Luật Phá sản 2014 số 51/2014/QH13

THE NATIONAL ASSEMBLY
——–

THE SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom
– Happiness
—————

No. 51/2014/QH13

Hanoi, June 19th, 2014

 

LAW

ON BANKRUPTCY

Pursuant to the
Constitution of the Socialist Republic of Vietnam;

The National
Assembly promulgates the Law on Bankruptcy.

Chapter
I

GENERAL
PROVISIONS

Article
1. Scope

This Law regulates the
procedure for submitting, receiving petitions and initiating bankruptcy
process; the asset liabilities and measures for asset preservation during
bankruptcy settlement; procedure for business operation recovery; the
declaration of bankruptcy and implementation of Decisions on the declaration of
bankruptcy.

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This Law shall be
applied to enterprises and cooperatives or cooperative unions (hereinafter
referred to as cooperatives) which are established and run in accordance with
the regulations of the law.

Article
3. Application of Law on Bankruptcy

1. The Law on
Bankruptcy is applied to the bankruptcy process of every enterprise and
cooperative based in the territory of Vietnam.

2. In case an
international agreement to which Vietnam is a signatory contravenes regulations
of this Law, such international agreement shall prevail.

Article
4. Interpretation of terms

In this Law, the terms
below are construed as follows:

1. An insolvent
enterprise or insolvent cooperative (hereinafter referred to as insolvent
entity) is an enterprise or a cooperative having failed to meet the debt
liability for 03 months from the deadline for repayment.

2. Bankruptcy is
a legal status of an insolvent entity that is declared bankrupt by the People’s
Court.

3. A creditor
is an individual, an agency or an organization entitled to request the debtors
to pay debts. Creditors include creditors of unsecured debts, creditors of
partly-secured debts and creditors of secured debts.

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5. A creditor of
secured debts (hereinafter referred to as secured creditor) is an
individual, an agency or an organization being entitled to request the debtor
to pay the debt secured against assets of the debtor or a third party.

6. A creditor of
partly-secured debts (hereinafter referred to as partly-secured creditor) is
an individual, an agency or an organization entitled to request the insolvent
entity to pay the debt partly secured against assets of the debtor or a third
party whose value is not sufficient to cover the debt.

7. Asset management
officer is an individual specialized in management and liquidation of the
assets of an insolvent entity during the process of bankruptcy settlement.

8. Asset management
enterprise is an enterprise practicing in management and liquidation of the
assets of an insolvent entity during the process of bankruptcy settlement.

9. Bankruptcy
conductors are judges and executive judges of the People’s Courts; The
Chairman of the People’s Procuracy, prosecutors; asset management officers and
asset management enterprises; The heads of civil execution authorities,
bailiffs.

10. Entities
involved in bankruptcy process (hereinafter referred to as involved entities) are
creditors; employees; insolvent entities; shareholders; members of cooperatives
or cooperatives which are members of cooperative unions; debtors of insolvent
entities and other entities having relevant benefits and liabilities during the
bankruptcy settlement.

11. Fee for
submission of request for initiation of bankruptcy (hereinafter referred to
as bankruptcy fee) is an amount of money which the applicants for
initiation of bankruptcy is required to pay for filing the petition to the
People’s Court.

12. Cost of
bankruptcy is an amount of money paid for bankruptcy settlement, including
the payments for services provided by asset management officers and asset
management enterprise, audit, publication and other expenditures according to
the regulations of the law.

13. Payment for
financial management is an amount of money paid for the bankruptcy
settlement services provided by asset management officers and asset management
enterprise.

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Article
5. Eligibility and liability to submit written requests for initiation of
bankruptcy process

1. Any creditor of
unsecured debts or partly-secured debts is entitled to send a written request
for initiation of bankruptcy process after 03 months from the payment due date
for the debts which the enterprise or cooperative does not pay..

2. Any employee, internal
Trade Union (or the superior Trade Union if the internal Trade Union is not
established) is entitled to send a written request for initiation of bankruptcy
process after 03 months from the day on which the entity have to pay salaries
and other debts to the employees.

3. The legal
representative of each enterprise or cooperative is liable to send a written
request for initiation of bankruptcy process when the entity is insolvent.

4. The owner of any
private enterprise, the President of the Board of Directors of any joint-stock
company, President of the Member assembly of any multi-member limited liability
company, the owner of any single limited liability company or any general
partner of any partnership is liability to submit a written request for initiation
of bankruptcy process when the entity is insolvent.

5. Any shareholder or
any group of shareholders owning at least 20% of ordinary shares for at least
06 consecutive months is entitled to file a written request for initiation of
bankruptcy process when the joint-stock company is insolvent. Any shareholder
or any group of shareholders owning less than 20% of ordinary shares for at
least 06 consecutive months is entitled to file a written request for
initiation of bankruptcy process when the joint-stock company is insolvent if
it is mentioned in the company’s charter.

6. Any member of any
cooperative or any legal representative of any cooperative which is a member of
the cooperative union is entitled to file a written request for initiation of
bankruptcy process when the entity is insolvent.

Article
6. Announcement of insolvency of enterprises or cooperatives

1. Any individual,
agency or organization realizing that any enterprise or a cooperative is
insolvent is liable to send a written notification to those mentioned in
Article 5 of this Law.

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Article
7. Responsibility to provide documents and evidences of relevant entities

1. Any individual,
agency or organization keeping documents and evidences related to the
bankruptcy case is responsible for providing sufficiently the documents and
evidences within 15 days from the receipt of request of creditors, enterprise
or cooperative, the People’s Court, the People’s Procuracy, asset management
officer or the asset management enterprise.

2. Any individual,
agency or organization cannot provide the documents and evidences as prescribed
in Clause 1 of this Article must provide a written explanation. Any entity not
providing the evidences intentionally without legitimate reason shall be
punished according to the regulations of the law.

Article
8. Competence in bankruptcy settlement of the People’s Court

1. The People’s Court
of central-affiliated cities and provinces (hereinafter referred to as
provincial People’s Court) has the competence in bankruptcy settlement for
enterprises and cooperatives registered in the province and for one of the
following cases:

a) There are overseas
assets or involving entities.

b) The insolvent
entity has branches and/or representative offices located in district and/or
cities of various provinces;

c) The insolvent
entity has real estate in district and/or cities of various provinces;

d) The provincial
People’s Court takes the bankruptcy cases under the management of the People’s
Court of a district/city of the province due to their complicacy.

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3. The Supreme
People’s Court shall provide guidance on implementing this Article.

Article
9. Tasks and entitlements of Judges

1. Collect and verify
documents and evidences related to the request for initiation of bankruptcy
process if necessary.

2. Make the Decision
on the initiation of bankruptcy process or the refusal to initiate bankruptcy
process.

3. Make the Decision
on appointing or replacing the asset management officer and/or the asset
management enterprise.

4. Supervise the asset
management officer and/or asset management enterprise.

5. Decide to conduct
an audit of the insolvent entity if necessary.

6. Make the Decision
on the liquidation of the assets of the insolvency entity after the Decision on
the initiation of bankruptcy process in order to cover the cost of bankruptcy.

7. Take temporary
emergency measures according to the regulations of the law.

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9. Convene the
creditors’ meeting.

10. Make the Decision
on approving the resolution of the creditors’ meeting on the plan to resume
business operation.

11. Make the Decision
on suspending bankruptcy process.

12. Make the Decision
on the declaration of bankruptcy of the insolvent entity.

13. Impose
administrative penalties and/or request competent authorities to impose criminal
penalties according to the regulations of the Law.

14. Refer to the
bankruptcy settlements for the prior similar cases with the guidance of the
Supreme People’s Court.

15. Must dismiss
settling bankruptcy in one of the cases prescribed in Clause 1 Article 10 of
this Law.

16. Perform other
tasks and powers according to the regulations of the Law.

Article
10. Dismissing settling bankruptcy or replacing the Judge

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a) The judge is an
involved entity; a representative or a relative of an involved entity of the
case;

b) The judge is
participating in the case as a prosecutor, a asset management officer, the
legal guardian of an involved entity, a valuator or a translator;

c) The Judge is a
member of a group of Judges taking charge of the case and has connections of
consanguinity with other judges;

d) The judge has once
made the Decision on the declaration of bankruptcy for the case;

dd) There is any
evidence that the Judge is prejudiced.

2. The replacement of
the Judge shall be decided by executive judge of the People’s Court. In case
the Judge taking charge of the case is an executive judge, the replacement of
the Judge shall be decided by a higher People’s Court. The decision on replacing
the Judge of the executive judge shall be the final decision.

Article
11. individuals or enterprises being entitled for practicing financial
management.

An individual or an
enterprise being entitled for practicing financial management is:

1. A asset management
officer;

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Article
12. Requirements for working as a asset management officer

1. The following
individuals are eligible for being issued practice certificates of asset
management officer:

a) A lawyer;

b) An auditor;

c) A person having a
bachelor degree in law, economy, accountancy or bank and 05 years of experience
or more in his/her field.

2. 2. Requirements for
working as a asset management officer:

a) Be capable of civil
acts;

b) Have ethical
qualities, sense of responsibility, integrity and objectivity;

c) Have practice
certificate of asset management officer.

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Article
13. Asset management enterprises

1. An enterprise being
entitled for practicing financial management is:

a) A partnership;

b) A private
enterprise.

2. Requirements for a
asset management enterprise.

a) The partnership is
established by at least two general partners who are asset management officer
and/or the General Director or Director of the partnership is a asset
management officer;

b) A private
enterprise is owned by a asset management officer who is its Director.

3. The Government
shall regulate the financial management and the implementation of State
management of asset management enterprises.

Article
14. Individuals prohibited from practicing financial management.

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2. An individuals who
faces a criminal prosecution; who is convicted and not expunged criminal
record; who is incurring administrative penalty of putting into a reform school
or a rehabilitation center.

3. An individual who
is incapable of civil acts.

Article
15. Revocation of practice certificates of asset management officers

1. An issued practice
certificates of asset management officers shall be revoked if the obtainers
are:

a) Officials and civil
servants; military officers, professional soldiers and military workers who are
working in the offices and bases of the People’s Army; professional
commissioned and non-commissioned officers who are working in the offices and
bases of the Police Authorities.

b) Individuals who are
convicted and the sentence

c) Individuals whose
practicing certificates of lawyer or auditor is revoked;

d) individuals
replaced according to Point a and b of Clause 1 Article 46 of this Law in 02 or
more bankruptcy cases.

2. The Government
shall regulate the revocation of practice certificate of asset management
officer.

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1. Manage and
supervise the business operation and asset liquidation of the insolvent
entities as follows:

a) Collect, verify and
manage the documents and evidence related to the business operation of the
entities.

b) Draw up lists of
assets, creditors and debtors;

c) Preserve assets;
prevent selling and/or giving asset without permission of the Judge; prevent
dispersing and hiding assets; maximize the value of the entities’ asset on
selling and/or liquidating;

d) Supervise the
business operation of the entities according to the regulations of the Law;

dd) Hire an individual
or an organization according to the regulations of the Law;

e) Advise the Judge on
selling the entities’ assets in order to cover the cost of bankruptcy;

g) Sell the entities’
assets in accordance with the Judge’s decision in order to cover the cost of
bankruptcy;

h) Valuate and
liquidate assets according to the regulations of this Law; send reports to
civil execution authorities and notifications to involving entities on the
asset liquidation of an appointed individual or organization.

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2. Represent the
insolvent entity if the entity does not have any legal representative.

3. Make a report on
assets, debts and the operation of the enterprise or cooperative participating in
making plan for recovering the business operation of the insolvent entity.

4. Advise the Judge to
do the followings:

a) Collect evidences;

b) Declare that a
transaction is invalid and take back the entities’ assets which are illegally
sold or given;

c) Take temporary
emergency measures; impose administrative penalties; transfer dossier to
competent authorities for imposing criminal penalties according to the
regulations of the Law.

5. Receive payment and
professional liability insurance according to the regulations of the Law.

6. Make a report on
the performance of the tasks and powers at the request of the Judge and/or
civil execution authorities; Take liability before the Judge, civil execution
authorities and the Law for the performance of the tasks and powers.

Article
17. Tasks and powers of civil execution authorities

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2. Request the asset
management officers and/or the asset management enterprises to valuate and
liquidate the entities’ assets; Liquidate the assets in the cases prescribed in
Clause 4 Article 121 of this Law;

3. Supervise the
performance of liquidation of the insolvent entities’ asset of the asset
management officers and asset management enterprises; request the asset
management officers and asset management enterprises to report on the
liquidation.

4. Request the
People’s Court to replace the asset management officers and/or the asset
management enterprises during the liquidation of the insolvent entities’ assets
according to Article 46 of this Law;

5. Redistribute the
assets of the insolvent entities in accordance with the decision of the
People’s Court.

6. Make the
Declaration of finishing the process of the Declaration of bankruptcy.

7. Perform other tasks
and powers according to the regulations of the Law on civil execution.

Article
18. Rights and obligations of involved entities

1. Comply with the
requests of the Judge, the asset management officers, the asset management
enterprises and civil execution authorities according to the regulations of Law
on bankruptcy;

2. Provide documents
and evidences related to the bankruptcy settlement.

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4. Request the Judge,
asset management officer, asset management enterprise to collect and verify the
documents and evidence which cannot provide or request for assess and valuate
the assets; request the Judge to conduct an audit of the insolvent entities;
request the Judge to convene the testifiers.

5. Be informed and
allowed to record and make copy of the documents and evidences provided by
other involving entities or collected by the Judge.

6. Request for
employment, change and cancellation of the temporary emergency measures.

7. Receive eligibility
notification for performing their rights and obligations.

8. Protect or employ a
legal guardian to protect their lawful rights and interests.

9. Participate in the
creditors’ meeting.

10. Request for
replacing the asset management officers and/or asset management enterprises according
to Article 46 of this Law.

11. Request the asset
management officers and/or asset management enterprises to add more creditors
and debtors into the lists of creditors and debtors.

12. Advise the asset
management officers and/or asset management enterprises to take back the sums
of money and/or assets of the debtors.

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14. Participating in
the management and liquidation of assets at the requests of the Judge, the
civil execution authorities, asset management officers, the asset management
enterprises.

15. Request for
reconsidering the decision of the People’s Court according to the regulations
of this Law.

16. In case an
involved entity dies, his/her lawful heir shall perform the rights and
obligations prescribed in this Article.

Article
19. Rights and obligations of applicants for initiation of bankruptcy process
(hereinafter referred to as requesters)

1. Perform rights and
fulfill obligations of the involving entities prescribed in Article 18 of this
Law.

2. Advise the People’s
Court on the asset management officers and/or asset management enterprises
before the initiation of bankruptcy process.

3. Pay the bankruptcy
fee and/or bankruptcy advance except the cases in which the bankruptcy fee
and/or bankruptcy advance are exempt.

4. Be honest about
submitting requests for the initiation of bankruptcy process

Article
20. Rights and obligations of insolvent entities.

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2. Give opinion on
accept or reject a number or all of the requests of the requesters.

3. Publicly announce
the Decision on the initiation of bankruptcy process on the receipt of the
Decision.

Article
21. Controlling and supervising the observance of the Law during the bankruptcy
settlement

1. The People’s
Procuracy shall control and supervise the observance of the law during the
bankruptcy settlement and performance of requesting, advising, and appealing
according to the regulations of this Law.

2. The People’s
Procuracy shall participate in meetings about considering the advices and
appeal of the People’s Procuracy; control and supervise the decisions
pertaining to bankruptcy settlement of the People’s Court.

Article
22. Bankruptcy fee

The requesters must
pay the bankruptcy fee according to the regulations of the Law on court fees of
People’s Court. The requesters prescribed in Clause 2 Article 5 and Point a
Clause 1 Article 105 of this Law is exempt from paying this fee.

Article
23. The cost of bankruptcy and the bankruptcy advance

1. The cost of
bankruptcy is covered by the value of the assets of the insolvent entities.

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3. The People’s Court
shall appoint asset management officers and/or asset management enterprises to
sell a number of assets of an insolvent entity in order to ensure the cost of
bankruptcy. The valuation and sale of the assets shall comply with Articles
122, 123 and 124 of this Law.

4. People’s Court
shall decide the bracket of the bankruptcy advance for each specific case
according to the regulation of the Law, and decide the return of the advance,
except the cases in which the petitioners violated as mentioned in Clause 4
Article 19 of this Law.

Article
24. Payments for asset management officers and asset management enterprises

1. The payment for the
asset management officers and asset management enterprises shall be calculated
depending on their time, effort and result.

2. The Government
shall regulate the payment for the asset management officers and the asset
management enterprises.

Article
25. Written requests, provision and notification during bankruptcy settlement

The People’s Court,
the People’s Procuracy, civil execution authorities, asset management officers,
and asset management enterprises must make requests, provision and written
notifications to the involved entities according to the regulations of this Law
and the Law on civil procedure.

Chapter
II

WRITTEN
REQUESTS FOR INITIATION OF BANKRUPTCY PROCESS AND RECEIPT OF REQUESTS FOR
INITIATION OF BANKRUPTCY PROCESS

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1. When requesting the
People’s Court to initiate bankruptcy process, the creditors mentioned in
Clause 1 Article 5 of this Law must make a request 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 and address of
the requester;

d) Name and address of
the enterprise or the cooperative forced to file for bankruptcy;

dd) The due debts

Proof of due debts
must be enclosed herewith .

3. 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.

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1. When requesting the
People’s Court to initiate bankruptcy process, the representative of the
employees or the Trade Union mentioned in Clause 2 Article 5 of this Law must
make a request 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 and address of
the petitioner;

d) Name and address of
the enterprise or the cooperative forced to file for bankruptcy;

dd) Total amount of
outstanding salaries and other debts which are due

Proof of employees’
salaries and other due debts must be enclosed herewith.

3. 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.

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Article
28. Request for initiation of bankruptcy process of insolvent entities .

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:

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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.

Article
29. 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.

1. When requesting the
People’s Court to initiate bankruptcy process, a shareholder of a group of
shareholders of a joint-stock company, a member of a cooperative or a legal
representative of a cooperative member of a cooperative union mentioned in
Clause 5 and Clause 6 Article 5 of this Law must make a request for the initiation
of bankruptcy process.

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Article
30. 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.

Article
31. Appointment of a judge for bankruptcy settlement

1. Within 03 working
days from the receipt of the written request for initiation of bankruptcy
process, the executive judge of the People’s Court shall appoint a judge or a
group of 03 judges for the bankruptcy settlement.

2. The executive judge
of the Supreme People’s Court shall make the regulations on the group of judges
according to Clause 1 of this Article.

Article
32. Handling the written request for initiation of bankruptcy process

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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.

Article
33. Transferring written request for initiation of bankruptcy process to the
competent People’s Court and handling the request for reconsideration of such
move;

1. The People’s Court
handling the written request for initiation of bankruptcy process mentioned in
Point c Clause 1 Article 32 of this Law shall transfer the written request for
initiation of bankruptcy process and related documents and evidences to a
competent People’s Court and notify the requester.

2. Within 03 working
days from of the receipt of the Decision on moving the written request for
initiation of bankruptcy process, the petitioner or the designated People’s
Court may request the executive judge of the higher People’s Court to directly
reconsider such move.

3. Within 03 working
days from of the receipt of the request, the executive judge of the higher
People’s Court shall directly reconsider the move. The Decision of the
executive judge of the higher People’s Court shall be the final decision.

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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; The time for the petition to be
amended shall be decided by the People’s Court but not more than 10 working
days from the day on which the requester receives the request; in special
cases, the People’s Court may extent the time but not more than 15 days in
total.

Article
35. 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.

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1. Within 03 working
days from of the receipt of the Decision to dismiss the written request for
initiation of bankruptcy process of the People’s Court, the requester or the
People’s Procuracy at the same level may request the executive judge of
People’s Court who makes the Decision to reconsider the dismissal.

2. Within 03 working
days from of the receipt of the request, the executive judge of People’s Court
who makes the Decision must:

a) Make a Decision on
upholding the dismissal of the written request for initiation of bankruptcy
process.

b) Make a Decision to
cancel the dismissal of the written request for initiation of bankruptcy
process and take the case according to the regulations of this Law;

3. Within 05 working
days from of the receipt of the Decision pertaining to the reconsideration of
the dismissal of the written request for initiation of bankruptcy process, the
requester or the People’s Procuracy at the same level may request the executive
judge of the higher People’s Court for reconsideration.

4. Within 07 working
days from of the receipt of the request, the executive judge of the higher
People’s Court must:

a) Make a Decision to
uphold the dismissal of the written request for initiation of bankruptcy
process.

b) Make a Decision to
cancel the dismissal of the written request for initiation of bankruptcy
process and request the People’s Court to take the case according to the
regulations of this Law;

5. The Decision of the
executive judge of the higher People’s Court shall be the final decision. This
Decision must be sent to the petitioner, the People’s Procuracy at the same
level, the People’s Procuracy making request and the People’s Court having made
the dismissal.

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1. Within 03 working
days from the day on which the People’s Court receives the satisfactory written
request for initiation of bankruptcy process, the insolvent entity and
creditors may submit a written request to the People’s Court for permission to
negotiate withdrawing of request.

The People’s Court
shall decide the negotiation duration which is not longer than 20 days from of
the receipt of the satisfactory written request for initiation of bankruptcy
process.

2. If
the parties reach an agreement on withdrawal of the written request for
initiation of bankruptcy process, the People’s Court shall dismiss the case.

3. If the parties
cannot reach an agreement within the time given, the People’s Court shall
request the requester to pay the bankruptcy fee and bankruptcy advance and take
the case according to the regulations of this Law.

4. The negotiation of
the parties must comply with the regulations of this Article and the Law on
bankruptcy;

Article
38. Procedure for paying the bankruptcy fee and bankruptcy advance

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:

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b) Send the advance of
bankruptcy fee to the bank account held by the People’s Court.

Article
39. Receipt of written requests for initiation of bankruptcy process

The People’s Court
shall receive the written request for initiation of bankruptcy process on
receiving the receipts of the bankruptcy fee and the bankruptcy advance. With
regard to the cases in which the bankruptcy fee and bankruptcy advance are
exempt, the receipt shall be considered the day on which the People’s Court
receives the satisfactory written request for initiation of bankruptcy process.

Article
40. Announcing receipt of written requests for initiation of bankruptcy process

1. Within 03 working
days from the receipt of the written request for initiation of bankruptcy
process, the People’s Court must send a written notification of such receipt to
the requester, the insolvent entity, organizations and/or agencies that are
handling cases related to the entity and the People’s Procuracy at the same
level.

If the requester is
the legal representative of the insolvent entity, the People’s Court must send
the notification to the creditors advised by the entity.

2. If the requester is
not the insolvent entity, within 15 days from the receipt of the notification
of the People’s Court, the insolvent entity must provide the People’s Court
with the documents and evidences prescribed in Clause 3 Article 28 of this Law.

Article
41. Temporary suspension of the financial obligation of an insolvent entity;

Within 05 working days
from the acceptance of the written request for initiation of bankruptcy
process, the suspension of the financial obligation of an insolvent entity
shall be as follows:

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2. The People’s Court
and referee must suspend the civil cases related to the financial obligations
in which the insolvent entity is a litigant. The suspension must comply with
the regulations of the Law on civil procedure and the Law on commercial
arbitration.

The People’s Court
must separate and suspend the civil part in a criminal and administrative case,
which is related to the financial obligations of the insolvent entity being a
litigant. The separation and suspension must comply with the regulations of the
Law on criminal procedure and administrative procedure;

3. The competent
authorities shall suspend the handling of collateral for secured debts of the
insolvent entity.

The collateral which
is likely to be damaged or dramatically devalued shall be handled according to
Clause 2 and Clause 3 Article 53 of this Law.

Chapter
III

INITIATION
OF BANKRUPTCY PROCESS

Article
42. Decisions on the initiation of bankruptcy process or the refusal to
initiate bankruptcy process

1. Within 30 days from
the receipt of a written request for initiation of bankruptcy process, the
Judge shall make a Decision on the initiation of bankruptcy process or refusal
to initiate bankruptcy process, except the cases prescribed in Article 105 of
this Code.

2. The Judge shall
make the Decision on the initiation of bankruptcy process when the enterprise
or cooperative is insolvent.

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4. The Decision on the
initiation of bankruptcy process must contain:

a) Date;

b) Name of the
People’s Court; full name of the Judge;

c) Date and reference
number of the acceptance of written request for initiation of bankruptcy
process; name and address of the requester;

d) Name and address of
the insolvent entity;

dd) Time and place
where the creditors make declarations and the legal consequences of not making
declaration.

5. The People’s Court
shall make the Decision on the refusal to initiate bankruptcy process if the
enterprise or cooperative is deemed not to be the cases prescribed in Clause 2
of this Article.

In this case, the
person submitting the written request for initiation of bankruptcy process
shall be reimbursed for the bankruptcy advance; the request for fulfillment of
the financial obligations that are suspended as prescribed in Article 41 of
this Law shall be continued to be handled.

6. The Decision on the
initiation of bankruptcy process or the refusal to initiate bankruptcy process
shall take effect from the date on which it is made.

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1. The Decision on
imitating bankruptcy process issued by the People’s Court must be sent to the
requester, the insolvent entity, creditors, the People’s Procuracy at the same
level, civil execution authorities, tax authorities, business registry where
the headquarter of insolvent entity located and posted on the national
enterprise registration portal , website of the People’s Court and 02
consecutive issues of the newspaper of the province where the headquarter of
insolvent entity is located.

2. The Decision on the
refusal to initiate bankruptcy process must be sent to the requester, the entity forced to file for bankruptcy and
the People’s Procuracy at the same level.

3. The time for
sending notification of the Decision on the initiation for bankruptcy process
is within 03working days from the day on which the Decision is given by the
People’s Court.

Article
44. Requests for reconsidering and appeals against Decisions on initiation of bankruptcy process or Decision on refusal to initiate
bankruptcy process

1. Within 07 working
days from the receipt of a Decision on the initiation of bankruptcy process,
the involving entities may request reconsideration of the Decision, the
People’s Procuracy at the same level may appeal against the Decision.

2. On receiving the
request or the appeal, the People’s Court giving the Decision on the initiation
of bankruptcy process shall send the dossier on the case to the superior
People’s Court for settlement.

3. Within 03 working
days from the receipt of the dossier on the case and the request for
reconsideration and/or the appeal, the superior People’s Court shall appoint a
group of 03 judges to handle the request and/or the appeal and forward the
dossier to the People’s Procuracy at the same level.

4. Within 05 working
days from the receipt of the dossier on the case forwarded by the People’s
Court, the People’s Procuracy at the same level must return the dossier to the
People’s Court.

5. Within 05 working
days from the receipt of the dossier on the case returned by the People’s
Procuracy at the same level, the group of judges must arrange a meeting for
considering and settling the request and/or the appeal.

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7. The group of judges
may give one of the following decisions:

a) Uphold the Decision
on the initiation of bankruptcy process or the refusal to initiate bankruptcy
process;

b) Cancel the Decision
on the refusal to initiate bankruptcy process and request the People’s Court
given the Decision to make a Decision on the initiation of bankruptcy process;

c) Cancel the Decision
on the initiation of bankruptcy process and notify the People’s Court given the
Decision and the involving entities.

8. The decision of the
group of judges is the final decision.

9. The executive judge
of the Supreme People’s Court shall make the regulations on settling the
request for reconsideration and/or appeal against the Decision on the
initiation for bankruptcy process.

Article
45. Appointment of asset management officers and asset management enterprises

1. Within 03 working
days from the day on which the Decision on the initiation of bankruptcy
process, the judge is responsible for appointing asset management officers and
asset management enterprises.

2. Criteria for
appointing asset management officers and asset management enterprises:

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b) The requester gives
advice on selecting the asset management officers and/or asset management
enterprises.

c) The asset
management officers and the asset management enterprises do not have benefits
related to the case;

d) The characteristics
of the case are suitable;

dd) asset management
officers and/or asset management enterprises must not the relatives of the
involving entities.

3. The written
appointment of the asset management officers and/or the asset management
enterprises must contain:

a) Date

d) Name and address of
the creditors; the insolvent entity;

c) Name and address of
the asset management officers and/or asset management enterprises;

d) The summary content
of the request for initiation of bankruptcy process;

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e) The amount of the
bankruptcy advance for the asset management officers and/or the asset
management enterprises

g) Tasks and powers of
the asset management officer and/or the asset management enterprise

h) Signature and stamp
of the judge of the People’s Court

Article
46. Replacement of asset management officers or asset management enterprises

1. A asset management
officer or a asset management enterprise shall be replaced by the Judge if such
asset management officer or asset management enterprise:

a) Violates any
obligation prescribed in this Law;

b) Is proven not
objective while performing duties;

c) Be
incapable of performing duties in cases of force majeure;

2. The Decision on
replacement of a asset management officer or a asset management enterprise must
be made in writing and sent to the asset management officer, asset management
enterprise, and involved entities. The handling of the advance paid to the
asset management officer and asset management enterprise must be specified in
such Decision

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4. Within 03 working
days from of the receipt of the request for reconsideration of the replacement
of the asset management officer or asset management enterprise, the executive
judge of the competent People’s Court shall make one of the following
Decisions.

a) Uphold the Decision
to replace the asset management officer or asset management enterprise;

b) Cancel the Decision
to replace the asset management officer or asset management enterprise.

5. The Decision of the
executive judge of the People’s Court, which is prescribed in Clause 4 of this
Article shall be the final decision.

6. If
the replacement is made due to the regulations prescribed in Point a and Point
b Clause 1 this Article, the replaced financial management or asset management
enterprise must return all their paid advance .
If the replacement is made due to the regulations prescribed in Point c Clause
1 this Article, the replaced financial management or asset management
enterprise shall be paid in proportion to the work done.

7. Within 03 working
days on which the Decision on the replacement is made, the asset management
officer or asset management enterprise must transfer all the work done to the
new asset management officer or asset management enterprise.

8. The asset
management officer or asset management enterprise which is replaced due to the
regulations prescribed in Point a and Point b
Clause 1 this Article or does not transfer the works prescribed in Clause 7
this Article, shall be administratively sanctioned or liable to criminal
prosecution depending on the nature and severity of the violations. If there is
any damage, the replaced asset management officer or asset management
enterprise must pay the compensation for such damage.

Article
47. Business operation of insolvent entities on initiation of bankruptcy
process.

1. After the Decision
on the initiation of bankruptcy process is made, the insolvent entity shall
keep running the business operation but under the supervision of the judge and
asset management officers and/or asset management enterprises.

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Article
48. Prohibited activities of insolvent entities on initiation of bankruptcy
process.

1. After the Decision
on the initiation of bankruptcy is made, the insolvent entity is prohibited
from:

a) Dispersing and
hiding assets;

b) Paying the
unsecured debts, except the unsecured debts incurred after the initiation of
bankruptcy process and the employees’ salaries prescribed in Point c Clause 1
Article 49 of this Law.

c) Renouncing the
right over debt claim;

d) Making an unsecured
debt into a secured or partly-secured debt with collateral which are assets of
the entity.

2. Any transaction
prescribed in Clause 1 this Article is invalid and shall be handled according
to Article 60 of this Law.

Article
49. Supervising insolvent entities on initiation of bankruptcy process.

1. After the Decision
on the initiation of bankruptcy process is made, the insolvent entity must
notice the asset management officers and/asset management enterprises before:

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b) Terminating a valid
contract;

c) Paying the debts
incurred after the initiation of bankruptcy process; paying employees’
salaries.

2. The notification shall
be sent directly or in form of registered mail, normal mail, email, fax or
telex.

3. Within 03 working
days from the receipt of notification of the entity, the asset management
officers and/or asset management enterprises must respond that whether the
entity is permitted to do the activities mentioned in Clause 1 this Article or
not, and be liable to their responses. The asset management officers and/or
asset management enterprises must report on their responses to the judge.

4. If one of the
activities prescribed in Clause 1 this Article is made without the permission
of the asset management officers and/or asset management enterprises, it shall
be stopped, recovered to the original state and handled according to the
regulations of the Law.

Article
50. Authorizing bankruptcy settlement

1. During the
bankruptcy settlement, the People’s Court may authorize another People’s Court
in order to retrieve assets, collect statements of the involving entities,
assess and valuate assets or take other measures to collect statements and
evidences related to the case.

2. , It is required to
state clearly the names and addresses of the involved entities related to the
authorization and delegated tasks in the Decision on authorization.

3. The authorized People’s
Court must perform the works within 30 days from the receipt of the
authorization and send a written report on the results to the People’s Court
giving the authorization; If the authorized People’s Court cannot perform the
tasks, it must send an explanation to the People’s Court giving the
authorization.

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FINANCIAL
OBLIGATIONS

Article 51. Valuation of
financial obligation

1. The valuation of
financial obligations that an insolvent entity incurs before the People’s Court
makes the Decision on the initiation of bankruptcy process shall be carried out
when such Decision is issued.

2. The valuation of
financial obligations that an insolvent entity incurs after the People’s Court
makes the Decision on the initiation of bankruptcy process shall be carried out
when the Decision on the declaration of bankruptcy is issued.

3. In
case the financial obligations prescribed in Clause 1 and Clause 2 this Article
are not in money, the People’s Court shall valuate the obligations in money.

Article
52. Determination of interest on debts

1. The interest on the
debts shall be charged under the agreement from the issuance of the Decision on
initiation of bankruptcy process but the payment for such interest shall be
delayed.

If the judge gives a
decision on suspending bankruptcy process according to Article 86 of this Law
and/or suspending the plan to resume the business operation according to Point
a Clause 1 Article 95 of this Law, the parties shall continue to pay the
interest as agreed.

2. The interest on any
debt arising during the time from the initiation of the bankruptcy process to
the declaration of bankruptcy shall be determined according to the agreement
under the regulations of the law.

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Article
53. Handling secured debts

1. After the
initiation of bankruptcy process, the asset management officers and/or asset
management enterprises shall request the judge to handle the secured debts that
are suspended as prescribed in Clause 3 Article 41 of this Law. The judge shall
consider and decide as follows :

a) If the assets put
up as collateral are used for resuming the business operation, they shall be
handled according to the Resolution of creditors’ meeting;

b) If the plan to
resume business operation is not implemented or the assets put up as collateral
are not necessary to resume the business operation, the assets shall be handled
according to effective period of the contract, with regard to any secured
contract which is due. With regard to any secured contract that is undue, the
People’s Court shall suspend the contracts and handle the secured debts before
the declaration of bankruptcy. The secured debts shall be handled according to
Claus 3 this Article.

2. If the assets put
up as collateral are likely to be damaged or dramatically devalued, the asset
management officers and/or asset management enterprises shall request the judge
to immediately handled them according to Clause 3 this Article.

3. The assets put up
as collateral prescribed in Point b Clause 1 and Clause 2 this Article shall be
handled as follows:

a) The secured debts
determined before the People’s Court receives the written request for
initiation of bankruptcy process shall be paid by the collateral.

b) If the value of the
collateral is not enough to cover the debt, the remaining value of the debt
shall be paid during the liquidation of the assets of the insolvent entity; if
the value of the collateral is higher than the debt, the difference shall be
included in the value of the assets of the insolvent entity.

Article
54. Sequence of redistribution of assets

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a) Cost of bankruptcy

b) The unpaid
salaries, severance pay, social insurance and medical insurance to employees,
other benefits according to the labor contracts and collective bargaining agreements;

c) Debts incurred
after the initiation of bankruptcy which are used for resuming the business
operation.

d) Financial
obligations to the Government; unsecured debts payable to the creditors on the
list of creditors; secured debts which are not paid because the value of
collateral is not enough to cover such debts.

2. The remaining
amount of the asset value after every payment prescribed in Clause 1 this
Article has been made shall belong to:

a) Members of the
cooperative ;

b) Owners of the private
enterprises;

c) Owners of the
single member limited companies;

d) Members of
multi-member limited liability companies , shareholders of the joint-stock
companies;

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3. If the value of the
assets of the insolvent entity is not enough to make the payment as prescribed
in Clause 1 this Article, the entities given the same priority shall be paid in
proportion to the debt.

Article
55. Financial obligations in cases of joint responsibility or guarantees

1. If there are many
enterprises and/or cooperatives having joint responsibility to a debt while one
or all of the entities are insolvent, the creditor may claim the payment for
the debt from any entity according to the regulations of the Law.

2. In
case an guarantor is insolvent, the guarantee is handled as follows:

a) The guarantor must
fulfill every obligation to the guarantee that arises. If the guarantor does
not pay sufficiently in the range of guarantee, the creditor may request the
guarantee obtainer to pay the deficiency;

b) If the obligation
to the guarantee is not occur yet, the guarantee obtainer must find another
measure for guarantee, except the guarantee obtainer has other agreements with
the creditor.

3. If
the guarantee obtainer or both the guarantor and the guarantee obtainer are
insolvent, the guarantor shall take the liability of the guarantee obtainer
according to the regulation of the Law.

Article
56. Returning rented or borrowed assets on the declaration of bankruptcy of an
insolvent entity

1. Within 10 working
days from the receipt of the Decision on declaration of bankruptcy, the owners
of the assets rented or borrowed by the insolvent entity must present proof of
the ownership, rental contract or borrowing contract to the civil execution
authorities in order to take back the assets.

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3. If the insolvent
entity has transferred the rented or borrowed assets to other parties and
cannot take back, the owners of the assets may request for compensation for the
assets which is considered an unsecured debt.

Article
57. Returning collaterals

The insolvent entity
shall only return the collaterals to the individuals and/or organizations who
have transferred the assets to the entity in order to fulfill their obligations
to the entity before the People’s Court initiates bankruptcy process in case
the individuals and/or organizations have fulfilled their obligations to the
entity.

Article
58. Retrieving sold assets

If the sellers have
sent the goods to the insolvent entity but have not received the payment for
such goods and the insolvent entity has not received such goods, the sellers
shall take back the goods.. If the insolvent entity has received the goods and
cannot return them, the sellers shall be considered the creditors of unsecured
debts.

Chapter
V

MEASURES FOR
PRESERVING ASSETS

Article
59. Invalid transactions

1. A transaction of
the insolvent entity which is made within 06 months prior to the day on which
the People’s Court gives the Decision on the initiation of bankruptcy process
shall be considered invalid in the following cases:

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b) Unsecured debts are
converted into debts secured wholly or partly against assets of the debtor;

c) The payment or
offsetting is beneficial for a creditor whose debt is undue, or the amount
offset against is larger than the due debt;

d) Assets are given to
other entities;

dd) The transaction
does not serve the business operation of the entity;

e) The transaction is
meant for dispersing the entity’s assets.

2. A transaction of
the insolvent entity, which is prescribed in Clause 1 this Article, made with
relevant entities within 18 months prior to the day on which the People’s Court
gives the Decision on the initiation of bankruptcy process shall be considered
invalid.

3. The relevant
entities mentioned in Clause 2 this Article include:

a) The parent company,
the manager of the parent company and the persons having authority to appoint
the manager of the subsidiary ;

b) Subsidiaries of the
parent company; enterprises established by the cooperative;

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d) the manager of the
entity;

dd) Spouse, father,
adoptive father, mother, adoptive mother, children, adopted children, brothers,
sisters of the manager of the entity or the members and/or shareholders having
capital holdings or controlling shares;

e) The individuals
appointed as the representatives of those prescribed in Points a, b, c, d and
dd this Clause;

g) Enterprises in
which the entities prescribed in Points a, b, c, d, dd, e and h this Clause
have so much holding that they may dominate the decisions of the management
boards of the enterprises;

h) A group of people
cooperating with each other in acquiring capital holdings, shares or other
benefits of the company in order to dominate the decisions of the company.

4. The asset
management officers and/or asset management enterprises are responsible for
considering the transactions of the insolvent entity and report on any detected
transaction prescribed in Clause 1 and Clause 2 this Article to the People’s
Court in order for the People’s Court to consider declaring the transaction
invalid.

Article
60. Declaring transactions invalid

1. Within 10 working
days from the day on which the asset management officers and/or asset
management enterprises and/or the involving entities request for declaring a
transaction invalid or the People’s Court detects a transaction prescribed in
Clause 1 and Clause 2 Article 59 of this Law, the People’s Court shall make one
of the following decisions:

a) Reject the request
of the asset management officers and/or asset management enterprises and/or the
involving entities.

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2. The Decision on
declaring the transaction invalid shall take effect from the day on which it is
made.

3. Within 05 working
days from the receipt of the Decision on declaring the transaction invalid, the
insolvent entity and its contracting party may send a written request to the
executive judge of the People’s Court in order to reconsider such Decision.

4. Within 07 working
days from the receipt of the request for reconsidering the Decision on declaring
the transaction invalid, the executive judge of the People’s Court given the
Decision shall make one of the following decisions:

a) Reject the request
for reconsidering the Decision on declaring the transaction invalid;

b) Cancel the Decision
on declaring the transaction invalid. Any dispute shall be settled according to
Chapter X of this Law.

5. Within 07 working
days from the receipt of the Decision prescribed in Point b Clause 1 this
Article, the civil execution authorities are responsible for implementing the
Decision according to the regulation of the Law
on civil execution.

Article
61. Suspension of valid contracts

1. Within 05 working
days from the day on which the People’s Court receives the written request for
initiation of bankruptcy process, on the perception that the performance of a
valid contract which is being performed or planned for performing may cause
negative impacts on the insolvent entity, the creditors and/or the entity may
request the People’s Court to suspend the execution of the contract, unless
secured debts are handled according to Article 53 of this Law.

2. The request for
suspending the performance of the contract prescribed in Clause 1 this Article,
which is sent to the People’s Court, must have the following contents:

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b) Name and address of
the requestor;

c) Number and type of
the contract; conclusion date of the contract;

d) The parties
concluding the contract with the insolvent entity;

dd) Specific contents
of the contract;

e) Reasons for
suspending the performance of the contract.

3. Within 05 working
days from the receipt of the request, the People’s Court shall make a Decision
on suspending the execution of the contract or send a written notification to
the requestor in case of disapproval.

4. Within 05 working
days from the day on which the People’s Court make the Decision on the
initiation of bankruptcy process, the People’s Court must consider the
contracts which are suspended as prescribed in Clause 1 this Article and make
either:

a) the Decision to
continue executing the unexpired contract if the performance of the contract
does not have any negative impact on the insolvent entity;

b) the Decision to
suspend the contract and handle the results according to Article 62 of this
Law.

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Article
62. Compensation for damage when contracts are suspended

1. In case of and
suspended contract, if the assets that the insolvent entity receives under the
contract persist among other assets of the entity, the party signing the
contract with the entity can reclaim the assets and pay the amount that the
entity has received; if the assets do not exist, the party signing the contract
shall have the right as a unsecured creditor to the unpaid amount.

2. If the suspension
of a contract leads to the damage to the party signing the contract with the
entity, the party signing the contract shall have the right as a unsecured
creditor to such compensation.

Article
63. Offsetting liabilities

1. After the People’s
Court issues an Decision to initiate the bankruptcy process, creditors and
insolvent entity may offset their liabilities against those of the creditors
provided that such liabilities are derived from the contract concluded before
the Decision to initiate the bankruptcy process is issued.

2. That the
liabilities shall be offset must comply with the regulations in Clause 1 this
Article and approved by the asset management officer and asset management
enterprise. The asset management officer and asset management enterprise must
report the liabilities offsetting to the Judge.

3. Methods of offsetting
liabilities:

a) If
the parties have equivalent financial obligations, they do not need to fulfill
such obligations to each other and the obligations shall be considered to be
ended, unless otherwise prescribed by law;

b) If
the financial obligations of the parties are not equivalent and the positive
difference belongs to the entity, the party signing the contract with the
entity shall pay the value of such difference. The value of such difference
shall be included in the assets of the entity.

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Article
64. Assets of insolvent enterprises and cooperatives

1. Assets of an
insolvent enterprise or cooperative include:

a) Assets and asset
ownership of the insolvent entity at the time the People’s Court decide to
initiate the bankruptcy process;

b) Assets and asset
ownership acquired after the People’s Court decide to initiate the bankruptcy
process;

c) The difference
between the value of the collateral and the secured debts that the entity must
pay to the creditors of the secured debts;

d) Value of land use
right of the entity that is determined according to the regulations of the law;

dd) Dispersed and
hidden assets that are confiscated;

e) Assets and asset
ownership that are confiscated from the invalid deals;

g) Other assets under
the regulations of the law.

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a) Assets prescribed
in Clause 1 this Article;

b) Assets of the owner
of the private enterprise or general partner that are not directly involved in
the business; if the owner of the private enterprise or general partner have
the shared assets, such assets shall be redistributed under the regulations of
the civil law and relevant law provisions.

3. If
a cooperative is declared bankrupt, the assets that are not redistributed shall
be handled under the regulations of the law on cooperatives.

Article
65. Inventory of assets of insolvent entities

1. The insolvent
entity must make an inventory of the assets and carry out the asset valuation
within 30 days from the receipt of a Decision on initiation of bankruptcy; or
send a written request for extension to the Judge if necessary but not more
than 2 times, each extension is at most 30 days. The assets of entities shall
be valued under the regulations of the law.

2. If the legal
representative of an entity is absent, the asset management officer and asset
management enterprise shall appoint another representative to make the
inventory and carry out the valuation of the assets of such entity.

3. The inventory of
assets must be immediately sent to the People’s Court implementing the
bankruptcy process.

4. If the inventory
and valuation of the assets of any entity prescribed in Clause 1 this Article
is incorrect, the People’s Court shall request the asset management officer and
asset management enterprise to make an inventory and carry out valuation of
part of or all of the assets of the entity. The assets shall be valued
according to the market price at the time for inventory.

5. The representative
if any entity and other people that do not cooperate in making the inventory of
assets or intend to falsify the inventory of assets shall be penalized under
the regulations of the law.

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1. The creditors must
sent a debt claim to the asset management officer and asset management
enterprise within 30 days from the day on which the People’s Court issue a
Decision on initiation of bankruptcy process.

2. A debt claim must
include:

a) Names, addresses,
nationality and ID numbers of the creditors or representatives of the
creditors.

b) Total debts payable
including the debts, due debts, overdue interest; undue debts; secured debts
and their methods; the unsecured debts that the entity liable for; the
compensation according to the contract (if any).

3. The documents and
evidence of the debts shall be attached to a debt claim. Every debt claim must
be signed by the creditor or the legal representative of the creditor.

4. In case of force
majeure or objective obstacles, the period of such force majeure or objective
obstacles shall not be included in the duration prescribed in Clause 1 this
Article.

Article
67. Compilation of lists of creditors

1. The asset
management officer and asset management enterprise must make a list of
creditors, collect documents related to the debts and publish the list of
creditors within 15 days from the deadline for sending a debt claim. The list
of creditors must include the names, addresses, nationality and ID numbers of
the creditors or representatives of the creditors, of which the secured debts,
unsecured debts, due debts and undue debts must be specified.

2. Each list of
creditors must be published at the head office of the People’s Court in charge
of bankruptcy process and the head office of the entity and on the enterprise
registration Portal, Portal of the People’s Court and must be sent to the
creditors sending debt claims within 10 days from the day on which such list is
published.

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4. The Judge shall
consider the request and make amendment to the list of creditors if necessary
within 03 working days from the receipt of the written request for the
reconsideration.

Article
68. Compilation of lists of debtors

1. The asset
management officer and asset management enterprise must make a list of the
debtors of each insolvent entity. The list of creditors must include the names,
addresses, nationality and ID numbers of the debtors or representatives of the
debtors, of which the secured debts, unsecured debts, due debts and undue debts
must be specified.

2. Each list of
debtors must be published at the head office of the People’s Court in charge of
bankruptcy process and the head office of the entity within 45 days from the
issuance of the Decision on initiation of bankruptcy process and must be sent
to the debtors within 10 days from the day on which such list is published.

3. The debtors and the
insolvent entity can request the Judge to reconsider the list of debtors within
05 working days from

4. The Judge shall
consider the request and make amendment to the list of debtors if necessary
within 03 working days from the receipt of the written request for the
reconsideration.

Article
69. Application for secured transactions by insolvent entities

Any insolvent entity
that lend the assets to the others and is obliged to apply for the secured
transactions, such entity must immediately apply for them if it has not done
that; is the entity does nor do that, the asset management officer and the
asset management enterprise shall apply for the secured transactions.

Article
70. Employment of temporary emergency measures

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a) Allowing selling
fragile goods, goods close to expiration date, goods that can hardly be bought
if they are not sold at the right time; allowing harvesting and selling farm
products or other goods and products;

b) Distraint and
sealing assets of the entity;

c) Blocking bank
account of the entity;

d) Sealing stores,
fund, keeping the accounting books and relevant documents of the entity;

dd) Prohibiting
transferring the rights to the assets of the insolvent entity;

e) Remaining the
current conditions of the assets of the insolvent entity;

g) Prohibiting or
forcing other relevant entities to perform some acts;

h) Compelling the
employer to advance the salaries, wages, compensation, occupational accident
and occupational disease pensions to the employees;

i) Other temporary
emergency measures under the regulations of the law.

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a) Date;

b) Name and address of
the person requesting employment of temporary emergency measures;

c) Name and address of
the person to whom the temporary emergency measures are applied;

d) Reason for
employing the temporary emergency measures;

dd) The employed
temporary emergency measures and specific requirements.

The requester shall
provide the evidence for the necessity of employing the temporary emergency
measures for the People’s Court depending on the request for employing such
temporary emergency methods.

3. The procedures for
the employment, change and cancellation of the temporary emergency measures;
handling of requests for reconsideration of the employment, change and
cancellation of the temporary emergency methods; and the implementation of the
Decisions on , change and cancellation of the temporary emergency methods must
comply with the regulations of this Law, the law on civil procedure and civil
execution.

4. The Supreme
People’s Court shall provide guidance on this Article.

Article
71. Handling of suspension of civil execution

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2. If
the People’s Court issues a Decision on initiation of the bankruptcy process,
the People’s Court, referee and civil execution authority that have issued the
Decision on suspension prescribed in Article 41 of this Law shall issue a
Decision on suspension and transfer the dossier on such case to the People’s
Court that is implementing the bankruptcy process for consideration.

3. If the People’s
Court issue a Decision on suspension of implementation of the bankruptcy
process in accordance with the regulations in Clause 1 Article 86 of this Law
and suspension of the procedures for resuming the business operation prescribed
in Point a Clause 1 Article 95 of this Law, the People’s Court, referee and
civil execution authority shall issue a Decision on cancellation of the
Decision on suspension prescribed in Clause 2 this Article and handle that
under the regulations of the law.

Article
72. Handling of suspension of civil execution and handling of cases

1. In case of any
suspension on the civil execution as prescribed in Clause 2 Article 71 of this
Law, the People’s Court shall implement the bankruptcy process as follows:

a) If the judgment and
decision of the People’s Court has become effective and there are no decisions
on inventory of assets of the entity, the beneficiaries shall receive the
payment as a unsecured creditor;

a) If the judgment and
decision of the People’s Court has become effective and there is the decision
on inventory of assets of the entity, the beneficiaries shall receive the
payment as a creditor of secured debt;

2. In case of any
suspension of handling of a case in accordance with the regulations in Clause 2
Article 71 of this Law, on receiving the dossier on the case from the People’s
Court issuing the decision on suspension of handling of such case, the People’s
Court that is implementing the bankruptcy process must consider and decide the
financial obligations that must be fulfilled by the insolvent entity or the
financial obligations that other litigants must fulfill as follows:

a) If the insolvent
entity must fulfill the financial obligations, the beneficiaries can demand the
payment from the assets of the entity as a creditor.

b) If the litigants
must fulfill the financial obligations, the insolvent entity shall receive a
payment in proportion to such financial obligations.

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The bank at which any
entity declared bankrupt has an account must not pay the debts of such entity
from the day on which the People’s Court issues the Decision on declaration of
bankruptcy, unless the People’s Court or the civil execution authority grants a
written approval.

Article
74. Obligations of employees

The employees of any
entity must protect its assets and must not hide or disperse its assets from
the day on which the People’s Court issues the Decision on initiation of
bankruptcy process.

Chapter
VI

CREDITORS’
MEETINGS

Article
75. Convening and notification of convening creditors’ meetings

1. The Judge shall
convene a Creditors’ meeting within 20 days from the end of the inventory of
assets if such inventory of assets is finished after the list of creditors is
made or from the day on which the list of creditors is made if such inventory
of assets is finished before the list of creditors is made, unless the
Creditors’ meeting is not convened as prescribed in Article 105 of this Law.

2. The notification of
convening the creditors’ meeting and other relevant documents must be sent to
the persons having the right to attend the creditors’ meeting and the persons
obliged to attend the creditors’ meeting that are respectively prescribed in
Clause 77 and Clause 78 of this Law within 15 days before the opening of such
meeting. The summonses to the creditors’ meeting must specify the time and
place to hold the creditors’ meeting, programme and contents of the meeting.

3. The summonses to
the creditors’ meeting and documents must be sent directly, by post or
registered mail, via fax, telex, email or others that record this sending.

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1. The agreements of
the involved entities must be respected if such agreements comply with the
regulations of the law and social ethics.

2. Every involved
entity is equal.

3. The creditors’
meetings must be conducted openly.

Article
77. Right to attend creditors’ meetings

The persons entitled
to attend the creditors’ meetings are:

1. The creditors whose
names are on the list of creditors. The creditors can authorize others to
attend the creditors’ meetings and the rights and obligations of the authorized
persons are the same as the creditors’. Such authorization must be recorded in
writing;

2. The representatives
of the employees, representatives of the Trade Union that are authorized by the
employees. The rights and obligations of the authorized persons are the same as
the creditors’.

3. The guarantors having
paid the debts of the insolvent entities; in this case, the guarantors are the
unsecured creditors.

Article
78. Obligation to attend creditors’ meetings

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2. If
the representatives of the insolvent entities are intentionally absent from the
creditors’ meetings without legitimate excuses, the asset management officers,
asset management enterprises shall send written requests to the People’s Court
for imposition of penalties under the regulations of the law.

Article
79. Valid requirements for creditors’ meetings

1. The creditors
attending represent at least 51 % of the total unsecured debts.

The creditors not
attending the creditors’ meetings must sent the written opinions in which the
opinions about the contents prescribed in Clause 1 Article 83 of this Law are
written to the Judge before the opening of the creditor’s meetings. Such creditors
shall be considered to attend the creditors’ meetings.

2. The asset
management officers, asset management enterprises assigned to deal with the
written requests for the initiation of bankruptcy process must attend the
creditors’ meetings.

Article
80. Deferment of creditors’ meetings

1. Any creditors’
meeting failing to satisfy the requirements prescribed on Article 79 of this
Law shall be deferred. The Judge shall record the deferment of the creditors’
meeting in writing and record the opinions of such meeting participants. The
Judge must notify the involved entities of the deferment of the creditors’
meeting right on the day on which the creditors’ meeting is deferred.

2. The Judge must
reconvene the creditors’ meeting within 30 days from the deferment of such
creditors’ meeting.

3. If the creditors’
meeting that is reconvened as prescribed in Clause 2 this Article does not
satisfy the requirements prescribed in Article 79 of this Law, the Judge shall
record that in writing and make a Decision on declaration of bankruptcy.

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1. A creditors’
meeting shall be conducted as follows:

a) The appointed Judge
shall declare the creditors’ meeting open;

b) The creditors’
meeting shall vote on the appointment of a Secretary made by the asset
management officer and asset management enterprise to record the creditors’
meeting in writing;

c) The asset
management officer and asset management enterprise shall report the absence and
presence of the participants in the creditors’ meeting according to the
summonses of the People’s Court, reasons for absence and check the IDs of the
participants in the creditors’ meeting.

d) The Judge shall
announce the participants in the creditors’ meeting and the handling of written
request for the initiation of the bankruptcy process to the creditors’ meeting;

dd) The asset
management officer and asset management enterprise shall report the current
conditions of business and finance of the insolvent entity; the result of the
inventory of assets, list of creditors, list of debtors, and other necessary
issues to the creditors’ meeting;

e) The owner or the
legal representative of the insolvent entity shall give opinions about the
report delivered by the asset management officer and asset management
enterprise and propose the solutions to the reorganization of the business, the
ability and deadline to pay the debts;

g) The creditors or
representatives of the creditors shall present the requests for bankruptcy
settlement, reasons, purposes and bases of such requests;

h) The involved
entities of representatives of them shall give their opinions about their
rights and obligations related to the handling of request for the initiation of
bankruptcy process;

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k) The asset
management officer and asset management enterprise shall publish the written
opinions, documents and evidences provided by the absentees.

l) The creditors’
meeting shall discuss the report delivered by the asset management officer and
asset management enterprise and opinions of the participants in the creditors’
meeting;

m) The asset
management officer, asset management enterprise and the participants in the
creditors’ meeting can request the Judge to give a Decision to replace the
legal representative of the insolvent entity;

n) The creditors can
establish their Representative board.

2. The Resolution of
the creditors’ meeting shall be passed when more than half of the unsecured
creditors attend and representatives of at least 65% of the unsecured debts
approve. The Resolution of the creditors’ meeting shall apply to every
creditors.

Article
82. Creditors’ Representative boards

1. A creditors’
Representative board have 03 to 05 members that are elected in the creditors’
meeting including a President, a vice-President and member(s).

2. The creditors’
Representative board shall supervise the implementation of the Resolution of
the creditors’ meeting and propose the implementation of the Resolution of the
creditors’ meeting to the asset management officer and asset management
enterprise on behalf of the creditors. If the asset management officer and
asset management enterprise do not accept such proposal, the creditors’
Representative board can send a written notification to the Judge in charge of
the bankruptcy settlement.

Article
83. Resolutions of creditors’ meetings

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a) Proposal to suspend
the handling of the request for initiation of bankruptcy process (regarding
cases prescribed in Clause 1 Article 86 of this Law);

b) Proposal to allow
the entity to resume its business operation;

c) Proposal to declare
the entity bankrupt.

2. A Resolution of a
creditors’ meeting must include:

a) Date;

b) Names of the asset
management officer and asset management enterprise;

c) Name and address of
the person requesting the initiation of the bankruptcy process;

d) Name and address of
the entity forced to file for bankruptcy;

dd) Name and address
of the relevant persons;

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g) Opinions of the
asset management officer and asset management enterprise about the requests of
the participants in the creditors’ meeting;

h) Conclusion of the
creditors’ meeting and voting result.

3. The Resolution of
any creditors’ meeting must be signed by the Judge, asset management officer,
representative of the asset management enterprise and announced in the
creditors’ meeting.

4. If
the Resolution of any creditors’ meeting is not passed under the regulations of
Clause 2 Article 81 of this Law, the People’s Court shall declare the entity
bankrupt.

Article
84. Sending Resolutions of creditors’ meetings

The People’s Court
shall send the Resolution of each creditors’ meeting to the People’s Procuracy
at the same level and the persons having the right to attend the creditors’
meeting and the persons obliged to attend the creditors’ meeting that are
respectively prescribed in Clause 77 and Clause 78 of this Law within 03
working days from the organization of such creditors’ meeting.

Article
85. Reconsideration of Resolutions of creditors’ meetings

1. In
case of any disagreement on the Resolution of any creditors’ meeting, the
persons having the right and owing the obligation to attend such creditors’
meeting (as prescribed in Article 77 and Article 78 of this Law) can submit a
written request and the People’s Procuracy at the same level can request the
Executive judge of the People’s Court that is handling the bankruptcy to
reconsider such Resolution of the creditors’ meeting within 05 working days
from the receipt of the Resolution of the creditors’ meeting.

2. A written request
must include:

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b) Names and addresses
of the person or the People’s Procuracy sending the request;

c) Contents.

3. Within 10 working
days from the receipt of any request, the Executive judge of People’s Court
that is handling the bankruptcy shall consider and decide either:

a) to disapprove the
request;

b) to reorganize the
creditors’ meeting.

4. The Decision on the
handling of any request shall be sent to the People’s Procuracy at the same
level and the persons having the right and owing the obligation to attend the
creditors’ meeting (prescribed in Article 77 and Article 78 of this Law) within
03 working days from the issuance of such Decision.

5. The Decision issued
as prescribed in Clause 3 this Article shall be the final one.

Article
86. Suspension of implementation of bankruptcy process

1. If a entity is
solvent from the day of which the People’s Court decide to initiate the
bankruptcy process by the day on which the entity is declared bankrupt, the
People’s Court shall issue a Decision on the suspension of the implementation
of the bankruptcy process.

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2. Any Decision on the
suspension of the implementation of the bankruptcy process must be sent to the
persons notified of the Decision on the initiation of the bankruptcy process
prescribed in Clause 1 Article 43 of this Law within 03 working days from the
issuance of the Decision on the suspension.

Within 15 days from
the receipt of a Decision on suspension, the involved entities can send a
request for the reconsideration and the People’s Procuracy at the same level
can send a petition for the Decision on suspension of the implementation of the
bankruptcy process to the People’s Court that is handling the bankruptcy
process.

3. Within 03 working
days from the receipt of any request and petition prescribed in Clause 2 this
Article, the Executive judge of People’s Court that is handling the bankruptcy
process must consider and deal with the petition and request for the
reconsideration of the Decision on suspension of implementation of bankruptcy
process and decide whether

a) to uphold the
Decision on suspension of the implementation of the bankruptcy process;

b) or cancel the
Decision on suspension of the implementation of the bankruptcy process and
assign the Judge to handle the bankruptcy.

4. Any Decision on
handling of petition and request for the reconsideration of the Decision on
suspension of the implementation of bankruptcy process must be sent to the
persons notified of the Decision on initiation of bankruptcy process prescribed
in Clause 1 Article 43 of this Law within 03 working days from the issuance of
such Decision.

Chapter
VII

PROCEDURES
FOR RESUMING BUSINESS OPERATIONS

Article
87. Making plans to resume business operations

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2. The creditors,
asset management officer, asset management enterprise shall give their opinions
to complete the plan to resume the business operation that is sent to the asset
management officer, asset management enterprise, creditors and creditors’
Representative board (if any) within 10 working days from the receipt of such
plan.

3. The asset
management officer and asset management enterprise must send a report to the
Judge on their receipt of the plan to resume the business operation as
prescribed in Clause 2 this Article.

4. The Judge shall
consider before sending the plan to resume the business operation to the
creditors’ meeting for consideration within 15 days from the receipt of such
plan from the asset management officer and asset management enterprise.

Article
88. Contents of plans to resume business operations

1. The plan to resume
the business operation of an insolvent entity must specify the solutions to
resume the business operation; requirements, deadline and plan to pay the
debts.

2. The solutions to
resume the business operation include:

a) Capital
mobilization;

b) Debt relief, debt
moratorium;

c) Changing products
and goods;

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dd) Reorganization of
governing board, merging or separating the production division;

e) Selling share to
the creditors and others;

g) Selling or lending
the assets;

h) Other solutions
under the regulations of the law.

Article
89. Deadline for implementation of plans to resume business operations

1. The deadline for
implementation of a plan to resume the business operation of an insolvent
entity is prescribed in the Resolution of the creditors’ meeting agreeing the
plan to resume the business operation.

2. If the creditors’
meeting cannot specify the deadline implementation of a plan to resume the
business operation of an insolvent entity, such plan shall be implemented
within 03 years from the day on which the creditors’ meeting agrees such plan.

Article
90. Valid requirements for creditors’ meetings agreeing plans to resume
business operations of entities

1. The creditors
attending represent at least 51 % of the total unsecured debts.

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2. The asset
management officers, asset management enterprises assigned to deal with the
written requests for the initiation of bankruptcy process must attend the
creditors’ meetings.

Article
91. Contents and procedures for approving plans to resume business operations

1. The Judge shall
convene the creditors’ meeting to consider and agree the plan to resume the
business operation within 10 working days from the submission of any plan to
resume the business operation of a insolvent entity to the creditors’ meeting.

2. A creditors’
meeting shall be conducted as follows:

a) The appointed Judge
shall declare the creditors’ meeting open;

b) The creditors’
meeting shall vote on the appointment of a Secretary made by the asset
management officer and asset management enterprise to record the creditors’
meeting in writing;

c) The asset management
officer and asset management enterprise shall report the absence and presence
of the participants in the creditors’ meeting according to the summonses of the
People’s Court, reasons for absence and check the IDs of the participants in
the creditors’ meeting.

d) The Judge shall
report the participants in the creditors’ meeting;

dd) The representative
of the entity shall present the plan to resume the business operation;

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g) The creditors’
meeting shall discus an vote on the plan to resume the business operation.

4. A creditors’
meeting can be delayed once in case of failing to satisfy the valid requirements.
The creditors’ meeting shall be reorganized in accordance with the regulations
in Article 90 and Article 91 of this Law.

5. The Resolution of
the creditors’ meeting shall be considered to agree the plan to resume the
business operation when more than half of the unsecured creditors attend the
meeting and representatives of at least 65 of the total unsecured debts vote
for.

If the plan to resume
the business operation uses the collateral, the time to use the collateral and
plan to handle the collateral must be specified and approved by the creditors
of such collateral.

6. The Resolution of
the creditors’ meeting shall apply to every creditors.

7. If the creditors’
meeting is not reorganized or the creditors’ meeting cannot pass the Resolution
prescribed in Clause 5 this Article, the People’s Court shall declare the
entity bankrupt.

Article
92. Recognition of Resolutions of creditors’ meetings through plans to resume
business operations

1. The Judge shall
issue a Decision on recognition of the Resolution of the creditors’ meeting
through the plan to resume the business operation of an insolvent entity. This
Resolution shall apply to every involved entities.

The prohibitions and
supervision on the business operation of the entity prescribe din Article 48
and Article 49 of this Law shall end from the effective date of this
Resolution.

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Article
93. Supervising execution of plans to resume business operations

1. After the Judge
issues the Decision on recognition of the Resolution of the creditors’ meeting
agreeing the plan to resume the business operation of an insolvent entity, the
asset management officer, asset management enterprise and creditors shall
supervise the business operation of such entity.

2. The entity must
send biannual reports on the execution of its plan to resume the business
operation to the asset management officer and asset management enterprise. The
asset management officer, asset management enterprise shall notify the Judge
and the creditors.

Article
94. Adjustment to plans to resume business operations

1. During the
execution of any plan to resume the business operation, the creditors can
negotiate with the entity about the adjustment to such plan.

2. The
agreement on the adjustment to the plan to resume the business operation of an
entity shall be concluded when more than half of the unsecured creditors
attending and representing at least 65% of the total unsecured debts vote for
it.

3. The asset management
officer and asset management enterprise shall send the Judge a written request
for the issuance of the Decision on recognition of agreement on the adjustment
to the business operation of the entity.

The Decision on
recognition of agreement on the adjustment to the business operation of the
entity shall be sent to the insolvent entity and creditors within 07 working
days from the issuance of such Decision.

Article
95. Suspension of plans to resume business operations

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a) the entity has
completely executed the plan to resume the business operation;

b) or the entity
cannot execute the plan to resume the business operation;

c) or the entity is
still insolvent after the deadline for the execution of the plan to resume the
business operation.

2. The People’s Court
shall publish the Decision on suspension of the plan to resume the business
operation of the entity in accordance with the regulations in Clause 1 Article
43 of this Law.

Article
96. Legal consequences of suspension of plans to resume business operations

1. Regarding the case
prescribed in Point a Clause 1 Article 95 of this Law, the entity shall be
considered solvent. The Judge in charge of handling the request for initiation
of bankruptcy process shall give a written notification of the end of the
rights and obligations of the asset management officer and asset management
enterprise.

2. Regarding any case
prescribed in Point b or Point c Clause 1 Article 95 of this Law, the Judge
shall issue a Decision on declaration of bankruptcy to the entity.

Chapter
VIII

BANKRUPTCY
PROCESS APPLIED TO CREDIT INSTITUTIONS

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The bankruptcy process
for credit institutions shall be implemented under the regulations of this
Chapter. Any issue that is not prescribed in this Chapter shall be applied the
corresponding regulations of this Law, except for the regulations in Chapter VI
and Chapter VII of this Law.

Article
98. Rights and obligations to submit request for initiation of bankruptcy
process

After the State bank
of Vietnam issue a Decision to end the special control or Decision to end the
employment or not to employ the measures to regain solvency but the credit
institution is still insolvent, the following entities have the right and
obligation to submit written requests for initiation of bankruptcy process:

1. The persons prescribed
in Clauses 1, 2, 5 and 6 Article 5 of this law;

2. The credit
institutions liable to submit the written requests for the initiation of
bankruptcy process; if any credit institution does not summit the written
request for the initiation of the bankruptcy process, the State bank of Vietnam
shall submit a written request for the initiation of bankruptcy process for
such credit institution.

Article
99. Receipt of requests for initiation of bankruptcy process for credit
institutions

The People’s Court shall
receive the request for initiation of bankruptcy process of any credit
institution when the State bank of Vietnam issues the Decision to end the
special control or Decision to end the employment or not to employ the measures
to regain solvency but such credit institution is still insolvent.

Article
100. Repayment on special loans

Each credit
institution eligible to request a special loan from the State bank of Vietnam
and other credit institutions under the regulations of the law on credit
institutions that is declared bankrupt must repay such special loan to the
State bank of Vietnam and other credit institutions before its assets are
redistributed in accordance with the regulations in Article 101 of this Law.

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1. The redistribution
of the assets of a credit institution shall follow this following sequence:

a) Bankruptcy fee;

b) Unpaid salaries,
severance pay, social insurance, medical insurance of the employees and other
benefits under their labor contracts and collective bargaining agreements;

c) Deposits, amounts
that the deposit insurers must pay to the depositors at the credit institution
declared bankrupt under the regulations of the law on deposit insurance and
instructions of the State bank of Vietnam;

d) Financial
obligations to the State; unsecured debts payable to the creditors on the list
of creditors; secured debts that are unpaid because the value of the collateral
cannot afford the debts.

2. The remaining
amount after the debts are paid off by the value of the assets of the credit
institution as prescribed in Clause 1 this Article shall be given to:

a) Cooperatives that
are members of the credit institution;

a) Single member
limited liability company that is the owner of the credit institution;

c) Multi-member
limited liability companies that contribute capital to the credit institution;
joint-stock companies that are the shareholder in the credit institution.

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Article
102. Return of assets when credit institutions are declared bankrupt and assets
are liquidated

Within 10 working days
from the receipt of any Decision to declare the a credit institution bankrupt,
the owner of the assets and managed kept by the credit institution under the
entrustment contract to keep and manage the assets must present the documents
proving their ownership and relevant documents to the civil execution authority
to receive their assets.

Article
103. Transactions of credit institutions during special control

Transactions conducted
by any credit institution during the time that the State bank of Vietnam
employs the special control or measures to regain the solvency under the
management of the State bank of Vietnam shall not be applied the regulations on
invalid transactions prescribed in Article 59 of this Law.

Article
104. Decisions to declare credit institutions bankrupt

The People’s Court
shall issue a Decision to declare a credit institution bankrupt within 30 days
from the day on which the asset management officer and asset management
enterprise completely make the list of creditors and debtors and the inventory
of assets of the credit institution.

The Supreme People’s
Court shall provide guidance on this Article.

Chapter
IX

DECLARATION
OF BANKRUPTCY

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1. The People’s Court
shall declare the bankruptcy by the simplified procedures if:

a) A written request
for the initiation of the bankruptcy process is submitted in accordance with
the regulations in Clauses 3, 4 and 5 of this Law but the insolvent entity
cannot afford the bankruptcy fee and bankruptcy advance;

b) The insolvent
entity cannot afford the bankruptcy cost after the written request for the
initiation of bankruptcy process is accepted.

2. If the entity is
considered a case prescribed in Clause 1 this Article, the People’s Court shall
notify the involve entities that the Court shall use the simplified procedures.

3. The People’s Court
shall consider and declare the entity bankrupt regarding any case prescribed in
Clause 1 this Article or continue to handle that by using the regular
procedures and notify that to the involved entities within 30 days from the day
on which the People’s Court give the notification as prescribed in Clause 2
this Article.

4. If the People’s
Court declares the entity bankrupt in accordance with the regulations in Point
b Clause 1 this Article, the bankruptcy fee and bankruptcy advance shall not be
refunded to the applicant.

Article
106. Decisions on declaration of bankruptcy when creditors’ meetings fail

The People’s Court
shall issue a Decision to declare the entity bankrupt within 15 days from the
receipt of the report on the result of a creditors’ meeting regarding any case
prescribed in Clause 3 Article 80, Clause 4 Article 83 and Clause 7 Article 91
of this Law.

Article
107. Decisions on declaration of bankruptcy after issuance of Resolutions of
creditors’ meetings

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2. After the
creditors’ meeting passes the Resolution, any content of which is applied the
plan to resume the business operation, the People’s Court shall issue a
Decision to declare the entity bankrupt if:

a) The entity cannot
formulate the plan to resume the business operation before the deadline
prescribed in Clause 1 Article 87 of this Law;

b) The creditors’
meeting does not agree the plan to resume the business operation of the entity;

c) The entity cannot
execute the plan to resume the business operation.

Article
108. Decisions to declare entities bankrupt

1. A Decision to
declare any entity bankrupt must include:

a) Date;

b) Name of the
People’s Court; full name of the Judge in charge of the implementation of
bankruptcy process;

c) Name and address of
the entity declared bankrupt;

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dd) Stopping the
business operation of the entity declared bankrupt; suspension of transactions
related to such entity; stopping charging the entity the interest; handling of
consequences of suspended transactions; declaration of invalid transactions and
handling of consequences of invalid transactions; termination of labor contract
signed with the employees, provision of benefits for the employees;

e) Termination of
entitlements of the representative of the entity;

g) Asset liquidation
and remaining assets of the entity put up for auction;

h) Plan to distribute
the assets before and after the entity is declared bankrupt according to the
order of asset redistribution prescribed in Article 54 of this Law;

i) Transferring the
request for handling of dispute to the People’s Court;

k) Prohibition of
holding posts after the entity is declared bankrupt as prescribed in Article
130 of this Law;

l) Handling of other
issues under the regulations of the law.

2. Every Decision to
declare entities bankrupt shall become effective from the issuance of such
Decision.

Article
109. Sending and announcing Decisions to declare entities bankrupt

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2. The People’s Court
must send the Decision to declare the entity bankrupt to the business registry
to delete the name of the entity from the business registration book within 10
working days from the issuance of such Decision; if the Supreme People’s Court
issues a Decision to consider the request and petition as prescribed in Article
113 of this Law, such duration can be extended to 15 days from the day on which
the Supreme People’s Court issues the Decision.

Article
110. Financial obligations after Decisions to declare entities bankrupt are
issued

1. The Decisions on
declaration of bankruptcy prescribed in Articles 105, 106 and 107 of this Law
do not exempt any owner of private enterprises, general partner of any
partnership from fulfilling the financial obligations to the creditors having
not received payments unless the involved entities have other agreement or the
law has other regulations.

2. Any financial
obligation incurred after any entity is declared bankrupt shall be handled
under the regulations of the law on civil execution and other relevant law
provisions.

Article
111. Requests for reconsideration of and appeals against Decisions on
declaration of bankruptcy

1. Any person that is
notified as prescribed in Clause 1 Article 109 of this Law can send a request
for reconsideration of and the People’s Procuracy at the same level can appeal
against the Decision to declare the entity bankrupt.

2. Each request for
consideration and appeal must be made within 15 days from the receipt of the
Decision on or valid notification of declaration of bankruptcy.

The People’s Court
that has issued the Decision to declare the entity bankrupt must send the
dossier on such bankruptcy case attached to the request and appeal to the
superior People’s Court for consideration within 03 working days from the
receipt of such request and appeal.

Article
112. Handling of requests and appeals against Decisions on declaration of
bankruptcy

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2. The People’s
Procuracy at the same level must return the dossier to the People’s Court
within 05 working days from the receipt of such dossier from the People’s
Court.

3. Within 20 days from
the receipt of the dossier on the bankruptcy case attached to the request and
appeal, the Judge team must call a meeting and issue:

a) a Decision to
refuse the request and appeal and affirm the Decision to declare the entity
bankrupt;

b) or a Decision to
change the Decision to declare the entity bankrupt;

a) or a Decision to
cancel the Decision to declare the entity bankrupt and transfer the dossier to
the inferior People’s Court for reconsideration.

4. The People’s
Procuracy shall attend the meeting called by the Judge team and the court clerk
shall take the minutes of the meeting; the People’s Court shall call the
requester and other relevant persons to the meeting to represent their opinions
if necessary.

5. The Decision on
handling of request and appeal issued by the superior People’s Court shall
become effective from its issuance.

Article
113. Consideration of requests and appeals according to special procedures

1. Within 15 days from
the day on which the superior People’s Court issue the Decision on handling of
request and appeal as prescribed in Article 122 of this Law, if there is any
written request for reconsideration of the involve entity, appeal of the
Supreme People’s Procuracy or appeal of People’s Court, the Executive judge of
the Supreme People’s Court shall reconsider such Decision when:

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b) There are new facts
that can change the Decision on declaration of bankruptcy that the People’s
Court and involved entities do not know when the People’s Court issues such
Decision.

2. The Supreme
People’s Court shall request the People’s Court that has issued the Decision on
handling of request and appeal as prescribed in Article 112 of this Law to the
Supreme People’s Court for consideration regarding any case prescribed in
Clause 1 this Article.

3. Within 30 days from
the receipt of any request of appeal the Executive judge of the Supreme
People’s Court shall issue either:

a) a Decision to
refuse the request and appeal and affirm the Decision issued by the inferior
People’s Court;

a) or a Decision to
cancel the Decision to declare the entity bankrupt issued by the inferior
People’s Court, Decision on handling of request for reconsideration and appeal
filed by the superior People’s Court and transfer the dossier to the inferior
People’s Court for reconsideration.

4. The Decision on
handling of request and appeal issued by the Executive judge of the Supreme
People’s Court is the final one and becomes effective from its issuance.

Chapter
X

HANDLING OF
ASSET DISPUTES

Article
114. Handling of asset disputes prior to Decisions on declaration of bankruptcy

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2. After the People’s
Court makes the valid judgment and Decision on handling of asset dispute as
prescribed in the regulations in Clause 1 this Article, the People’s Court in
charge of bankruptcy settlement shall deal with the assets as follows:

a) Before the Decision
on declaration of bankruptcy is issued, the assets derived from the valid
judgment and decision shall belong to the entity;

a) After the Decision
on declaration of bankruptcy is issued, the assets derived from the valid
judgment and decision shall be redistributed according to the Decision on
declaration of bankruptcy.

3. That the disputed
assets shall be handled as a separate case as prescribed in Clause 1 this
Article must be reported in accordance with the regulations in Clause 1 Article
43 of this Law.

4. The asset
management officer and asset management enterprise shall represent the entity
declared bankrupt to participate in the handling of dispute about assets.

Article
115. Handling of disputes about assets during implementation of Decision on
declaration of bankruptcy

1. If any dispute or
failure to implementation arises during the asset liquidation according to the
Decision in declaration of bankruptcy, the bailiff, asset management officer,
asset management enterprise and involved entities shall request the People’s
Court that has handle the bankruptcy case to consider.

2. Within 10 working
days from the receipt of the request of the bailiff, asset management officer,
asset management enterprise and involved entities, the People’s Court shall:

a) issue a refusal
notice about the request of the bailiff, asset management officer, asset
management enterprise and involved entities;

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3. If
the bailiff, asset management officer, asset management enterprise and involved
entities disagree with the notice prescribed in Point a Clause 2 this Article,
they can request the competent persons to consider the appeal against the
Decision on declaration of bankruptcy under the regulations of the law.

4. The asset
management officer and asset management enterprise shall represent the entity
to participate in the handling of dispute about assets.

Chapter
XI

BANKRUPTCY
PROCESS INVOLVING FOREIGN ENTITIES

Article
116. Foreigners involved in bankruptcy process

Any foreigner involved
in the bankruptcy process must comply with the regulations of the Law on
Bankruptcy of Vietnam.

Article
117. Judicial delegation of Vietnam People’s Court to foreign competent
authorities

1. The People’s Court
shall implement the judicial delegation according to the judicial assistance
treaty to which the Socialist Republic of Vietnam is a State Party or the
principle of reciprocity during any bankruptcy settlement involving foreign
entities.

2. The procedures for
the judicial delegation must comply with the regulations of the law on civil
procedure and the law on judicial assistance.

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The recognition and
authorization to implement the Decisions on bankruptcy settlement must comply
with the regulations on the judicial assistance treaty to which the Socialist
Republic of Vietnam is a State Party and other regulations of the law on
judicial assistance.

Chapter
XII

IMPLEMENTATION
OF DECISIONS ON DECLARATION OF BANKRUPTCY

Article
119. Entitlement to implementation of Decisions on declaration of bankruptcy

The entitlement to the
implementation of every Decision in declaration of bankruptcy is prescribed in
this Law, the civil law and other relevant law provisions.

Article
120. Procedures for implementation of Decisions on declaration of bankruptcy

1. The civil execution
authority shall issue the Decision on implementation and assign the bailiff to
implement the Decision on declaration of bankruptcy within 05 working days from
the issuance of an Decision on declaration of bankruptcy.

2. After assigned by
the Head of the civil execution authority, the bailiff shall:

a) open an bank
account held by the civil execution authority in charge of implementing the
Decision on declaration of bankruptcy to send confiscated money of the
insolvent entity;

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c) enforce the asset
confiscation and transfer the assets to the buyers under the regulations of the
law on civil execution;

d) redistribute the
assets according to the Decision of declaration of bankruptcy after receiving
the report of the asset management officer and asset management enterprise on
the asset liquidation.

Article
121. Requesting asset management officers and asset management enterprises to
conduct asset liquidation

1. The bailiff shall
send a written request that the asset management officer and asset management
enterprise conduct the asset liquidation within 02 working days from the
receipt of the Decision on the appointment of the Head of the civil execution
authority.

2. A written request
for the conduct of asset liquidation includes:

a) date;

b) name of the
bailiff;

c) names of the asset
management officer and asset management enterprise conducting asset
liquidation.

d) name and address of
the entity declared bankrupt;

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3. The written request
for the asset liquidation must be sent to the People’s Court, the People’s
Procuracy and the persons involved in the bankruptcy process.

4. If the asset
management officer and asset management enterprise do not conduct the asset
liquidation within 02 years from the receipt of the written request of the
bailiff prescribed in Clause 2 this Article, the asset management officer and
asset management enterprise must end the asset liquidation and transfer the
documents and assets of the entity declared bankrupt to the civil execution
authority for consideration under the regulations of the law.

Article
122. Asset valuation

1. The asset
management officer and asset management enterprise must carry out the valuation
of the assets within 10 working days from the issuance of the Decision on
declaration of bankruptcy under the regulations of the law.

The asset management
officer and asset management enterprise must not sign the contract for
valuation with any entity related to their rights and benefits.

2. If the liquidated
assets are likely to be damaged or their value is likely to decrease, the asset
management officer and asset management enterprise shall valuate the assets and
conduct liquidation under the regulations of the law.

Article
123. Asset revaluation

1. In case of any
serious violation against the regulations in Article 122 of this Law leading to
the inaccurate result of the asset valuation, the assets shall be revalued.

2. The Judge shall
decide the revaluation in case of sale of assets prescribed in Clause 3 Article
23 of this Law. The bailiff shall decide the revaluation in case of asset
liquidation

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1. The assets shall be
sold:

a) by auction;

b) without auction.

2. The movables to the
value of more than VND 10 million and real estate shall be put up for auction
under the regulations of the law on asset auction.

Any asset management
officer and asset management enterprise can negotiate with the auctioneer
within 05 days from the valuation. The asset management officer and asset
management enterprise shall sign the contract for the asset auction with the
auctioneer.

If the asset
management officer and asset management enterprise fail to conclude the
negotiation, a auctioneer shall be appointed by the bailiff to sign the
contract for the asset auction.

The contract for asset
auction shall be signed within 10 days from the valuation/

The movables shall be
put up for auction within 30 days and the real estate shall be put up for
auction within 45 days from the signing of the contract for asset auction.

3. The asset
management officer and asset management enterprise shall put the assets up for
auction if:

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b) the movables are
worth from VND 2 million to VND 10 million.

The movables shall be
put up for auction within 30 days and the real estate shall be put up for
auction within 45 days from the valuation or the receipt of the refusal notice
about the auction.

4. The asset
management officer and asset management enterprise shall sell the assets to the
value of less than VND 2 million or the assets prescribed in Clause 2 Article
122 of this Law without auction.

The assets shall be
sold within 05 working days from the issuance of the Decision on the
implementation of the Decision on declaration of bankruptcy or the Decision on
the sale of assets.

5. The procedures for
the auction are prescribed in the regulations of the law on asset auction.

Article
125. Confiscation of assets

1. The asset
management officers, asset management enterprises and bailiffs shall request
the People’s Courts to issue the Decisions on Confiscation of assets of the
enterprises and cooperatives due to invalid deals in accordance of the
regulations in Article 59 of this Law. The assets shall be confiscated under
the regulations of the civil law.

2. Any dispute about
the confiscation of assets or the difference of the asset value shall be
handled in accordance with the regulations in Article 115 of this Law.

Article
126. Suspension of Decisions on declaration of bankruptcy

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1. The entity declared
bankrupt has no assets to be redistributed;

2. The assets of the
entity declared bankrupt are completely redistributed;

3. The Head of the
civil execution authority shall report the bankrupt settlement to the People’s
Court and notify the suspension of the implementation of the Decision on
declaration of bankruptcy to the relevant entities.

Article
127. Handling assets of an entity after it is declared bankrupt

1. In case a
transaction is found invalid as prescribed in Article 59 of this Law after an
entity is declared bankrupt, the asset management officer or asset management
enterprise is entitled to request the Court to declare the transaction invalid,
handle the consequences, and redistribute assets of the entity in accordance
with Article 54 of this Law.

2. If case assets of
an entity have not been redistributed after it is declared bankrupt, the Court
that makes the declaration shall consider redistributing assets in accordance
with Article 54 of this Law.

3. Civil execution
authorities shall decide the asset redistribution in accordance with Clause 2
of this Article.

Article
128. Handling of complaints about implementation of Decisions on declaration of
bankruptcy

The complaints and
handling of complaints about the implementation of the Decisions on declaration
of bankruptcy must comply with the regulations of the civil law.

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IMPOSITION
OF PENALTIES

Article
129. Responsibilities for violations against law on bankruptcy

1. Any entity
committing violations against the law during the bankruptcy settlement shall be
disciplined, face the administrative penalties or criminal prosecution
depending on the nature and severity of the violations; or offer compensation
in case of damage under the regulations of the law.

2. Any asset
management officer or asset management enterprise committing violations against
the law during the bankruptcy settlement shall face administrative penalties
depending on the nature and severity of the violations; or offer compensation
in case of damage under the regulations of the law. Any asset management officer or official of a asset management
enterprise committing violations against the criminal may face a criminal
prosecution under the regulations of the law.

Article
130. Prohibition of holding posts after entities are declared bankrupt

1. Any President,
General Director, Director, member of the Board of Directors of a wholly
state-owned enterprise declared bankrupt shall not hold such post in any other
state-owned enterprise after such declaration of bankruptcy.

2. Any representative
of the capital holding of the State in a State-invested enterprise which is
declared bankrupt must not hold the management post in any other State-invested
enterprise.

3. If any manager of
the entity declared bankrupt intentionally commits the violations against the
regulations in Clause 1 Article 18, Clause 5 Article 28 and Clause 1 Article 48
of this Law, the Judge shall consider and give a Decision on the prohibition of
the establishment of the enterprise or cooperative and working as manager of
any enterprise or cooperative within 03 years from the day on which People’s
Court issues the Decision on declaration of bankruptcy.

4. Regulations in
Clauses 1, 2 and 3 this Article shall nor applied to the entities going
bankrupt due to force majeure.

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IMPLEMENTATION

Article 131. Transitional clauses

1. From the effective
date of this Law, the assets of any entity discovered after the Decision on
declaration of bankruptcy is issued in accordance with the Law on Bankruptcy
No. 21/2004/QH11 shall be dealt with according to the regulations in Article
127 of this Law.

2. Any complaint about
the Decision on declaration of bankruptcy which is issued in accordance with
the regulations in the Law on Bankruptcy No. 21/2004/QH11 before the effective
date of this Law that has not been dealt with by the effective date of this Law
shall be dealt with according to the procedures prescribed in Clause 2 Articles
111, 112 and 113 of this Law.

3. Any request for the
initiation of the bankruptcy process that People’s Court has accepted before
the effective date of this Law but has not issued the Decision on declaration
of bankruptcy shall be dealt with according to the regulations of this Law.

4. The Government,
Supreme People’s Court and Supreme People’s Procuracy shall give guidance on
the implementation of this Article.

Article
132. Effect

1. This Law shall come
into effect from January 01, 2015.

2. The Law on
Bankruptcy No. 21/2004/QH11 shall expire from the effective date of this Law.

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The Government,
Supreme People’s Court and Supreme People’s Procuracy shall provide
instructions on the implementation of the articles and clauses in the Law.

This Law has been
passed by the 13th National Assembly of the Socialist Republic of
Vietnam at the 7th meeting on June 19, 2014.

 

 

THE PRESIDENT OF THE NATIONAL ASSEMBLY

Nguyen Sinh Hung