Who is Exempt from Paying Bankruptcy Fees When Filing a Petition to Initiate Bankruptcy Proceedings for a Business According to Current Regulations?
Who is exempt from bankruptcy fees when filing a petition to initiate bankruptcy proceedings under current regulations?
Based on Article 23 of the Bankruptcy Law 2014, the regulations are as follows:
Bankruptcy costs and advance payments for bankruptcy costs
1. Bankruptcy costs are paid from the value of the assets of the insolvent enterprise or cooperative.
2. The petitioner requesting the initiation of bankruptcy proceedings must make an advance payment for bankruptcy costs, except for the petitioner as prescribed in Clause 2, Article 5 and Point a, Clause 1, Article 105 of this Law.
3. The People's Court shall assign a trustee, an asset management enterprise, or an asset liquidation enterprise to sell certain assets of the insolvent enterprise or cooperative to ensure bankruptcy costs. The valuation, revaluation, and sale of assets are carried out in accordance with Articles 122, 123, and 124 of this Law.
4. The People's Court shall determine the advance payment for bankruptcy costs, the level of bankruptcy costs in each specific case in accordance with the law, and decide on the refund of the advance payment for bankruptcy costs, except for cases where the petitioner requesting the initiation of bankruptcy proceedings violates the provisions of Clause 4, Article 19 of this Law.
Referring to Clause 2, Article 5 of the Bankruptcy Law 2014 and Point a, Clause 1, Article 105 of the Bankruptcy Law 2014, the regulations are as follows:
Persons entitled and obligated to file a petition for the initiation of bankruptcy proceedings
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2. Employees, grassroots trade unions, and direct superior labor unions at places where grassroots trade unions have not been established have the right to file a petition for the initiation of bankruptcy proceedings when the period of 03 months from the date of fulfillment of the obligation to pay wages and other due debts to employees has expired without such obligations being performed by the enterprise or cooperative.
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Declaration of bankruptcy of enterprises and cooperatives under summary procedures
1. The People's Court shall resolve bankruptcy under summary procedures in the following cases:
a) The petitioner requesting the initiation of bankruptcy proceedings as prescribed in Clauses 3 and 4, Article 5 of this Law, where the insolvent enterprise or cooperative has no money or other assets to pay bankruptcy fees and advance payments for bankruptcy costs;
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The following subjects are exempt from bankruptcy fees when filing a petition to initiate bankruptcy proceedings:
- Employees, grassroots trade unions, and direct superior labor unions at places where grassroots trade unions have not been established file petitions for the initiation of bankruptcy proceedings when the period of 03 months from the date of fulfillment of the obligation to pay wages and other due debts to employees has expired without such obligations being performed by the enterprise.
- The owner of a private enterprise; the Chairman of the Board of Directors of a joint-stock company; the Chairman of the Members' Council of a limited liability company with two or more members; the owner of a single-member limited liability company; the general partner of a partnership; shareholders or groups of shareholders owning 20% or more of the common shares for at least six consecutive months file petitions for the initiation of bankruptcy proceedings under summary procedures when the enterprise has no money or other assets to pay bankruptcy fees.
Who is exempt from bankruptcy fees when filing a petition to initiate bankruptcy proceedings under current regulations?
Who is responsible for notifying the petitioner requesting the initiation of bankruptcy proceedings about the payment of bankruptcy fees?
Based on Article 32 of the Bankruptcy Law 2014, the regulations are as follows:
Handling of petitions for the initiation of bankruptcy proceedings
1. Within 03 working days from the date of assignment, the Judge must consider the petition and handle it as follows:
a) In the case of a valid petition for the initiation of bankruptcy proceedings, the Judge shall notify the petitioner of the payment of bankruptcy fees and the advance payment of bankruptcy costs, except where bankruptcy fees and advance payments for bankruptcy costs are not required;
b) If the petition for the initiation of bankruptcy proceedings lacks the content specified in Articles 26, 27, 28, or 29 of this Law, the Judge shall notify the petitioner to amend and supplement the petition;
c) Transfer the petition for the initiation of bankruptcy proceedings to the People's Court with jurisdiction if it falls under the jurisdiction of another People's Court;
d) Return the petition for the initiation of bankruptcy proceedings.
2. The notification of the handling of the petition for the initiation of bankruptcy proceedings must be in writing and sent to the petitioner and the insolvent enterprise or cooperative.
The Judge is responsible for notifying the petitioner requesting the initiation of bankruptcy proceedings about the payment of bankruptcy fees.
How is the method of filing a petition for the initiation of bankruptcy proceedings regulated?
Based on Article 30 of the Bankruptcy Law 2014, the methods of filing a petition for the initiation of bankruptcy proceedings are regulated as follows:
Method of filing a petition for the initiation of bankruptcy proceedings
1. The petitioner must submit a petition and accompanying documents and evidence to the People's Court with jurisdiction by one of the following methods:
a) Submit directly at the People's Court;
b) Send to the People's Court by post.
2. The date of filing the petition for the initiation of bankruptcy proceedings is counted from the date the People's Court receives the petition or the date of the postmark of the place of sending.
The petitioner must submit a petition and accompanying documents and evidence to the People's Court with jurisdiction by one of the following methods:
- Submit directly at the People's Court;
- Send to the People's Court by post.
Note: The date of filing the petition for the initiation of bankruptcy proceedings is counted from the date the People's Court receives the petition or the date of the postmark of the place of sending.
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