In brief In Japan, any out-of-court workout requires the unanimous consent of all creditors to a restructuring plan. On October 4, 2022, the Japanese government announced that it is considering introducing new out-of-court workout rules. Under the proposed new rules, a restructuring plan will be binding if a majority vote of creditors and confirmation of the court is obtained. Such a majority rule is a common feature amongst schemes of arrangement in many other countries.…