Do Vietnamese employees have the right to submit written requests for initiation of bankruptcy process if the enterprises fail to pay their salaries?
- Do Vietnamese employees have the right to submit written requests for initiation of bankruptcy process if the enterprises fail to pay their salaries?
- Which agency has the authority to settle the bankruptcy in Vietnam?
- What is the responsibility to provide documents and evidences of relevant entities in Vietnam?
Do Vietnamese employees have the right to submit written requests for initiation of bankruptcy process if the enterprises fail to pay their salaries?
Pursuant to Clause 2, Article 5 of the Law on Bankruptcy 2014, this content is as follows:
Eligibility and liability to submit written requests for initiation of bankruptcy process
1. Any creditor of unsecured debts or partly-secured debts is entitled to send a written request for initiation of bankruptcy process after 03 months from the payment due date for the debts which the enterprise or cooperative does not pay..
2. Any employee, internal Trade Union (or the superior Trade Union if the internal Trade Union is not established) is entitled to send a written request for initiation of bankruptcy process after 03 months from the day on which the entity have to pay salaries and other debts to the employees.
3. The legal representative of each enterprise or cooperative is liable to send a written request for initiation of bankruptcy process when the entity is insolvent.
4. The owner of any private enterprise, the President of the Board of Directors of any joint-stock company, President of the Member assembly of any multi-member limited liability company, the owner of any single limited liability company or any general partner of any partnership is liability to submit a written request for initiation of bankruptcy process when the entity is insolvent.
5. Any shareholder or any group of shareholders owning at least 20% of ordinary shares for at least 06 consecutive months is entitled to file a written request for initiation of bankruptcy process when the joint-stock company is insolvent. Any shareholder or any group of shareholders owning less than 20% of ordinary shares for at least 06 consecutive months is entitled to file a written request for initiation of bankruptcy process when the joint-stock company is insolvent if it is mentioned in the company’s charter.
6. Any member of any cooperative or any legal representative of any cooperative which is a member of the cooperative union is entitled to file a written request for initiation of bankruptcy process when the entity is insolvent.
Thus, any employee, internal Trade Union (or the superior Trade Union if the internal Trade Union is not established) is entitled to send a written request for initiation of bankruptcy process after 03 months from the day on which the entity have to pay salaries and other debts to the employees.
Do Vietnamese employees have the right to submit written requests for initiation of bankruptcy process if the enterprises fail to pay their salaries?
Which agency has the authority to settle the bankruptcy in Vietnam?
Pursuant to Article 8 of the Law on Bankruptcy 2014 stipulates the authority to settle bankruptcy as follows:
Competence in bankruptcy settlement of the People’s Court
1. The People’s Court of central-affiliated cities and provinces (hereinafter referred to as provincial People’s Court) has the competence in bankruptcy settlement for enterprises and cooperatives registered in the province and for one of the following cases:
a) There are overseas assets or involving entities.
b) The insolvent entity has branches and/or representative offices located in district and/or cities of various provinces;
c) The insolvent entity has real estate in district and/or cities of various provinces;
d) The provincial People’s Court takes the bankruptcy cases under the management of the People’s Court of a district/city of the province due to their complicacy.
2. The district People’s Court has the competence in bankruptcy settlement for enterprises and cooperatives of which the headquarters are located in the district and for the cases not mentioned in Clause 1 of this Article.
3. The Supreme People’s Court shall provide guidance on implementing this Article.
Thus, The district People’s Court has the competence in bankruptcy settlement for enterprises and cooperatives of which the headquarters are located in the district and for the cases not mentioned in Clause 1 of this Article.
People’s Court of central-affiliated cities and provinces ahas the competence to settle bankruptcy for the special cases specified in Clause 1 above.
What is the responsibility to provide documents and evidences of relevant entities in Vietnam?
Pursuant to Article 7 of the Law on Bankruptcy 2014 stipulates the following:
Responsibility to provide documents and evidences of relevant entities
1. Any individual, agency or organization keeping documents and evidences related to the bankruptcy case is responsible for providing sufficiently the documents and evidences within 15 days from the receipt of request of creditors, enterprise or cooperative, the People’s Court, the People’s Procuracy, asset management officer or the asset management enterprise.
2. Any individual, agency or organization cannot provide the documents and evidences as prescribed in Clause 1 of this Article must provide a written explanation. Any entity not providing the evidences intentionally without legitimate reason shall be punished according to the regulations of the law.
Thus, any individual, agency or organization keeping documents and evidences related to the bankruptcy case is responsible for providing sufficiently the documents and evidences within 15 days from the receipt of request of creditors, enterprise or cooperative, the People’s Court, the People’s Procuracy, asset management officer or the asset management enterprise.
Individuals, any individual, agency or organization cannot provide the documents and evidences as prescribed in Clause 1 of this Article must provide a written explanation. Any entity not providing the evidences intentionally without legitimate reason shall be punished according to the regulations of the law.
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