Laos (Lao PDR)—restructuring and insolvency guide
Produced in partnership with Kristy Newby of DFDL
Practice notesLaos (Lao PDR)—restructuring and insolvency guide
Produced in partnership with Kristy Newby of DFDL
Practice notesQuestions
What is the primary legislation which governs corporate insolvency? Are there any other laws in force dealing with corporate insolvency?
The primary legislation governing corporate rehabilitation and bankruptcy is the new Enterprise Rehabilitation and Bankruptcy Law (№ 75/NA, 26 December 2019) (‘Bankruptcy Law’).
The Bankruptcy Law was posted on the official gazette on 25 May 2020 and came into effect 15 days later, replacing the previous Law on Enterprise Bankruptcy (№ 06/NA, 14 October 1994).
Voluntary enterprise liquidation/winding-up is handled via the Enterprise Law (№ 46/NA, 26 December 2013), but is not addressed in this Practice Note.
Are there any conflict provisions in the corporate insolvency laws?
The Bankruptcy Law repeals the previous 1994 Law on Enterprise Bankruptcy in its entirety, so there are no conflicting provisions.
Who can initiate a corporate rehabilitation proceeding under the insolvency laws?
Corporate rehabilitation or bankruptcy proceedings can be initiated by the following:
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the corporate entity itself which is in a state of insolvency or near insolvency (referred to as a ‘debtor enterprise’ under the Bankruptcy
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