The tail that wags the dog.

The article discusses commercial laws that are needed to be considered during leveraged buyouts in Japan. In Japan, the perfection of security interests is governed by several laws, including separate laws governing the registration of real property and intellectual property (IP), the Civil Code and a general perfection law applicable to security interests in personal property and receivables. To give an indication of the type of legal changes underlying the trend toward the increased use of perfection by registration, the Perfection Law was amended in 2004 to permit registration as a means to perfect security interests in personal property, including inventory and machinery and equipment.