What is the deadline for advance payment of bankruptcy expenses in Vietnam?
What is the deadline for advance payment of bankruptcy expenses in Vietnam? Failure to pay the bankruptcy expense advance in time will the petition to open bankruptcy proceedings be returned in Vietnam?
Hello, I plan to file a petition for opening the bankruptcy procedure, I would like to find out after filing, how many days must I advance the bankruptcy expenses?
How many days must I advance the bankruptcy expenses?
Pursuant to Article 38 of the Bankruptcy Law 2014, there are procedures for payment of bankruptcy fees and advances for bankruptcy expenses as follows:
1. Within 03 working days from the receipt of the satisfactory written request for initiation of bankruptcy process, People’s Court must estimate an amount of the bankruptcy advance and inform the requester in order for him/her to make the payment.
If there is a request for negotiation, the requester shall be notified of the bankruptcy fee and bankruptcy advance in accordance with Clause 3 Article 37 of this Law.
2. Within 15 days from the receipts of the request for paying the bankruptcy fee and bankruptcy advance, the requester must make the payment as follows:
a) Pay the civil execution authorities the bankruptcy fee;
b) Send the advance of bankruptcy fee to the bank account held by the People’s Court.
Thus, according to the above provisions, within 15 days from the date of receiving the notice of advance payment of bankruptcy expenses in Vietnam, you need to make advance payment of bankruptcy expenses to the account opened by the People's Court at the bank.
Failure to pay the bankruptcy expense advance in time will the petition to open bankruptcy proceedings be returned in Vietnam?
Pursuant to Article 35 of this Law, there are provisions on returning a petition for opening bankruptcy proceedings as follows:
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.
According to this Article, unless you do not have to pay the advance for bankruptcy expenses in Vietnam, if you do not pay the advance for bankruptcy expenses, you will be returned the petition for opening the bankruptcy procedure.
Best Regards!
