Microsoft Word UEH LinhHT Master Thesis Personal Bankruptcy (Rev04 190615) (Clean) docx MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY HUYNH TUONG LINH PERSONAL BANKRUPTCY[.]
MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY _ HUYNH TUONG LINH PERSONAL BANKRUPTCY IN VIETNAM: THE NECESSITY AND POSSIBILITY MASTER THESIS IN LAW Ho Chi Minh City - 2019 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY _ HUYNH TUONG LINH PERSONAL BANKRUPTCY IN VIETNAM: THE NECESSITY AND POSSIBILITY Major: Economic Laws Code: 8380107 MASTER THESIS IN LAW SUPERVISOR DR PHAM DUY NGHIA Ho Chi Minh City - 2019 DECLARATION This thesis is a presentation of my original research work Wherever contributions of others are involved, every effort is made to indicate this clearly, with due reference to the literature, and acknowledgement of collaborative research and discussions Author Huynh Tuong Linh CONTENT DECLARATION CONTENT SCHEDULE OF ABBREVIATIONS SCHEDULE OF TABLES SCHEDULE OF PICTURES SUMMARY TÓM TẮT CHAPTER PREAMBLE 1.1 Background information 1.2 Research issues 1.3 Research questions 1.4 Research methodology CHAPTER THE NECESSITY TO REGULATE PERSONAL BANKRUPTCY IN VIETNAM 2.1 The volatility of consumer credit market 2.2 Insolvency in case of unlimited liability business 10 2.3 Other advantages that may come with the personal bankruptcy system 11 CHAPTER INTRODUCTION TO INTERNATIONAL EXPERIENCES IN REGULATING PERSONAL BANKRUPTCY 13 3.1 A human right to declare bankruptcy 13 3.2 Role of culture and economic in the development of personal bankruptcy 15 3.3 Arguments on the adverse impacts of personal bankruptcy 16 3.4 The historical evolution of personal bankruptcy 18 CHAPTER AN OVERVIEW OF INTERNATIONAL LEGISLATIONS ON PERSONAL BANKRUPTCY 25 4.1 Personal bankruptcy law in US 25 4.2 Personal bankruptcy law in Europe 34 4.3 Personal bankruptcy law in Asia 38 CHAPTER 5.KEY PROVISIONS OF PERSONAL BANKRUPTCY LAWS 41 5.1 Discharge 41 5.2 Mechanism of debt liquidation 42 5.3 Case administrator 44 5.4 Protection against debt collection activities 45 5.5 Avoidance of abuse 45 CHAPTER 6.APPLICATION OF PERSONAL BANKRUPTCY IN VIETNAM 49 6.1 Personal bankruptcy in Vietnam as provided by the current law 49 6.2 Vietnamese lawmaker’s argument against personal bankruptcy 50 6.3 Proposed concept, prerequisites and recommendation for adaptation of personal bankruptcy in Vietnam law 53 CHAPTER CONCLUSION 58 REFERENCES SCHEDULE OF ABBREVIATIONS BAPCPA – US Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 IRS – US Internal Revenue Service LOB 2014 – Vietnam Law on Bankruptcy 2014 UNCITRAL - United Nations Commission on International Trade Law US – United States of America USD – US Dollar UST – US Trustee USTP – US Trustee Program VND – Vietnam Dong SCHEDULE OF TABLES Table 3.1 Summary of US Personal Bankruptcy Legislation Development Table 3.2 Summary of Europe Personal Bankruptcy Legislation Development SCHEDULE OF PICTURES Picture 1.1 The Growth of Consumer Credit in 2017 Picture 3.1 US Personal Bankruptcies in 1900-2004 Picture 3.2 Private credit in Europe as a percentage of GDP Picture 4.1 US personal bankruptcy cases by chapter Picture 5.1 Debt liability in personal bankruptcy case SUMMARY Vietnam's credit market, especially the consumer credit sector, has grown steadily in recent years However, under the current Vietnam law, an individual’s liability is unlimited, and personal bankruptcy is not recognised Because of the absence of a legal framework for personal bankruptcy, economically an individual cannot get out from the credit market and settle his/her debts in civilised ways when he/she has unfortunately become insolvent Vietnamese lawmakers initially discussed the personal bankruptcy during the drafting of the LOB 2014 but concluded that allowing individuals and business households to declare bankruptcy is not urgent By studying and analysing the Vietnam socio-economic conditions, international experiences with personal bankruptcy (of which the US personal bankruptcy legislation is mainly focused) and the potential challenges in case of Vietnam personal bankruptcy law to be adopted, this thesis is expected to find out whether the personal bankruptcy law is necessary, applicable and implementable to Vietnam Upon the findings, it is believed that personal bankruptcy is necessary and applicable in consideration of socio-economic conditions in Vietnam The basics and preliminary mechanisms of personal bankruptcy to be adopted in Vietnam are also proposed in this thesis for future research TÓM TẮT Thị trường tín dụng Việt Nam, đặc biệt khu vực tín dụng tiêu dùng, đà tăng trưởng năm vừa qua Tuy nhiên, theo quy định pháp luật Việt Nam, trách nhiệm cá nhân vô hạn, phá sản cá nhân chưa thừa nhận Xuất phát từ thiếu vắng hành lang pháp lý cho phá sản cá nhân, xét phương diện kinh tế cá nhân khơng thể khỏi thị trường tín dụng giải nợ theo đường dân trường hợp họ không may bị vỡ nợ Nhà làm luật Việt Nam đề cập sơ đến phá sản cá nhân trình soạn thảo Luật Phá sản 2014 kết luận việc cho phép cá nhân hộ kinh doanh cá thể tuyên bố phá sản không cấp thiết Qua việc nghiên cứu đánh giá điều kiện kinh tế-xã hội Việt Nam, kinh nghiệm quốc tế phá sản cá nhân (trong hệ thống pháp luật phá sản cá nhân Hoa Kỳ trọng) thử thách tiềm tàng trường hợp luật phá sản cá nhân Việt Nam áp dụng, luận văn mong đợi làm rõ việc liệu phá sản cá nhân có cần thiết, áp dụng có khả thực thi Việt Nam hay không Dựa kết nghiên cứu, người viết tin phá sản cá nhân cần thiết áp dụng điều kiện kinh tế-xã hội Việt Nam Những yếu tố phương thức sơ phá sản cá nhân áp dụng Việt Nam đề xuất luận văn nhằm phục vụ cho nghiên cứu khác tương lai ... https://bizlive.vn/kinh-doanh-quoc-te/tai-chinh-tieu-dung-bung-nokhong-kiem-soat-da-khien-nhat-ban-va-han-quoc-khon-don-nhu -the- nao-3451815.html 10 reached USD 5,164 in 1996 and exceeded the similar US index The number of personal bankruptcies in Japan then increased from... consumer finance affect Japan and South Korea?; Translated by the author), Biz Live, published 27 May 2018, https://bizlive.vn/kinh-doanh-quoc-te/tai-chinh-tieu-dung-bung-nokhong-kiem-soat-da-khien-nhat-ban-va-han-quoc-khon-don-nhu -the- nao-3451815.html... http://saigondautu.com.vn/tai-chinh/can-trong-cong-no-tuthe-61113.html product from less than to more than their current income; and borrowing from relatives and friends to borrowing from the banks and financial