Best Restructuring & Insolvency Lawyers in Vietnam

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THE LAM LAW LLC

THE LAM LAW LLC

15 minutes Free Consultation
Vũng Tàu, Vietnam

Founded in 2019
15 people in their team
English
Vietnamese
About THE LAM LAW LLCWho We AreTHE LAM LAW LLC is a Vietnam-based boutique law firm founded by a team of seasoned legal professionals, arbitrators, and legal educators. We specialize in delivering tailored, business-minded legal solutions with international standards and local expertise.Our...
ADK VIETNAM LAWYERS LAW FIRM
Ho Chi Minh City, Vietnam

Founded in 2021
25 people in their team
English
Vietnamese
Welcome to ADK Vietnam Lawyers: A Beacon of Legal Excellence in Ho Chi Minh CityOur Expertise and Clientele ADK Vietnam Lawyers, located in the bustling heart of Ho Chi Minh City, is renowned for its legal expertise and dedication to serving a diverse range of clients. Our practice areas...
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Law Plus
Ho Chi Minh City, Vietnam

Founded in 2000
50 people in their team
Vietnamese
English
Located in Ho Chi Minh City, Vietnam, LawPlus understands the challenges foreigners face when starting and doing business in Vietnam. Our goal is to alleviate those difficulties and ensure a smooth experience by handling all legal complexities on your behalf. Focus on growing your business, let...
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ENT Law LLC
Hanoi, Vietnam

Founded in 2015
10 people in their team
English
Vietnamese
Established since 2015, ENT Law is proud to be a young and vibrant boutique law firm in the legal market of Vietnam. Combining the knowledge and experiences of the founding partners and the vigour and innovative thinking of our lawyers, we strive to deliver the best legal services to clients at the...
Le Nguyen Law Firm
Ho Chi Minh City, Vietnam

Founded in 2002
30 people in their team
English
Welcome to Le Nguyen Law Firm (“Le Nguyen”) - one of the prestigious Law Firms in Vietnam with a long history of development and achievements.Le Nguyen is highly appreciated for her diversity in providing legal consulting and litigation services to Vietnamese and foreign clients. The question...
Apolat Legal
Ho Chi Minh City, Vietnam

Founded in 2016
50 people in their team
Vietnamese
English
OVERVIEWUnlike the legal systems in the world, in the legal system of Vietnam, the gap between the law and the reality of applying law is relatively large. This matter requires the lawyers in Vietnam both to understand the law and catch the managing policy (in written or unwritten) of the State of...
BLawyers Vietnam
Ho Chi Minh City, Vietnam

Founded in 2018
10 people in their team
English
Vietnamese
Lawyers Vietnam is a professional law firm specializing in a wide range of legal industry including: Investment, Corporate Governance, Trading, Contracts (domestic and international), Labor, Mergers and Acquisitions (M&A), Litigation and Dispute Resolution, Real Estates, Energy, Tax... We are...
DTLAW - International Law Firm in Vietnam
Ho Chi Minh City, Vietnam

Founded in 2012
50 people in their team
Vietnamese
English
Combining practical solutions with professional expertiseDTLAW attracts well-trained lawyers who graduated from abroad and have gained vast experience working for the Government, as well as many years working at well-known law firms in Vietnam.Our professional team of experienced lawyers,...

English
Luật sư Nguyễn Văn Trọng (TƯ VẤN PHÁP LÝ BẢO TRỌNG) is recognized in Vietnam for delivering comprehensive and pragmatic legal solutions across a broad spectrum of practice areas. The firm’s expertise spans legal services, attorney referral, business management consulting, civil...
CABIN LAW
Da Nang, Vietnam

Founded in 2000
50 people in their team
Vietnamese
English
INTRODUCING CABIN LAWCabin Law is a legal support system established by reputable lawyers and law-practicing organizations nationwide. Cabin Law representative offices are established in districts in the form of cooperation with individuals who are interested and interested in law ( Jurists,...
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About Restructuring & Insolvency Law in Vietnam

Restructuring and insolvency law in Vietnam covers the legal processes and frameworks that help businesses facing financial difficulties reorganize, liquidate, or ultimately wind up their affairs. These laws protect the interests of both debtors and creditors while promoting a fair and efficient resolution of financial distress. Vietnam's legal system aims to provide a structured approach for companies to seek protection from creditors, reorganize their operations, or undergo liquidation when recovery is not feasible. The overarching goal is to preserve business value where possible and ensure transparent settlement of obligations.

Why You May Need a Lawyer

You may require legal assistance for restructuring and insolvency matters in various situations. If your business is struggling to meet its financial obligations or has mounting debts with no clear way out, legal guidance is essential to help you assess options under Vietnamese law. Creditors seeking to recover unpaid debts or enforce security interests often need legal advice to protect their claims. In cases of potential fraud, mismanagement, or illegal asset transfers during financial distress, a lawyer can help navigate investigations and ensure compliance with the law. Legal representation is also critical during court proceedings, negotiations with creditors, and the preparation of restructuring plans or liquidation filings.

Local Laws Overview

Vietnam's primary legislation on restructuring and insolvency includes the 2014 Law on Bankruptcy and related regulations. The law outlines the procedures for filing bankruptcy, conditions for bankruptcy declaration, and the roles of involved parties such as debtors, creditors, and bankruptcy administrators. It establishes criteria for businesses to enter into negotiated restructuring or judicial bankruptcy processes. The law also provides frameworks for voluntary and involuntary liquidation, creditor meetings, reprioritization of debts, protection of employee rights, and sale of debtor assets. Besides the Law on Bankruptcy, regulations on secured transactions, commercial contracts, and securities may also impact restructuring and insolvency proceedings.

Frequently Asked Questions

What is the difference between restructuring and insolvency in Vietnam?

Restructuring refers to processes designed to help a financially distressed business reorganize its affairs, debts, and operations to survive and avoid liquidation. Insolvency, on the other hand, occurs when a business is unable to pay its debts as they come due, potentially leading to bankruptcy and liquidation.

When should a business consider filing for bankruptcy?

A business should consider filing for bankruptcy if it cannot pay its debts even after attempting restructuring or negotiations with creditors. Bankruptcy may also be necessary if creditors initiate proceedings because of overdue obligations.

Can creditors force a company into bankruptcy in Vietnam?

Yes, creditors can file a petition for bankruptcy against a debtor who has failed to meet its payment obligations within three months from the due date. The court will review the petition and decide whether to open bankruptcy proceedings.

What protections are available for companies during insolvency proceedings?

Once insolvency proceedings start, the law provides certain protections, such as temporary suspension of enforcement actions and asset freezes, to prevent creditors from gaining unfair advantage and to allow for an organized settlement process.

How are assets distributed in a Vietnamese bankruptcy?

Asset distribution follows a statutory order of priority. Secured creditors are paid first from the proceeds of secured assets, followed by unpaid wages, tax debts, unsecured creditors, and shareholders, if any assets remain.

Are directors or managers personally liable for company debts?

Generally, liability is limited to the company's assets. However, directors and managers may be personally liable if they are found to have acted fraudulently, mismanaged company affairs, or violated legal obligations during insolvency.

What happens to employees during bankruptcy proceedings?

Employees are entitled to receive unpaid salaries and related benefits from the company's assets, and such claims are prioritized during the liquidation process.

How long do restructuring or bankruptcy proceedings usually take?

The timeline varies depending on the case's complexity, the company's size, and court schedules. Some proceedings may conclude in several months, while others can take longer, especially if disputes arise.

Is it possible to save a business through restructuring?

Yes, if a feasible restructuring plan is approved by creditors and the court, a business can continue operations, repay debts according to the plan, and potentially avoid liquidation.

Do foreign creditors have the same rights as Vietnamese creditors?

Yes, foreign creditors have the same rights as local creditors under Vietnamese law, including the right to participate in creditor meetings and asset distributions.

Additional Resources

- The Supreme People’s Court of Vietnam provides official regulations and guidance on insolvency proceedings. - The Ministry of Justice offers information on legal rights, bankruptcy procedures, and lists of licensed bankruptcy administrators. - Local Departments of Planning and Investment can assist with business restructuring filings and dissolution procedures. - The Vietnam Bar Federation and local law firms with restructuring and insolvency practice areas can offer professional legal services and advice.

Next Steps

If you are facing financial difficulties or are a creditor seeking debt recovery, start by gathering your business’s financial documents and any communications with creditors or debtors. Consider consulting with an experienced legal practitioner specializing in restructuring and insolvency law in Vietnam. A lawyer can assess your situation, explain your options under current regulations, and represent you in negotiations or legal proceedings. Acting early increases the possibility of favorable outcomes, whether through restructuring or orderly liquidation. Contact local legal associations or the Department of Justice for a list of qualified professionals if you do not already have a lawyer.

Lawzana helps you find the best lawyers and law firms in Vietnam through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Vietnam - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.