The COVID-19 pandemic has ushered in widespread economic turmoil, with quarantines, business closures, and precipitous declines in consumer and business spending causing momentous shifts in previously sound business models. This has already resulted in various business emergencies, from layoffs and broken supply chains to outright insolvency. This challenging environment seems to signal a bleak outlook for the foreseeable future, but distressed businesses—and their creditors—can take some comfort in knowing that bankruptcy laws around the world are designed for just such circumstances.
Tilleke & Gibbins has prepared a regional guide to the bankruptcy laws and regulations of Cambodia, Laos, Myanmar, Thailand, and Vietnam to help investors active in these countries understand the options, procedures, and requirements available to distressed businesses and their creditors. The guide proceeds through each of these jurisdictions, covering issues such as initiating insolvency actions, pursuing debt repayment and compositions, and undergoing business reorganization.
Overall, the guide shows that the region is well prepared for the challenges of the current economic downturn, and illuminates the building blocks investors can use to form their strategy for overcoming difficult times. The primer contains important information that both debtors and creditors need to know when they are considering a bankruptcy or business reorganization action, based on research and practical insights from Tilleke & Gibbins’ professionals in the firm’s offices in mainland Southeast Asia.
The full guide (PDF) can be downloaded through the button below.