This episode features a conversation with Kotaro Fuji, Partnerat Nishimura & Asahi in Tokyo, on the Japanese law and practice around the restructuring of SMEs. Japan’s approach to SME restructuring differs from other jurisdictions that have created SME-specific statutory restructuring regimes. Japan does not have an SME-specific insolvency or restructuring statute. Instead, what Japan has is legally non-binding guidelines and procedural practices standardized for SME restructuring. During the podcast, Kotaro describesthe operation of the SME Revitalization Councils, as well as the introduction of the SME Turnaround Guidelines (2022) and the treatment of new finance and personal guarantees in these proceedings. The podcast concludes with an assessment of the recently enacted and soon-to-be-implemented Early-Stage Business Restructuring Act.

The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley LLP, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early December 2025, with information accurate at the time of recording.