My company is insolvent, I want to file for bankruptcy. What content that must be included in the requests of debtors for initiation of bankruptcy process in Vietnam? – Huu Tri (Binh Duong, Vietnam)
Article table of contents
Contents that must be included in the requests of debtors for initiation of bankruptcy process in Vietnam (Internet image)
Regarding this issue, LawNet would like to answer as follows:
1. Requests of debtors for initiation of bankruptcy process in Vietnam
- 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
- Proof of due debts must be enclosed herewith.
- 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.
2. Requests for initiation of bankruptcy process of employees or representatives of Trade Unions
- 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 petitioner;
+ Name and address of the enterprise or the cooperative forced to file for bankruptcy;
+ Total amount of outstanding salaries and other debts which are due
- Proof of employees' salaries and other due debts must be enclosed herewith.
- 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.
- From the day of submission of the requests, the employees or the Trade Union representative shall have the rights and obligations of creditors’ according to the regulations of this Law.
3. Request for initiation of bankruptcy process of insolvent entities in Vietnam
- A request for initiation of bankruptcy process must contain:
+ Date
+ Name of the People’s Court in charge of bankruptcy settlement;
+ Name of the insolvent entity
+ Name and address of the requester;
+ The basis for requesting initiation of bankruptcy process
- The request for initiation of bankruptcy process must be enclosed with the following documents:
+ 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;
+ An explanation for the insolvency; A report on results of the recovering attempts of the entity, which is failed to remedy the insolvency;
+ A detailed list of assets and their locations of the entity
+ 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;
+ Documents related to the establishment of the entity;
+ The results of the valuation for the remaining assets (if any)
- 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.
4. Requests for initiation of bankruptcy process of shareholders of groups of shareholders of joint-stock companies, members of cooperative or cooperative members of cooperative unions in Vietnam
A requests for initiation of bankruptcy process of shareholders of groups of shareholders of joint-stock companies, members of cooperative or cooperative members of cooperative unions must contain the mandatory contents as in Section 3.
(Articles 26, 27, 28, 29 of the Law on Bankruptcy 2014)
