The recent outbreak of Covid-19 pandemic has had grave effects on people’s life as well as the economy in almost every country in the world, including Vietnam.
Recognizing the negative impacts of the pandemic on the economy, as well as the considerable difficulty of businesses in solving crises arising during this period of time, Apolat Legal publishes the “A legal handbook for businesses the COVID-19 pandemic” to provide a useful legal reference that businesses can apply to solve difficulties during this period.
Every day we read a series of articles about the economic downturn and crisis caused by the Covid-19 epidemic. Everyone understands that this is no longer in the predictions that they are coming true.
In collaboration with our foreign law firm partners, we continue to update our chart of COVID-19 measures taken by governments around the world. Today’s update includes new information for many countries as indicated in the chart: Global Government Measures Taken in Response to COVID-19.
1. On December 18th, 2020, The Supreme People’s Court issued Official Dispatch No. 199/TANDTC-PC announces the results of online answers to some problems in bankruptcy settlement
According to the Official Dispatch, the Supreme People’s Court has answered the issues that the courts need to pay attention when settling the bankruptcy procedure as follows:
Firstly, the status of an insolvency enterprise or cooperative must fully satisfy the following conditions:
As business and commerce becomes increasingly cross-border in nature, it is important for businesses to have knowledge of restructuring and insolvency regimes of foreign jurisdictions. This is particularly relevant in the Southeast Asia region, given the close connection and links amongst the Southeast Asian states.
2020 Tilleke & Gibbins International Ltd.
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CAMBODIA
JURISDICTION: CAMBODIA
Jay Cohen [email protected] With thanks to international intern Cassandra Allen
The Bankruptcy System in Cambodia
The bankruptcy system in Cambodia is governed by the 2007 Insolvency Law, which applies to all businesses (including natural persons operating sole proprietorships).
Welcome to the fifth edition of Baker & McKenzie's quarterly Asia Pacific Financial Services & Regulatory Newsletter.
The High Court has sanctioned a scheme of arrangement between a Vietnamese company and certain of its creditors; the first time a Vietnamese company has taken advantage of this restructuring process in England.
Background
On 8 October 2013, the Supreme Court of Vietnam released the most recent draft of the new Law on Bankruptcy ("Draft Bankruptcy Law"). The Draft Bankruptcy Law is now open for comments and, once passed by the National Assembly, will replace the current Law on Bankruptcy 2004 ("Current Bankruptcy Law").
The Draft Bankruptcy Law appears generally to be a positive step in Vietnam's efforts to improve the efficiency of the bankruptcy process and efforts to enhance the credibility of the legal framework for restructuring.
Conduct of Bankruptcy Proceedings
On 26 June 2015, Vietnam loosened foreign ownership limits (FOL) in public companies by the adoption of Decree 60/2015 (Decree 60).