What is included in the request for initiation of bankruptcy process of insolvent entities in Vietnam? What is the method of sending requests for initiation of bankruptcy process in Vietnam?
What is included in the request for initiation of bankruptcy process of insolvent entities in Vietnam?
Pursuant to Clause 3, Article 28 of the 2014 Law on Bankruptcy in Vietnam stipulating as follows:
Request for initiation of bankruptcy process of insolvent entities
1. The insolvent entities mentioned in Clause 3 and Clause 4 Article 5 of this Law must make requests 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 of the insolvent entity
c) Name and address of the requester;
dd) The basis for requesting initiation of bankruptcy process
3. The request for initiation of bankruptcy process must be enclosed with the following documents:
a) A financial statement of the insolvent entity of the recent 03 years. In case the insolvent entity has been established less than 03 years, the financial statement shall cover all the operation time;
b) An explanation for the insolvency; A report on results of the recovering attempts of the entity, which is failed to remedy the insolvency;
c) A detailed list of assets and their locations of the entity
d) A list of creditors and debtors with their respective name, address, loans and debts which are secured, partly-secured and/or unsecured and due or not due;
dd) Documents related to the establishment of the entity;
e) The results of the valuation for the remaining assets (if any)
4. In case of appointment 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.
5. If the entities prescribed in Clause 3 and Clause 4 Article 5 of this Law do not file the request for initiation of bankruptcy process on the situation of insolvency of the enterprise or the cooperative, they shall take the liability before the Law. Compensation shall be paid if there is any damage caused by the failure to request initiation of bankruptcy process after the insolvency of the enterprise or the cooperative.
Thus, according to the provisions of the application file for opening bankruptcy proceedings of the insolvent enterprise, including:
- A request for initiation of bankruptcy process.
- A financial statement of the insolvent entity of the recent 03 years. In case the insolvent entity has been established less than 03 years, the financial statement shall cover all the operation time;
- An explanation for the insolvency; A report on results of the recovering attempts of the entity, which is failed to remedy the insolvency;
- A detailed list of assets and their locations of the entity
- A list of creditors and debtors with their respective name, address, loans and debts which are secured, partly-secured and/or unsecured and due or not due;
- Documents related to the establishment of the entity;
- The results of the valuation for the remaining assets (if any)
What is included in the request for initiation of bankruptcy process of insolvent entities in Vietnam? What is the method of sending requests for initiation of bankruptcy process in Vietnam? (Image from the Internet)
What is the method of sending requests for initiation of bankruptcy process in Vietnam?
Pursuant to Clause 1, Article 30 of the 2014 Law on Bankruptcy in Vietnam stipulating 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.
Thus, according to the above provisions, 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 is the latest form of request for initiation of bankruptcy process of insolvent entities in Vietnam?
Currently, the law has not provided for the application form of request for initiation of bankruptcy process of insolvent entities in Vietnam. Below is a picture of request for initiation of bankruptcy process of insolvent entities (for reference only):
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Download the latest form of request for initiation of bankruptcy process of insolvent entities: Here.
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