Law No. 47/2010/QH12 on credit institutions has been amended pursuant to Law No. 17/2017/QH14 (“Amended Law”) passed by the National Assembly. The Amended Law came into effect on 15 January 2018.

The Amended Law provides grounds for special control by the State Bank of Vietnam (“SBV”) against underperforming credit institutions which:

• have failed to maintain liquidity requirements;

• have accumulated losses exceeding 50% of the charter capital and reserve funds as recorded in the latest audited financial statements;

Situation before Brexit

Currently, a UK court’s decision to open insolvency proceedings, and the subsequent proceedings, are automatically recognised under Articles 16 and 17 of the European Insolvency Regulation.

Recognition of insolvency proceedings

After Brexit, it is most likely that the UK will be treated as a non-Member State (unless the UK reaches any special agreement with the EU).

Summary

In April 2017, important changes were effected in connection with German insolvency law and the avoidance of certain antecedent transactions.

Case law had greatly increased the risk of insolvency administrators successfully clawing back assets from creditors of the insolvent entity, which the reforms now address.

Background

For a clawback claim based on intent (Vorsatzanfechtung) to succeed, an insolvency administrator has to prove that:

Summary

Bankruptcy in Vietnam applies to enterprises (including foreign invested enterprises), co operatives and co operative unions (hereafter collectively referred to as enterprises). Unlike certain countries, this does not apply to individuals.

Bankruptcy Law

Bankruptcy procedures are governed by the Law on Bankruptcy No. 51/2014/QH13 which came into effect on 1 January 2015:

German insolvency law contains provisions that allow for the challenge of payments/securitisation of certain shareholder loans in insolvency proceedings. The reason for this is that under German insolvency law, a loan repayment claim of a shareholder against ‘his’ corporation is subordinated by law (sec. 39 para. 1 no. 5 German Insolvency Code).