JAPAN Law and Practice Contributed by: Taro Omoto, Yusuke Nakajima and Makoto Sakai, Mori Hamada & Matsumoto
2.8.7 Deregistration Power of Attorney The JCAB has prepared and made public a form of power of attorney for deregistration applications on its website. Such power of attorney is supposed to be affixed with the registered seal of the owner of the aircraft. The language of the form is Japanese. Such power of attorney cannot be registered. A deregistration power of attorney that is not prepared based on the form may be accepted by the JCAB. However, it must cover the descriptions in the form and must be accompanied by a Japanese translation. 2.8.8 Documents Required to Enforce Deregistration Power of Attorney When applying to the JCAB for the deregistration of an aircraft, a certificate of registered seal of the owner, issued within three months, is required as one of the supporting documents. 2.8.9 Choice of Laws Governing Deregistration Power of Attorney The form prepared by the JCAB does not have a gov - erning law provision. 2.8.10 Revocation of a Deregistration Power of Attorney Even if a deregistration power of attorney is expressed to be irrevocable, the grantor may be allowed to revoke it if there is a compelling reason. 2.8.11 Owner’s/Lessor’s Consent An owner (mortgagor or lessor) can export the aircraft without the lessee’s consent. A mortgagor may be allowed to export the aircraft without the owner’s or lessor’s consent. 2.8.12 Aircraft Export Permits/Licences Exports are minimally regulated from the point of view of maintaining international peace and security under the Foreign Exchange and Foreign Trade Act (Act No 228 of 1 December 1949). In certain circumstances, an export permission from the Minister of Economy, Trade and Industry may be required to export an air - craft.
2.8.13 Costs, Fees and Taxes Concerning Export of Aircraft There are no significant fees to be charged in respect of the export of an aircraft. 2.8.14 Practical Issues Related to Deregistration of Aircraft
There are no other material issues. 2.9 Insolvency Proceedings 2.9.1 Overview of Relevant Laws and
Statutory Regimes Governing Restructurings, Reorganisations, Insolvencies and Liquidations There are three main insolvency proceedings under Japanese law: • a bankruptcy proceeding under the Bankruptcy Act (Act No 75 of 2 June 2004); • a corporate reorganisation proceeding under the Corporate Reorganisation Act (Act No 154 of 13 December 2002); and • a civil rehabilitation proceeding under the Civil Rehabilitation Act (Act No 225 of 22 December 1999). 2.9.2 Overview of Relevant Types of Voluntary and Involuntary Restructurings, Reorganisations, Insolvencies and Receivership A bankruptcy proceeding is a liquidation type of insol - vency proceeding, while a corporate reorganisation proceeding and a civil rehabilitation proceeding are restructuring types of insolvency proceedings. A corporate reorganisation proceeding is only avail - able to a stock company ( kabushiki-kaisha ), which is the most common form of business company in Japan. A civil rehabilitation proceeding is a type of debtor-in- possession (DIP) proceeding. In bankruptcy proceed - ings and civil rehabilitation proceedings, the enforce - ment of security interests by secured creditors is not prevented. On the other hand, in a corporate reorgani - sation proceeding, secured creditors may not freely enforce their secured interest outside the proceeding.
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