The business recovery procedure under the Draft Law on Bankruptcy (amended) is considered a necessary financial “second chance” for businesses, enabling enterprises to focus on implementing their recovery plans.
In an interview with Business Forum Magazine, Mr. Nguyen Hung Quang, Managing Partner of NHQuang&Associates, shared his practical insights into the draft amendments to the Law on Bankruptcy.
According to Mr. Quang, the most significant reform lies in shifting the focus from liquidation to business recovery. Under the proposed framework, struggling enterprises may proactively file for recovery, suspend enforcement actions, and develop feasible restructuring plans.
The draft law also introduces a mechanism allowing the transfer of an entire enterprise or business unit, rather than selling individual assets, helping preserve business value, employment, and market confidence.
Mr. Quang emphasized that amending the Law on Bankruptcy toward recovery will not only provide a “second chance” for businesses but also foster a more sustainable, humane, and resilient economic ecosystem.
Read the full interview with Mr. Nguyen Hung Quang on our VNLawFind blog (Vietnamese only): https://vnlawfind.com.vn/sua-luat-pha-san-huong-toi-phuc-hoi-kinh-doanh/