This publication is part of our series focusing on Corporate Insolvency Regime in consideration of the COVID-19 outbreak in Southeast Asian countries.
Given the present global situation, rehabilitation of businesses is a primary concern in order to help resuscitate ailing sectors of national economies. A clear and comprehensive understanding of insolvency laws across the region is therefore of the essence. Most of the locations where DFDL operates already have robust insolvency regimes in place. These laws afford companies with a potentially viable alternative to liquidation which is rescue and rehabilitation. The laws aim to set in place an effective regulatory and procedural framework to facilitate efficient corporate rescue and rehabilitation measures for distressed businesses. In the event that the rehabilitation scheme is unsuccessful, an effective liquidation/winding-up process for non-viable businesses is also outlined under these laws.
DFDL has a dedicated restructuring and insolvency team with highly qualified advisers across the field. The DFDL team has taken a regional initiative and prepared a list of 15 key questions and answers (“Q&A”) which clearly and concisely specify the most relevant and significant provisions of these laws. These Q&A editions will be issued as a series, each one focusing on specific jurisdictions and the first of which will cover Myanmar, Thailand and the Philippines.
These have been tailor-made to specifically answer initial questions from clients/relevant stakeholders taking the nature of their businesses and the market into full consideration. We highly recommend companies and professionals operating in the region to make full use of this resource in order to gain greater insight and clarity on the insolvency regimes across various ASEAN nations.
Click here to access the second series focusing on Cambodia, Lao PDR and Vietnam.
The information provided here is for information purposes only, and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
Partner, Deputy Managing Director & Head of Banking and Finance Practice, Myanmar
Tax Director, Thailand & Head of Regional Compliance & Investigations
Partner, Ocampo & Suralvo Law Offices