What is the Bankruptcy Fee? How are the Rights and Obligations of Creditors When Implementing Enterprise Bankruptcy Procedures Regulated?
What is the Bankruptcy Fee?
According to Clause 11, Article 4 of the Bankruptcy Law 2014, the explanation of the bankruptcy fee is as follows:
Interpretation of Terms
In this Law, the following terms are understood as follows:
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10. Participants in bankruptcy proceedings include creditors; workers; enterprises, cooperatives unable to pay their debts; shareholders, shareholder groups; members of cooperatives or cooperative members of the cooperative alliance; debtors of enterprises, cooperatives and other persons having rights and obligations related to the bankruptcy resolution process.
11. The fee for filing a bankruptcy procedure initiation request (hereinafter referred to as the bankruptcy fee) is the amount that the requester for the initiation of the bankruptcy procedure must pay for the People's Court to process the requested initiation of the bankruptcy procedure.
12. Bankruptcy costs are amounts that must be paid to resolve bankruptcy, including the costs for Trustees, managing enterprises, asset liquidation, auditing costs, publication costs, and other costs as stipulated by law.
13. Costs for Trustees, managing enterprises, and asset liquidation are the amounts that must be paid to resolve bankruptcy by Trustees, managing enterprises, and asset liquidation.
14. Advance bankruptcy costs are amounts decided by the People's Court for publication, advance costs for Trustees, managing enterprises, and asset liquidation.
Additionally, Article 22 of the Bankruptcy Law 2014 provides for the bankruptcy fee as follows:
Bankruptcy Fee
The applicant requesting the opening of bankruptcy proceedings must pay the bankruptcy fee according to the provisions of the law on court fees and charges. In case the applicant prescribed in Clause 2, Article 5 and Point a, Clause 1, Article 105 of this Law, they are not required to pay a bankruptcy fee.
Thus, the fee for filing a bankruptcy procedure initiation request (hereinafter referred to as the bankruptcy fee) is the amount that the requester for the initiation of bankruptcy procedures must pay for the People's Court to process the requested initiation of bankruptcy.
What is the bankruptcy fee? How are the rights and obligations of creditors regulated when initiating bankruptcy proceedings against an enterprise?
What Must a Creditor's Application for Opening Bankruptcy Procedures Contain?
According to Article 26 of the Bankruptcy Law 2014 which stipulates:
Creditor's Application for Opening Bankruptcy Procedures
1. When requesting the People's Court to open bankruptcy procedures, the creditor prescribed in Clause 1, Article 5 of this Law must file an application for opening bankruptcy procedures.
2. The application for opening bankruptcy procedures must contain the following main contents:
a) Date, month, and year;
b) The name of the competent People's Court handling the bankruptcy;
c) The name and address of the applicant;
d) The name and address of the enterprise or cooperative requested to open bankruptcy procedures;
e) The due debt.
The application must be accompanied by evidence proving the due debt.
3. In case there is a proposal to appoint a Trustee, managing enterprise, asset liquidation company, the application for opening bankruptcy procedures must clearly state the name and address of the Trustee, managing enterprise, or asset liquidation company.
The application for opening bankruptcy procedures must include the following main contents:
- Date, month, and year;- The name of the competent People's Court handling the bankruptcy;- The name and address of the applicant;- The name and address of the enterprise or cooperative requested to open bankruptcy procedures;- The due debt.
The application must be accompanied by evidence proving the due debt.
What Are the Rights and Obligations of Creditors When Initiating Bankruptcy Procedures Against an Enterprise?
According to Article 18 of the Bankruptcy Law 2014 which stipulates:
Rights and Obligations of Participants in Bankruptcy Procedures
1. Comply with the requests of Judges, Trustees, managing enterprises, asset liquidation companies, and civil judgment enforcement agencies as prescribed by bankruptcy law.
2. Provide documents and evidence related to the bankruptcy resolution.
3. Request individuals, agencies, and organizations holding or managing documents and evidence to provide documents and evidence related to their lawful rights and interests to submit to the People's Court.
4. Propose to Judges, Trustees, managing enterprises, and asset liquidation companies to verify and collect documents and evidence that they cannot independently perform, or request an audit, valuation, or assessment of assets; request Judges to decide on audits of enterprises or cooperatives unable to pay their debts; request judges to summon witnesses.
5. Be informed of and note down and copy documents and evidence presented by other participants in the bankruptcy proceedings or collected by Judges.
6. Propose to apply, change, or cancel provisional urgent measures.
7. Receive valid notifications to perform their rights and obligations.
8. Defend themselves or hire others to defend their lawful rights and interests.
9. Participate in the creditors’ meeting.
10. Propose changes to Trustees, managing enterprises, asset liquidation companies according to Article 46 of this Law.
11. Propose to Trustees, managing enterprises, asset liquidation companies to add creditors and debtors to the list of creditors and debtors.
12. Propose to Trustees, managing enterprises, asset liquidation companies regarding the recovery of debts and assets from debtors.
13. Be present as required by Trustees, managing enterprises, asset liquidation companies, subpoenas from the People's Court, and comply with court decisions in the bankruptcy resolution process.
14. Participate in the management and liquidation of assets as required by Judges, civil judgment enforcement agencies, Trustees, managing enterprises, and asset liquidation companies.
15. Request the People's Court to reconsider decisions according to the provisions of this Law.
16. In case an individual participant in the bankruptcy procedure dies, their lawful heirs will perform the rights and obligations as stipulated in this Article.
Therefore, creditors initiating bankruptcy procedures against an enterprise have all the rights and obligations mentioned above.
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