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There are two primary types of business insolvency proceedings under title 11 of the United States Code (Bankruptcy Code): chapter 11 and chapter 7 proceedings.

The Brazilian Bankruptcy and Restructuring Law (BRL) establishes three major mechanisms that may apply to troubled companies: (i) judicial reorganisation proceedings; (ii) out-of-court reorganisation proceedings; and (iii) bankruptcy or forced liquidation. As one of its main features, the BRL offers the corporate debtor flexibility and continuity of management and an opportunity for rehabilitation.

The Chinese Enterprise Bankruptcy Law (Bankruptcy Law) sets out three types of bankruptcy proceedings for firms in financial trouble: liquidation, reorganisation, and reconciliation. The debtor or any of its creditors may file for liquidation or reorganisation when the debtor becomes insolvent. Reorganisation may also be commenced if the debtor is in imminent insolvency. Only the debtor itself may file for reconciliation. Reconciliation is a process whereby the debtor renegotiates the terms of its debt with the creditors to reach a reconciliation plan, which will be binding upon all creditors once approved by the creditors' meeting and the court. Reconciliation cases are very rare in practice.

Slovak law provides for two particular processes for debtors in financial difficulties: bankruptcy and restructuring. Both proceedings are initiated solely upon the petition (proposal) and are divided into two phases. Bankruptcy is commenced upon the declaration of bankruptcy by the court and is preceded by bankruptcy proceedings (initial phase) where ascertainment of the debtor's property is carried out by a trustee (in the Slovak Republic, the administrator). On the other hand, restructuring is commenced upon its permit by the court and is preceded by restructuring proceedings (initial phase) where the evaluation of all prerequisites is executed by the court.

When faced with financial difficulties, debtors are faced with two broad options: insolvency/ bankruptcy; or a voluntary reorganisation. The options available to a financially distressed debtor will inevitably depend on whether the debtor is a company or an individual or partnership.

There are a number of principal corporate insolvency and reorganisation proceedings available under Irish law.

Below you will find quick links to the findings of our 2015 guide to Energy and infrastructure research.

There are four types of insolvency proceedings available in Japan for the rehabilitation of companies in financial difficulty: corporate reorganisation proceedings (kaisha kosei); civil rehabilitation proceedings (minji saisei); bankruptcy proceedings (hasan); and, special liquidation proceedings (tokubetsu seisan).

Italian bankruptcy law provides that businesses in distress or that are insolvent can make use of: judicial insolvency processes whose principal purpose is the liquidation of the company's assets, such as winding-up and liquidation, and non-judicial rescue arrangements whose purpose is instead to restore financial stability to the business via a reorganisation with creditor assent, such as a certified rescue plan and debt restructuring agreement.

Over the course of the last six months our team of financial law journalists in London, Hong Kong and New York have conducted interviews with lawyers, industry figures and inhouse counsel active in the relevant sectors to source their opinions not only on law firm performance but also the state of the industry in their respective countries and regions and what they see as the main talking points, challenges and areas of activity.