Rehability and Bankruptcy Law Amend
企业重整与破产法（修订版）
ກົດໝາຍ ວ່າດ້ວຍການຟື້ນຟູ ແລະ ການລົ້ມລະລາຍຂອງວິສາຫະກິດ (ສະບັບປັບປຸງ)
Summary
This Law prescribes the systems pertaining to enterprise rehabilitation and bankruptcy, with the aim of regulating the procedures for rehabilitation and the handling of bankruptcy matters when enterprises face financial distress. This Law applies to enterprises that meet the conditions prescribed by law, clarifies the definitions of rehabilitation and bankruptcy, and provides a legal basis for debtors, creditors, and other interested parties, thereby promoting the orderly exit or resumption of operations of enterprises and safeguarding the lawful rights and interests of all parties concerned.
Articles
Article 1
Article 1 (Improved) Objectives
This Law defines principles, regulations and measures on the rehabilitation and
bankruptcy of enterprises to enable the resolution of debtor enterprise which is in insolvency
or imminent insolvency in a uniform, lawful and efficient way that protects the legitimate
rights of creditors, debtor enterprises and other related persons; create confidence in the credit
system with an aim to maintain stability of economic system, create a favorable environment
for doing business and investment, and that contributes to the national socio-economic
development.
Article 2
Article 2 (New) Rehabilitation and Bankruptcy of Enterprises
Rehabilitation of an enterprise means the procedures enabling the resolution of debtor
enterprise encountering financial difficulty that is unable to pay its debt, by which the
debtor eterprise file a request to allow it to continue to operate its business, as agreed by
the creditor’s meeting and approved by the court.
Bankruptcy of an enterprise means a resolution for a debtor enterprise that is unable
to pay its debt when they become due, by which debter enterprise or creditor requests or
files a petition with the court to declare the bankruptcy of enterprise.
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