Where to file advance of bankruptcy fee in Vietnam?
Where to file advance of bankruptcy fee in Vietnam? What does request for initiation of bankruptcy process of insolvent entities in Vietnam comprise?
Hello, my company is insolvent, so I am planning to file a petition to open bankruptcy proceedings. Where do I go to pay the advance of bankruptcy fee?
1. Where to file advance of bankruptcy fee in Vietnam?
In Article 38 of the Law on Bankruptcy 2014, procedures for paying the bankruptcy fee and bankruptcy advance are 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, the aadvance of bankruptcy fee will be deposited into bank account opened by the People's Court.
2. What does request for initiation of bankruptcy process of insolvent entities in Vietnam comprise?
Pursuant to Article 28 of the Law on Bankruptcy 2014 stipulates that request for initiation of bankruptcy process of insolvent entities is as follows:
1. The insolvent entities mentioned in Clause 3 and Clause 4 Article 5 of this Law must make requests 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 of the insolvent entity
c) Name and address of the requester;
dd) The basis for requesting initiation of bankruptcy process
3. The request for initiation of bankruptcy process must be enclosed with the following documents:
c) A financial statement of the insolvent entity of the recent 03 years. In case the insolvent entity has been established less than 03 years, the financial statement shall cover all the operation time;
b) An explanation for the insolvency; A report on results of the recovering attempts of the entity, which is failed to remedy the insolvency;
c) A detailed list of assets and their locations of the entity
d) A list of creditors and debtors with their respective name, address, loans and debts which are secured, partly-secured and/or unsecured and due or not due;
dd) Documents related to the establishment of the entity;
e) The results of the valuation for the remaining assets (if any)
4. In case of appointment 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.
5. If the entities prescribed in Clause 3 and Clause 4 Article 5 of this Law do not file the request for initiation of bankruptcy process on the situation of insolvency of the enterprise or the cooperative, they shall take the liability before the Law. Compensation shall be paid if there is any damage caused by the failure to request initiation of bankruptcy process after the insolvency of the enterprise or the cooperative.
According to Article, your business needs to prepare a request for initiation of bankruptcy process with the following contents and attach the documents as prescribed above in Vietnam.
Best Regards!
