Bankruptcy & Insolvency

Financial distress does not always mean the end of a business. What matters is acting while options remain — restructuring debt, negotiating with creditors, or filing before the position deteriorates further.

Wise Counsel advises companies in financial difficulty, and the creditors and investors exposed to them, on restructuring and formal insolvency procedures in Vietnam.

What we help with

• Assessing insolvency risk and the directors' obligations once it arises
• Advising on out-of-court restructuring and standstill arrangements with creditors
• Negotiating debt rescheduling, write-downs and debt-to-equity conversion
• Preparing and filing bankruptcy petitions, or responding to a petition filed against the company
• Representing creditors in proving claims and in creditors' meetings
• Advising on the treatment of secured, preferential and unsecured claims
• Advising on transactions at undervalue and preferences that may be set aside
• Advising directors and shareholders on personal exposure during insolvency

Directors often wait too long, hoping the position will improve. Once insolvency is foreseeable, continuing to trade can create personal liability. We advise on that line clearly.