Will the written request for initiation of the bankruptcy process in Vietnam be dismissed if the requester does not pay the bankruptcy fee?
Will the written request for initiation of the bankruptcy process in Vietnam be dismissed if the requester does not pay the bankruptcy fee?
Under Article 35 of the Bankruptcy Law 2014, the following provisions apply:
Dismissing written requests for initiation of bankruptcy process
1. The People’s Court shall dismiss the written request for initiation of bankruptcy process in the following cases:
a) The requester is not prescribed in Article 5 of this Law;
b) The requester does not make amendment to the written request for initiation of bankruptcy process according to Article 34 of this Law;
c) Another People’s Court has made a Decision on the initiation of bankruptcy process for the insolvent entity;
b) The requester withdraws the written request for initiation of bankruptcy process according to Clause 2 Article 37 of this Law;
dd) The requester does not pay the bankruptcy fee and bankruptcy advance except the cases in which the bankruptcy fee and bankruptcy advance are exempt.
2. The Decision to dismiss the written request for initiation of bankruptcy process of the People’s Court must contain the explanation for the dismissal. The People’s Court must send such Decision to the requester and the People’s Procuracy at the same level with in 03 working days from the day on which the Decision is made.
Therefore, if the requester does not pay the bankruptcy fee, except in cases where the fee is exempted, the People's Court shall dismiss the written request for initiation of bankruptcy process.
In addition to the above case, the People's Court shall dismiss the written request for initiation of bankruptcy process in the following circumstances:
- The requester does not comply with the provisions;
- The requester does not make amendment to the written request for initiation of bankruptcy process;
- Another People’s Court has made a Decision on the initiation of bankruptcy process for the insolvent entity;
- The requester withdraws the written request for initiation of bankruptcy process according to Clause 2 Article 37 of the Bankruptcy Law 2014.
Will the written request for initiation of the bankruptcy process in Vietnam be dismissed if the requester does not pay the bankruptcy fee?
Who is responsible for notifying the requester regarding bankruptcy fee payment?
Under Article 32 of the Bankruptcy Law 2014, the following provisions apply:
Handling the written request for initiation of bankruptcy process
1. Within 03 working days from the day of appointment, the appointed judge must consider and handle the request as follows:
a) if the written request for initiation of bankruptcy process is satisfactory, the judge shall notify the requester of the bankruptcy fee and bankruptcy advance except the cases in which the bankruptcy fee and bankruptcy advance are exempt.
b) If the written request for initiation of bankruptcy process does not include any content prescribed in Article 26, Article 27, Article 28 or Article 29 of this Law, the judge shall request the requester to amend the petition;
b) The written request for initiation of bankruptcy process shall be transferred to another People’s Court if it is within the jurisdiction of such People’s Court;
d) The written request for initiation of bankruptcy process may be dismissed.
2. The notification of handling of request for initiation of bankruptcy process must be made in writing and sent to the requester and the insolvent entity.
The Judge is responsible for notifying the requester regarding the payment of the bankruptcy fee.
What are the method of sending requests for the initiation of bankruptcy process in Vietnam?
Under Article 30 of the Bankruptcy Law 2014 which regulates the method of sending requests for the initiation of bankruptcy process:
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.
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.
Note: 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.
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