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The Supreme People's Court of Vietnam: Benchbook Online

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11. Considering the decision on commencing or not commencing bankruptcy procedures


Related legal documents
  • Bankruptcy Law (Articles 28, 29, 30, and 31)
  • Resolution No. 03/2005/NQ-HDTP dated 28 April 2005 of the SPCJC providing guidelines for implementation of a number of provisions of the Bankruptcy Law 2005 (hereinafter referred to as Resolution No. 03/2005) (Section 3 of Part II)

  • Main duties and practical skills:

    • The Judge must consider issuing a decision to whether commence bankruptcy procedures, and determine tasks to be done upon decision to commence bankruptcy procedures.
    • Within a time-limit of thirty (30) days from the date of acceptance, the Judge must issue a decision whether to commence bankruptcy procedures
    • When gathering documents, if the Judge finds there is insufficient grounds for issuing a decision whether to commence bankruptcy procedures, the Judge may convene a session with participation of relevant persons to further gather documents and evidence.
    • If, within a time-limit of thirty days from the date of expiry of the time-limit for making advance payment of the bankruptcy fees decided by the court, the owner of the enterprise or the legal representative of the enterprise or co-operative who filed the petition to commence bankruptcy procedures does not have the monies or other assets with which to make advance payment of the bankruptcy fees, the court shall issue a decision declaring that the enterprise or co-operative is bankrupt, as provided in Article 87 of the Bankruptcy Law.
    • After issuing the decision to commence bankruptcy procedures, the Judge must notify in accordance with Article 29 of the Bankruptcy Law.