator in Composition Procedure :

1) consents to the debtor's act not in the ordinary course of business;

2) inspects the assets owned by debtor;

3) examines the vote of Composition creditors and has right to exercise objection; and

4) report the result of creditor's meeting to the court and express his opinion regarding the meeting.

2. Administrator in Corporate Reorganization Procedure :

1) represents the corporation;

2) manages and disposes the assets of debtor;

3) reports the management of the business and the asset status of debtor to the court;

4) prepares a list of the assets and balance sheet;

5) exercises objection against claims;

6) prepares and executes Reorganization plan; and

7) carry out the Reorganization plan.

3. Administrator in Bankruptcy :

1) manages and disposes the assets of bankrupt corporation;

2) prepares the asset list and balance sheet;

3) examines bankrupt claims;

4) reports the results of bankrupt claims at the creditor's meeting; and

5) exercises objection right against claims in bankruptcy;

6) exercises avoidance right; and

7) disposes bankrupt estates and distributes the proceeds thereof.

(a) What remedies and/or sanctions are available in the legal system of this economy in respect of breaches of duty or transgressions committed by each type of insolvency administrator?

If the administrator breaches his fiduciary duty, the court may remove the administrator and such administrator may be ordered to compensate the creditors for any injury he may have caused.

(b) Have there been actual instances of breach of duty or transgressions committed by insolvency administrators?

We do not konw of any.

(c) If so, give the details of any major cases and a summary of the action taken and the results.

Not relecvant