What are the contents of requests of debtors for initiation of bankruptcy process? What are the methods of sending requests for the initiation of bankruptcy process in Vietnam?
What are the contents of requests of debtors for initiation of bankruptcy process in Vietnam?
Pursuant to Article 26 of the Law on bankruptcy 2014, it is stipulated as follows:
Requests of debtors for initiation of bankruptcy process
1. When requesting the People’s Court to initiate bankruptcy process, the creditors mentioned in Clause 1 Article 5 of this Law must make a request for the initiation of bankruptcy process.
2. A request for initiation of bankruptcy process must contain:
a) Date
b) Name of the People’s Court in charge of bankruptcy settlement;
c) Name and address of the requester;
d) Name and address of the enterprise or the cooperative forced to file for bankruptcy;
dd) The due debts
Proof of due debts must be enclosed herewith .
3. When advising on the selection of asset management officers and/or asset management enterprises, the request must contain the name and address of the asset management officers and/or asset management enterprises.
Accordingly, a request for initiation of bankruptcy process must contain:
- Date
- Name of the People’s Court in charge of bankruptcy settlement;
- Name and address of the requester;
- Name and address of the enterprise or the cooperative forced to file for bankruptcy;
- The due debts
Proof of due debts must be enclosed herewith .
What are the contents of requests of debtors for initiation of bankruptcy process? What are the methods of sending requests for the initiation of bankruptcy process in Vietnam?
What are the methods of sending requests for the initiation of bankruptcy process in Vietnam?
Pursuant to Article 30 of the Law on bankruptcy 2014, it is stipulated as follows:
Method of sending requests for the initiation of bankruptcy process
1. Anyone wishing to request the initiation of bankruptcy process must send the application and documents to the People’s Court either
a) directly;
b) or by post.
2. The day on which the request for bankruptcy process is submitted shall be counted from the day on which the People’s Court receives the request or attested by the day on postmark.
According to this regulation, anyone wishing to request the initiation of bankruptcy process must send the application and documents to the People’s Court either
- directly;
- or by post.
What are the rights and obligations of involved entities when implementing bankruptcy process in Vietnam?
Pursuant to Article 18 of the Law on bankruptcy 2014, it is stipulated as follows:
Rights and obligations of involved entities
1. Comply with the requests of the Judge, the asset management officers, the asset management enterprises and civil execution authorities according to the regulations of Law on bankruptcy;
2. Provide documents and evidences related to the bankruptcy settlement.
3. Request individuals, agencies and organizations keeping the documents and evidences related to their lawful rights and interests to provide the evidences to the People’s Court.
4. Request the Judge, asset management officer, asset management enterprise to collect and verify the documents and evidence which cannot provide or request for assess and valuate the assets; request the Judge to conduct an audit of the insolvent entities; request the Judge to convene the testifiers.
5. Be informed and allowed to record and make copy of the documents and evidences provided by other involving entities or collected by the Judge.
6. Request for employment, change and cancellation of the temporary emergency measures.
7. Receive eligibility notification for performing their rights and obligations.
8. Protect or employ a legal guardian to protect their lawful rights and interests.
9. Participate in the creditors’ meeting.
10. Request for replacing the asset management officers and/or asset management enterprises according to Article 46 of this Law.
11. Request the asset management officers and/or asset management enterprises to add more creditors and debtors into the lists of creditors and debtors.
12. Advise the asset management officers and/or asset management enterprises to take back the sums of money and/or assets of the debtors.
13. Present at the request of the asset management officers and/or asset management enterprise, at the summon of the People’s Court and comply with the decisions of the People’s Court during the bankruptcy settlement.
14. Participating in the management and liquidation of assets at the requests of the Judge, the civil execution authorities, asset management officers, the asset management enterprises.
15. Request for reconsidering the decision of the People’s Court according to the regulations of this Law.
16. In case an involved entity dies, his/her lawful heir shall perform the rights and obligations prescribed in this Article.
Thus, creditors when carrying out business bankruptcy procedures have all of the above rights and obligations.
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