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The legal landscape of bankruptcy and debt in Cambodia is relatively new, with laws and regulations being introduced in the late 20th century. The Law on Insolvency of Cambodia was passed in 2007, which outlines all the rules concerning bankruptcy, insolvency procedures, and the rights and duties of debtors and creditors in Cambodia.
The law provides a comprehensive process for insolvency and reorganization, aimed at facilitating fair distribution of a debtor's assets, providing an orderly procedure for the discharge of debts, and protecting the rights of debtors and creditors.
If you're in a financial situation where you're struggling to repay your debts, it may be time to consider legal advice. Bankruptcy lawyers can guide you through the insolvency process, help you explore alternatives, protect your rights against predatory creditors, and ensure that your case proceeds smoothly.
If you're a creditor, and a debtor to whom you lent money becomes bankrupt, a lawyer can facilitate adequate recovery of your funds by helping you navigate the insolvency proceedings in compliance with the Cambodian laws.
The Law on Insolvency of Cambodia outlines specific procedures and regulations that govern debt and bankruptcy. It sets out the duties of debtors and the rights of creditors. Some critical aspects of this law are:
- Debtors must file for bankruptcy in the court within fifteen days from the cessation of payments to creditors.
- A bankruptcy order can be requested by either the debtor or the creditor.
- Debtors are protected by a 'stay of proceedings', halting all ongoing legal proceedings against them once the bankruptcy proceedings have begun.
Yes, you can file for bankruptcy in Cambodia, however the process of involving foreign assets can be complex and should be navigated with the help of a legal advisor.
Most debts can be discharged through bankruptcy, but it doesn't apply to certain debts like tax debts, child support or alimony owed, student loans under normal circumstances, etc.
No. Once you file for bankruptcy, the law prohibits creditors from making direct contact with you or making claims to your assets.
Bankruptcy will have a significant negative impact on your credit rating and will remain on your credit record for several years. It can make securing future credit more difficult.
Yes, the law allows for multiple filings, but there may be time restrictions before you can file again after your first bankruptcy.
The liquidator administers the bankrupt's estate. Their duties include liquidating the debtor's assets, investigating the debtor's financial affairs, and distributing the proceeds to the creditors.
No, the law prohibits employers from terminating the employment of an individual simply for declaring bankruptcy.
Missing payments can lead to a dismissal of your case or conversion to another type of bankruptcy, possibly resulting in loss of protection against creditors.
Typically, bankruptcy stays on your credit report for several years, making it difficult to obtain credit or loans in the future.
Bankruptcy lawyers provide a range of services, including but not limited to, counselling on bankruptcy, guidance through the bankruptcy process, representation in court and protection from creditors.
The Ministry of Commerce, Cambodia, and the Commercial Court of Cambodia are excellent resources for information on bankruptcy and debt laws. Numerous non-governmental organizations provide advice, counselling, and legal help for those struggling with debt.
If you need legal assistance with bankruptcy and debt issues, it's essential first to gather all relevant financial information. Then, seek professional legal assistance. A lawyer specialized in bankruptcy and debt law can provide guidance through the legal process, represent you in court, and help protect your rights and interests.
