What are the agencies and organizations that must be sent the Decisions on the initiation of bankruptcy process issued by the People’s Court of Vietnam?
- What is the time limit for Decisions on the initiation of bankruptcy process in Vietnam?
- What are the agencies and organizations that must be sent the Decisions on the initiation of bankruptcy process issued by the People’s Court of Vietnam?
- What are the contents of requests of debtors for initiation of bankruptcy process in Vietnam?
What is the time limit for Decisions on the initiation of bankruptcy process in Vietnam?
Pursuant to Article 42 of the Law on Bankruptcy 2014 stipulates the time to decide to open the case as follows:
Decisions on the initiation of bankruptcy process or the refusal to initiate bankruptcy process
1. Within 30 days from the receipt of a written request for initiation of bankruptcy process, the Judge shall make a Decision on the initiation of bankruptcy process or refusal to initiate bankruptcy process, except the cases prescribed in Article 105 of this Code.
2. The Judge shall make the Decision on the initiation of bankruptcy process when the enterprise or cooperative is insolvent.
3. If necessary, before making the decision, the Judge may convene a meeting which is attended by the requester, the chairman or the legal representative of the entity forced to file for bankruptcy and other relevant individuals and organizations in order to examine the proof of insolvency of the entity.
4. The Decision on the initiation of bankruptcy process must contain:
a) Date;
b) Name of the People’s Court; full name of the Judge;
c) Date and reference number of the acceptance of written request for initiation of bankruptcy process; name and address of the requester;
d) Name and address of the insolvent entity;
dd) Time and place where the creditors make declarations and the legal consequences of not making declaration.
5. The People’s Court shall make the Decision on the refusal to initiate bankruptcy process if the enterprise or cooperative is deemed not to be the cases prescribed in Clause 2 of this Article.
In this case, the person submitting the written request for initiation of bankruptcy process shall be reimbursed for the bankruptcy advance; the request for fulfillment of the financial obligations that are suspended as prescribed in Article 41 of this Law shall be continued to be handled.
6. The Decision on the initiation of bankruptcy process or the refusal to initiate bankruptcy process shall take effect from the date on which it is made.
According to the above provisions, within 30 days from the receipt of a written request for initiation of bankruptcy process, the Judge shall make a Decision on the initiation of bankruptcy process or refusal to initiate bankruptcy process.
What are the agencies and organizations that must be sent the Decisions on the initiation of bankruptcy process issued by the People’s Court of Vietnam?
What are the agencies and organizations that must be sent the Decisions on the initiation of bankruptcy process issued by the People’s Court of Vietnam?
Pursuant to Article 43 of the Law on Bankruptcy 2014 stipulates as follows:
Notification of Decisions on the initiation of bankruptcy process or the refusal to initiate bankruptcy process
1. The Decision on imitating bankruptcy process issued by the People’s Court must be sent to the requester, the insolvent entity, creditors, the People’s Procuracy at the same level, civil execution authorities, tax authorities, business registry where the headquarter of insolvent entity located and posted on the national enterprise registration portal , website of the People’s Court and 02 consecutive issues of the newspaper of the province where the headquarter of insolvent entity is located.
2. The Decision on the refusal to initiate bankruptcy process must be sent to the requester, the entity forced to file for bankruptcy and the People’s Procuracy at the same level.
3. The time for sending notification of the Decision on the initiation for bankruptcy process is within 03working days from the day on which the Decision is given by the People’s Court.
Thus, the Decision on imitating bankruptcy process issued by the People’s Court must be sent to:
- the requester,
- the insolvent entity,
- creditors,
- the People’s Procuracy at the same level,
- civil execution authorities,
- tax authorities,
- business registry where the headquarter of insolvent entity located
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, specific provisions on the requests of debtors for initiation of bankruptcy process, specifically 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.
Thus, 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
At the same time, proof of due debts must be enclosed herewith.
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