On 11 December 2025, the National Assembly of Vietnam passed Law No. 142/2025/QH15 onRecovery and Bankruptcy (the Law on Bankruptcy 2025), marking a significant overhaulof the country's insolvency framework. The new legislation, which will take effect from1 March 2026, repeals and replaces Law No. 51/2014/QH13 on Bankruptcy (the Law onBankruptcy 2014).The Law on Bankruptcy 2025 introduces comprehensive reforms aimed at addressinglongstanding criticisms of the 2014 regime, which was widely viewed as procedurallycumbersome and slow to resolve distressed businesses.

The process of company liquidation involves a series of legal and administrative steps aimed at terminating the company’s legal personality, assessing its assets, and settling its liabilities. This process is conducted according to the following stages:

I. Primary Stages of Liquidation

Issuance of the Dissolution Resolution: The process begins with an official resolution to dissolve and liquidate the company, whether it is a voluntary resolution by the General Assembly (partners) or a judicial ruling issued by the competent court.

Our specialists explain what director disqualification is, the consequences of it and the Insolvency Service’s investigations into a director’s conduct of an insolvent company.

Company directors have legal duties and responsibilities when dealing with the affairs of a company.

Introduction

Une question pratique récurrente dans les procédures d’insolvabilité concerne la manière dont le créancier peut prouver qu’une facture a bien été communiquée au débiteur. Dans une décision récente, le tribunal hongrois a examiné si des captures d’écran tirées d’un système de facturation électronique suffisent à prouver la remise et la prise de connaissance d’une facture, en l’absence de preuve postale traditionnelle. Dans notre article, nous analysons cette décision.

1. Faits de l’affaire

The Supreme Court of New South Wales has clarified the circumstances in which a liquidator may recover deposit funds paid to a third party and the extent to which a counterparty may rely on the good-faith defence under section 588FG of the Corporations Act 2001 (Cth).

In early November 2025 one of the biggest UK’s largest private building control firms Assent Building Control Compliance Limited, along with its subsidiaries Oculus Building Consultancy Limited and LB Building Control Limited, (together “Assent”) ceased trading and subsequently entered liquidation. The collapse of such a major player in the building control sector will likely have wide ramifications throughout the whole construction industry, and particularly for HRB developments and the BSR’s Gateway 2 Application process.

The Judicial Committee of the Privy Council in CL Financial Ltd (in Liquidation)^[1] has provided helpful guidance on applications for approving liquidators’ remuneration.

Creditors’ statutory demands are a very powerful, and commonly used weapon by creditors.  They are cheap and easy to issue, and the consequences for not dealing with one appropriately can be extremely serious – i.e. liquidation.

Because of this, the courts enforce strict compliance with the requirements imposed on a party seeking to rely on one, so creditors should ensure they are up to date on those requirements.