The legal framework for creditors' rights are stipulated in the Civil Act, Commercial Act and Bankruptcy Act. There are also special acts and provisions covering arrangements between debtors and creditors, rehabilitation of debtor-companies, and protection of unsecured creditors.

The Civil Act and Commercial Act cover the principles and rules of civil law for businesses and individuals. The procedures for protection of creditors are covered in Commercial Code Article 527-6.

A creditor under the Bankruptcy and Corporate Reorganization Acts has the right to take legal action to avoid or nullify transactions deemed prejudicial to creditors, except under situations specified under the Acts. The Bankruptcy Act governs the regular liquidation process. Details of bankruptcy statutes can be found at Rules and Regulations> Protection of Investors> Bankruptcy .

The Civil Execution Act governs judicial foreclosure when a debtor cannot pay unsecured creditors of mortgage-backed securities.

The Commercial Act is linked below. There are no complete English translations for the Civil Act, the Bankruptcy Act, the Corporate Reorganization Act, or the Civil Execution Act.

Legal framework for creditors’ rights is discussed in the World Bank’s Global Insolvency Law Database (GILD) site and the Asia-Pacific Restructuring and Insolvency Guide linked below.