Luật Phá sản doanh nghiệp 1993 30-L/CTN
THE
NATIONAL ASSEMBLY
——-
SOCIALIST
REPUBLIC OF VIET NAM
Independence – Freedom – Happiness
———
No.
30-L/CTN
Hanoi,
December 30, 1993
LAW
ON BANKRUPTCY
Chapter I
GENERAL PROVISIONS
Article 1
The
present Law applies to enterprises under all forms of ownership which have been
established and operated in accordance with the law of the Socialist Republic
of Vietnam while getting into the state of bankruptcy.
The Government issues concrete
regulations on the implementation of this Law in regard to enterprises directly
servicing defence, security and important public services.
Article 2
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Article 3
In this
Law, terms below are understood as follows:
1. A “secured
creditor” is a creditor whose loan is secured by the property of the
indebted enterprises.
2. “Partially secured
creditor” is a creditor whose loan is secured by property of the indebted
enterprises, but the value of this property is less than value of the loan.
3. “Unsecured
creditor” is a creditor whose loan is not secured by property of the indebted
enterprises.
4. “Legal representative of
the enterprise” is a person empowered by the enterprise’s owner in
accordance with the provisions of law.
Article 4
1.
People’s courts of provinces, of cities under central management (hereafter
called generally courts) and the People’s Supreme Court are organs having
jurisdiction to settle a request for the declaration of an enterprise’s
bankruptcy.
2. The enforcement office for
judgements under the Department of Justice, and the department for enforcement
of civil judgements under the Ministry of Justice have jurisdiction to
implement the decision on an enterprise’s bankruptcy declaration.
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The
Institutes of People’s Inspection inspects the observance of laws during the
settling of the bankruptcy of enterprises as stipulated by law.
Article 6
Voluntary
conciliation between the creditors and the indebted enterprise, guarantee or
repurchase of debts of enterprises getting into the state of bankruptcy are
settled preferentially prior to the day the court decides to begin the case to
resolve the request for an enterprise’s bankruptcy declaration.
Chapter II
PROCEDURE OF SUBMISSION
AND CONSIDERATION OF APPLICATIONS FOR AN ENTERPRISE’S BANKRUPTCY DECLARATION
Article 7
1. After
the limit of 30 days from the day of sending the demand bill, without it being
satisfied by the indebted enterprise, the unsecuted and partially secured
creditors have the right to apply to the court in the place where the head
office of the enterprise is located to request settlement of the enterprise’s
bankruptcy declaration.
2. The application for
enterprise bankruptcy declaration must specify:
a. Name, surname of the
applicant;
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3. The application must be accompanied
by a copy of the demand bill and documents pointing out the enterprise’s
inability to pay mature debts.
4. The applicant must pay fees
in advance as stipulated by law.
Article 8
In the
event the enterprise is not able to pay employee’s wages three months
consecutively, the representatives of the trade union or representatives of the
labourers in a place having no trade union organization have the right to apply
to the court in the place where the head office of the enterprise is located to
request settlement of enterprise’s bankruptcy declaration. After sending the
application, the representatives of the trade union or of the labourers in a
place having no trade union organization are considered creditors and do not
have to pay fees in advance.
Article 9
1. In the
event measures to overcome the financial difficulties to cover mature debts,
including debt suspension have been applied but the enterprise cannot yet get
out of the state of unability to pay mature debts, the enterprise’s owner or
enterprise’s legal representative must apply to the court where the head office
of the enterprise is located for the settlement of the enterprise’s bankruptcy
declaration.
2. The application must specify:
a. Name and head office of the
enterprise; name and surname of the enterprise’s owner or enterprise’s legal
representative;
b. Measures carried out by the
enterprise which could not overcome the unability to pay mature debts;
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3. The applicant must pay fees
in advance as stipulated by law.
Article 10
During
the settling of cases relating to enterprises, if it is revealed that an
enterprise is getting into the state of bankruptcy, the courts inform the
creditors, and these enterprises so that they apply for the settlement of the
enterprise’s bankruptcy declaration.
Article 11
The
applicant who requests a court to settle an enterprise’s bankruptcy is
responsible for the contents of the application and for accompanying documents
and materials.
The owner of the enterprise or
the legal representative of the enterprise and the applicant are obliged to
fully supply evidence and necessary documents as required by the court during
the settling of the enterprise’s bankruptcy declaration and are responsible for
the accuracy of these materials.
Article 12
The court
which receives and examines an application must record and hand over to the
applicant a notice on the application’s receipt and the documents accompanying.
During the 7 days from the day
of receiving and examining an application, the court must notify in writing the
indebted enterprise with a copy of the application and relevant documents
accompanying.
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Article 13
During
the 30 days from the day of receiving and examining an application the
president of the Economic Court under the People’s Court of a province or city
under central management (generally called Economic courts of Provincial level)
must examine the application with relevant materials. If it is considered that
arguments are not sufficient, it makes a decision not to begin the case to
settle the enterprise’s bankruptcy declaration. This decision must specify the
reason and must be sent to the applicant and the indebted enterprise. During
the 15 days from the day of receiving the decision of the President of the
Economic Court of Provincial level, the parties have the right to petition the
President of the People’s Court of Provincial level concerning this decision.
During the 7 days from the day of receiving the petition, the president of the
People’s Court of Provincial level must make one of the following decisions:
1. Keep unchanged the decision
of the president of the Economic Court of Provincial level.
2. Cancel the decision of the
president of the Economic Court of Provincial level and request it to
reconsider. During the 7 days from the day the president of the People’s court
of Provincial level has made its decision, the president of the Economic Court
must issue a new decision. This decision must be sent to the president of the
People’s court of Provincial level and concerned parties. During the 15 days
from the day of receiving the new decision of the president of the Economic
Court, if the parties still petition, within 7 days the president of the
People’s court of Provincial level must consider and make a decision. The
decision of the president of the People’s court of Provincial level is
effective to be carried out.
Article 14
Amount of
fees for settling an enterprise’s bankruptcy are decided by the court in
accordance with the law on fees.
Chapter III
PROCEDURE FOR SETTLING A
REQUEST FOR AN ENTERPRISE�S
BANKRUPTCY DECLARATION
Section I.
DECISION ON BEGINNING THE SETTLING PROCEDURE OF THE REQUEST FOR AN ENTERPRISE’S
BANKRUPTCY DECLARATION
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During
the 30 days from the day of receiving and considering applications or after 7
days from the day the president of court makes decision in accordance with
point 2, Article 13 of this Law, if there appears sufficient basis, the
president of the Economic court of Provincial level decides to begin the
settling procedure of the request for an enterprise’s bankruptcy declaration.
The decision must specify the reason for beginning the settling procedure of
the request for the enterprise’s bankruptcy declaration, appoint the time of
ceasing the debt payments of the enterprise, the name and surname of the judge
in charge of settling the request for the enterprise’s bankruptcy declaration
and the members of the committee appointed to manage property.
Depending on the character of
each specific matter, the president of the Economic court of Provincial level
appoints a judge or a group of 3 judges (hereafter generally called the judge)
and a Property Management Committee to settle the request for the enterprise’s
bankruptcy declaration. In the event of appointment of three judges one of them
is assigned to be in charge.
The membership of the Property
Management Committee is composed of: the cadres of the Economic court of
Provincial level, the executive members of the Office for enforcement of judgement
under the Department of Justice, representatives of the creditors,
representatives of the indebted enterprises, representatives of the trade
unions or labourers in a place having no trade union organizations, specialists
of the financial bodies, provincial banks and other specialized branches. The
Property Management Committee is headed by a cadre of the Economic court of
Provincial level.
The work plan of the group of
judges is determined by the president of the Supreme People’s Court, the
organizational and operational order of the Property Management Committee is
determined by the Government after agreement with the Supreme People’s Court.
The decision to begin the
settling procedure of the request for an enterprise’s bankruptcy declaration
must be published in a local newspaper where the head office of the enterprise
is located and in a central newspaper in three consecutive issues.
Article 16
1. The
judge has the following obligations and rights:
a. To gather materials and
evidences to create a file for settling the request for the enterprise’s
bankruptcy declaration;
b. To supervise and control the
activities of the members of the Property Management Committee;
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d. To organize and chair
conferences of the creditors;
e. To make the decision to cease
temporarily or cease the settlement of the request for the enterprise’s bankruptcy
declaration;
g. To declare the enterprise
bankrupt;
2. During the settling of the
request for the enterprise’s bankruptcy declaration, if indications of crime
are revealed, the judge supplies the information to the Office of People’s
Prosecutor of similar level for prosecution of criminal liability.
3. The judge is responsible to
the president of the People’s court of Provincial level for implementing his or
her obligations and rights.
Article 17
The
Property Management Committee has the following rights and obligations:
1. Compile the list of all
assets of the enterprise;
2. Supervise and control the
management of the enterprise’s property. In case of necessity, it has the right
to require the judge to decide to apply temporary urgent measures to preserve
the remaining assets of the enterprise;
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The Property Management
Committee is responsible to the judge for the implementation of its obligations
and rights.
Article 18
1. During
the settling of the request for the enterprise’s bankruptcy declaration, the
director and members of the management board are still responsible for the
results of the production and business activities of the enterprise. All
activities of the enterprise are still carried out in an ordinary manner but
are subject to the supervision and control of the judge and the Property
Management Committee.
2. From the day of receiving the
decision to begin the settling procedure for the request for the enterprise’s
bankruptcy declaration, the indebted enterprise is strictly prohibited from
carrying out the following matters:
a. To hide or disperse assets of
the enterprise;
b. To give as security, to
mortage, to cede or to sell assets of the enterprise or to pay secured debts by
means of assets of the enterprise without the consent in writing of the judge;
c. To pay any unsecured debt to
any creditor.
Newly arising debts from the
business activity of the enterprise after the decision to begin the settling
procedure of the request for an enterprise’s bankruptcy declaration are resolve
as stipulated in Article 23 of this Law.
d. To refuse or reduce the right
to demand debts.
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g. To sell, or exchange the
shares or to transfer the right to ownership of the assets of the enterprise.
Article 19
The
property of an enterprise includes all property subject to ownership of the
enterprise or subject to management of the enterprise (in regard to state
enterprises) which is composed of:
1. Immovable and movable
property of the enterprise at the current time;
2. Money or invested property,
joint ventures, associations with other persons, enterprises or other
organization;
3. Money or property of the
enterprise that is borrowed or appropriated by other individuals or business
enterprises.
4. Property which the enterprise
is renting or lending.
5. Rights to property.
Property of a private business
enterprises includes also the property of the owner of the private business
enterprise which is not used in business.
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Immediately
after the decision to begin the settling procedure of a request for an
enterprise’s bankruptcy declaration has been issued, the judge must request the
owner of the enterprise or its legal representative to work out the
conciliation measures and solutions for reorganization of the business. The
term of the business reorganization is decided by the meeting of the creditors
but does not exceed two years from the day of the passing of the conciliation
measures by the meeting of the creditors.
Conciliation measures and for
business reorganization must contain concrete methods and implementations
steps: they must also have a debt paying schedule for creditors and wages for
employees.
Conciliation measures and
solutions for the business reorganization of the enterprise must be submitted
to the judge during the 60 days from the day of his request. By the end of this
term, if no conciliation measure is found, the judge declares the enterprise
bankrupt and organizes the meeting of the creditors to discuss measures for
dividing remaining property value of the enterprise.
Article 21
During
the 60 days from the first day of publishing in the local newspaper or daily
central newspaper the court’s decision to begin the settling procedure of the
request for an enterprise’s bankruptcy declaration, the creditors must submit
the court the demand bills of the enterprise. A creditor’s application must
specify the debts that must be paid by the enterprise pointing out the mature
and immature debts, secured and unsecured debts along with documents and
evidences concerning these debts.
Article 22
During
the 15 days from the end of the term for sending the demand bill, the Property
Management Committee must complete the list of the creditors and the debts
(hereafter called list of the creditors). This list must specify the debts of
each creditor among which are the secured debts and the unsecured debts, mature
debts and immature debts, and must be posted up publicly at the provincial
court, at the head-office and branches of the enterprise for 10 days. In this
term the creditors and the indebted enterprise have the right to petition the
judge about the list of the creditors. The judge considers the petition, and if
there are reasons, makes amendments and supplements to the list of the
creditors. By the end of this term the Property Management Committee closes of
the creditors. The creditors who did not send demand bills are deprived of the
right to participate in the meeting of the creditors.
Article 23
From the
time of ceasing debt payments, the enterprise must not pay debts interest;
immature debts are considered as mature ones, however interest is not counted
toward for the time before the appointed moment.
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Section II.
MEETING OF THE CREDITORS
Article 24
The
meeting of the creditors has the following rights and obligations:
1. To examine and approve the
conciliation measures to reorganization the business activity of the
enterprise;
2. To discuss with and propose
to the judge the division of the remaining property value of the enterprise if
a conciliation measures has not been achieved or approved.
Article 25
All
individuals, enterprises, and organizations in the list of creditors are
members of the meeting of the creditors.
A creditor may empower in
writing the another person to participate in the meeting of the creditors; an
empowered person has the same rights and obligations as a creditor.
Only the unsecured or partly secured
creditors have the voting right at the meeting of the creditors.
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Article 26
A
guarantor after paying debts for the indebted enterprise becomes an unsecured
creditor and has the same rights and obligations as the other unsecured
creditors and may participate in the meeting of the creditors and share in the
remaining property value of the enterprise declared bankrupt in proportion to
the debt payments to the creditors.
The creditors whose part of debt
is covered by the guarantor are allowed to participate in the division of the
remaining property value of the indebted enterprise in proportion to amounts of
the unpaid debt.
Article 27
During
the 30 days from the day of closing the list of the creditors, the judge
convenes and chairs the meeting of the creditors. Invitation to the meeting of
the creditors must be sent to the members and participants of the meeting at
least 15 days before its opening.
The invitations must be
accompanied by copies of the conciliation measures and the solutions for the
business reorganization of the enterprise.
Article 28
The owner
of the enterprise or the legal representative of the enterprise must be at the
meeting of the creditors to present the conciliation measures and solutions for
the business reorganization of the enterprise and to answer questions put
forward at the meeting. The owner of the enterprise or the representative of
the enterprise who cannot participate in the meeting for acceptable reason must
empower in writing another person to participate in the meeting. The empowered
person has the same rights and obligations as the owner of the enterprise or
the representative of the enterprise at the meeting of the creditors. In the
case of the death of the private enterprise’s owner, his legal successor
participates in the meeting in place of him.
Article 29
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The report of a successful conciliation
for the solution of the business reorganization of the enterprise will be valid
legally only when it is approved by more than half of the creditors
representing of at least 2/3 of the total of the unguaranteed debts. The report
of the successful conciliation must specify the agreed issues and contain and
the signatures of the judge and the creditors participating in the meeting.
Based on the report of the successful conciliation, the judge makes a decision
to suspend temporarily the settlement of the request for the enterprise’s
bankruptcy declaration. The agreements in the report the successful
conciliation are compulsory for all creditors and indebted enterprises.
Article 30
The
meeting of the creditors may be postponed one time in cases of:
1. Absence of more than half of
the creditors representing of at least 2/3 of the total of the unsecured debts;
2. Vote of the majority of the
creditors at the meeting for postponed the meeting.
Article 31
1. During
the 30 days from the day of postponing the meeting of the creditors, the judge
must recall and chair the meeting. The invitation must be published in the
local and central daily newspaper one time and must be sent to the members and
the participants at least 15 days before the opening of the meeting. The
meeting is valid with the participation of a number of creditors sufficient to
represent at least 2/3 of the total of the unsecured debts.
The decision to approve the
conciliation measure and solution for the business reorganization of the
enterprise at this meeting will be valid legally with the consent of creditors
representing of at least 2/3 of the total of the unguaranteed debts of the
creditors present.
The agreements in the report of
the successful conciliation of the meeting are compulsory for all creditors and
indebted enterprises.
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Article 32
The
contents of the meeting of the creditors must be recorded fully in its report.
The report must be signed by the judge, the secretary, the owner or the
representative of the enterprise and the creditors who attended the meeting.
Article 33
The Judge
makes the decision to accept the report on a successful conciliation and
solution for the enterprise’s business reorganization of the meeting of the
creditors and to suspend temporarily the settlement of the enterprise’s
bankruptcy. The judge must publish this decision in a local and a central daily
newspaper in three consecutive issues.
Article 34
The owner
or the representative of the enterprise is responsible for the implementation
of the solution for business reorganization in accordance with the plan and
schedule approved by the meeting of the creditors.
The crediators are obliged to carry
out the agreements of the meeting of the creditors and to supervise the
implementation of these agreements by the enterprises.
Article 35
During
the reorganization of the business, if the enterprise carries on business
effectively, fulfils its obligations in keeping with the plan approved by the
meeting of the creditors and there are no petitions of the creditors to the
court, the owner of the enterprise has the right to ask the judge to cease the
settlement of the request for the enterprise’s bankruptcy declaration. The
Judge makes a decision on ceasing the settlement of the request for the
enterprise’s bankruptcy declaration and must publish the decision in a local
and a central daily newspaper in three consecutive issues.
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Article 36
The Judge
makes the decision to declare an enterprise bankrupt in the following cases:
1. The owner or the legal
representative of the enterprise have not found conciliation measure and the
solutions for the business reorganization of the enterprise as stipulated in
Article 20 of this Law.
2. The owner or the legal
representative of the enterprise does not implement the regulations in Article
28 of this Law;
3. The meeting of the creditors
does not approve the conciliation measure and the solution for the business
reorganization of the enterprise;
4. The term for the business
reorganization of the enterprise ends but the enterprise still fails to carry
on business effectively and the creditors require the enterprise to be declared
bankrupt.
5. During the reorganization of
the business the enterprise violates seriously the agreements of the meeting of
the creditors and the creditors request the bankruptcy declaration;
6. During the settling of the
enterprise’s bankruptcy the owner of a private enterprise runs away or dies and
the successor refuse to succeed or there is no the successor.
Article 37
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1. Name of the court, name,
surname of the Judge dealing with the settlement of the request for the
enterprise’s bankruptcy declaration.
2. Date and reception number of
the application for the enterprise’s bankruptcy declaration.
3. Name and address of the
enterprise to be declared bankrupt.
4. Date of the enterprise’s
bankruptcy declarations.
5. Reason for the enterprise’s
bankruptcy declaration.
6. Measures for dividing the
property value of the enterprise.
This Decision must be sent to
the creditors, the enterprise declared bankrupt and the Office of People’s
Prosecutor at the same level.
Article 38
During
the settling of the request for the enterprise’s bankruptcy declaration, the
Judge makes a decision to preserve the mortaged assets or assets given as
security, and organizes the appraisal of these assets. If the value of the
mortaged assets or assets given as security is not sufficient to cover the
debts of the secured creditors, these creditors have the right to participate
in the division of the remaining property value of the enterprise as the other
unsecured creditors. If the value of these mortaged assets or assets given as a
security is bigger than the debts, the difference will be included in the
remaining property value of the bankrupt enterprise.
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The
division of the remaining property value of the enterprise is carried out in
the following preferential order:
1. Fees, expenses as stipulated
by law for the settlement of enterprise’s bankruptcy;
2. Wage, debts, work leave
allowances, social insurance as stipulated by law and other interests as agreed
upon in the collective labour agreement and signed labour contracts.
3. Tax debts;
4. Debts to the creditors in the
list of the creditors:
a. If the remaining property value
of the enterprise is sufficient to cover the debts of the creditors, each
creditor is paid fully for their debts;
b. If the remaining property
value of the enterprise is not sufficient to cover the debts of the creditors,
each creditors is paid only partly for their debts in corresponding proportion.
5. If there will be a surplus
from the remaining property value used to cover fully the debts of the
creditors, this surplus will belong to:
a. The owner of the enterprise
if it is a private enterprise;
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c. The State Budget if it is a
State enterprise.
Article 40
1. During
the 30 days from the day of the decision on the enterprise’s bankruptcy
declaration, the creditors and the enterprise declared bankrupt have the right
to submit a complaint and the Office of People’s Prosecutor of the same level
has the right to protest this decision. By the end of this term if there no
complaint or appeal, the decision on the enterprise’s bankruptcy declaration is
effective for implementation.
In case of complaint or appeal,
during the 5 days from the day of receiving the complaints or appeals, the
Judge having made the decision on the enterprise’s bankruptcy declaration must
send the file on the enterprise’s bankruptcy to the court of appeal under the
Supreme People’s Court.
2. During the 60 days from the
day of receiving the file on the enterprise’s bankruptcy, a group composed of 3
judges and appointed by the president of the Court of Appeal under the Supreme
People’s Court settles completely the complaints or appeals. The Decision of
the Court of Appeal under the Supreme People’s Court is final.
Article 41
At the
least 10 days from the day the decision on the enterprise’s bankruptcy
declaration comes into effect, the judge must publish the decision in a local,
and a central daily newspaper in three consecutive issues.
A copy of the decision on the
enterprise bankruptcy declaration must be sent to:
a. The office for enforcing
civil judgements under the Department of Justice;
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c. The Office of People’s
Prosecutor and financial labour organs at the same level;
d. The organ issuing licence on
enterprise’s establishment.
As for office for enforcement of
judgements, the decision on the enterprise’s bankruptcy declaration sent to it
must be accompanied by copies of the decision on the enterprise’s bankruptcy
declaration and documents necessary for the implementation of this Decision.
The Judge of the Economic Court
must supervise the transfer of the assets, documents and, materials concerned
between the Property Management Committee and the Property Liquidation
Committee.
Chapter IV
IMPLEMENTATION OF THE
DECISION ON AN ENTERPRISE’S BANKRUPTCY DECLARATION
Article 42
1. The
implementation of the decision on an enterprise’s bankruptcy declaration is
under the jurisdiction of the Enforcement office for judgements under the
Department of Justice in the place where the head-office of the enterprise is
located.
2. The head of the Enforcement
office for judgements appoints the executives in charge of implementing the
enterprise’s bankruptcy declaration; makes the decision of the establishment of
the Property Liquidation Committee and controls and supervises the activity of
the Property Liquidation Committee.
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a. The executives and cadres of
the office for enforcement of judgements;
b. The representatives of the
financial and banking bodies at the same level;
c. The representatives of the
creditors and trade unions or of the labourers in places having no trade
unions;
d. The representative of the
bankrupt enterprise;
The members of the Property
Management Committee may be appointed to take part in the Property Liquidation Committee.
The Property Liquidation
Committee is headed by a group leader who is a member of the committee.
The organizational and active
order of the Property Liquidation Committee is decided by the Government.
Article 43
The
executives in charge of implementing the decision on the enterprise’s
bankruptcy have the following rights and obligations:
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2. Implement measures for
dividing assets according to the decision on the enterprise’s bankruptcy
declaration of the Judge.
3. Make a decision to block
accounts of the bankrupt enterprise in banks, to open new bank accounts to
deposit money received from the taking back of loans of the bankrupt enterprise
and from the selling by auction of assets of the bankrupt enterprise.
The executive is responsible to
the head of the Office for enforcement of judgement during the implementing his
own obligations and rights.
Article 44
The
Property Liquidation Committee has the following obligations and rights:
1. Receive surrendered assets
and relevant materials and documents from the Property Management Committee.
2. Take back and manage all
assets, documents, accounting books and stamps of the bankrupt enterprise.
3. Find out and request the
executive’s permission to take back the assets of the enterprise or the
property value or the difference in the property value of the enterprise sold
or transferred illegally as stipulated in Article 45 of this Law. The property
liquidation committee takes back property, property value and the difference
according to the decision of the executive.
4. According to the decision of
the executive, the Property Liquidation Committee organizes the sale by auction
of the enterprise�s
assets. The sale by auction must be affirmed by the state notary office. If
assets to be sold complete equipment, it is sold completely and is sold in
retail only in the case of the failure of the complete sale. The auction of
asset and the settlement of the right to the land use of the enterprise must
strictly observe the law;
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6. Carry out payment in
accordance with the enterprise’s bankruptcy declaration by the Judge.
Article 45
1. The
executive requests the court to make a decision to take back property, property
value of the enterprise and difference in the property value of the enterprise
if during the 6 months prior to the day of receiving and considering the
application for the enterprise’s bankruptcy declaration the enterprise commits
the following violations:
a. To disperse and hide the
assets of the enterprise in whatsoever forms;
b. To pay unmatured debts;
c. To refuse the right to
require a debts into a secured debts;
d. To transform an unsecured
debts into a secured debts;
e. To sell the assets of the
enterprise at a rate lower than their genuine value.
2. Before taking back the
property or the difference in the property value of the enterprise declared
bankrupt, the Property Liquidation Committee is obliged to present the decision
of the court, to explain clearly the reason for taking back the property or the
difference in property value to the person concerned. Deputes concerning the
taking back of property or the difference in property value of the enterprise
are decided by the court.
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During
the 30 days from the day of an enterprise’s bankruptcy declaration, the owner
of the property lent or rented to the enterprise for business must present
documents which certify the right to ownership and the contract on renting or
lending to the executive in order to take back his or her property.
In case of advance payment by
the enterprise, before the tenancy term expires, the owner of the property only
can be get back the property after paying back the amount of rent left excess
for the time not used up so that the Property Management Committee could
include it into the remaining property of the enterprise.
Article 47
During
the implementation of the decision on the enterprise’s bankruptcy declaration,
a person concerned has the right to petition the head of the Office for
enforcement of judgements under the Department of Justice. During the 7 days
from the day of receiving the application, the head of the Office for
enforcement of judgements under the Departments of Justice must consider,
resolve and answer the petitioner. In case of a disagreement with the decision
of the head of the Office for enforcement of judgements under the Department of
Justice. The person concerned has the right to petition the head of the
Department for enforcement of Civil Judgements under the Ministry of Justice.
During the 30 days from the day receiving the petition, the head of the
Department for enforcement Civil Judgements must make on of the following
decisions:
1. To preserve intact the
decision of the head of the Office for enforcement of judgements under the
Department of Justice;
2. To cancel the decision being
petitioned against and assign it to the head of the Office for enforcement of
judgements for resolution again;
Article 48
At the
end of the liquidation, the head of the Office for enforcement of judgements
makes a decision to terminate the implementation of the decision on the
enterprise’s bankruptcy declaration. The decision must be sent to the business
registration organ so that the enterprise may be striken off the registered
list.
Chapter V
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Article 49
1.
Persons who commit violations as shown below, depending on the degree of
seriousness of the violations are punished administratively, have damages
imposed or are prosecuted for criminal responsibility as stipulated by law:
a. To commit actions which are
strictly prohibited as stipulated in Article 18 of this Law or other dishonest
actions during the settling of the request for the enterprise’s bankruptcy
declaration.
b. To make a threat or commit
other actions to force the enterprise to apply for a bankruptcy declaration.
c. To do harm to or to destroy
the property of the enterprise purposely.
2. During the settling of the
enterprise’s bankruptcy if the judge, members of the Property Management
Committee, executive members, members of the Property Liquidation Committee
violate the regulations of this Law and other provisions of law, according to
the level of lightness or seriousness, they are to be disciplined
administratively or prosecuted for criminal responsibility in accordance with
the law.
Article 50
1. The
director, chairman and members of the management board of the enterprise declared
bankrupt are not allowed to take the same positions in any other enterprise for
a term from one to three years counted from the day the enterprise is declared
bankrupt.
2. The director, chairman and
members of the management broad of the enterprise which has become bankrupt in
the following cases are not covered by point 1 of this Article:
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b. The director, chairman and
members of the management board do not directly bear responsibility for the
bankruptcy of the enterprise.
c. The director or chairman of
the management board have submitted voluntarily an application for the
enterprise’s bankruptcy declaration in accordance with law and have covered in
full the debts to the creditors.
Chapter VI
IMPLEMENTATION CLAUSES
Article 51
The
settlement of the bankruptcy of an enterprise which is located in Vietnam and
concerned foreign individuals or organizations is carried out under this Law,
except as otherwise provided by international conventions which the Socialist
Republic of Vietnam has signed or acceded to.
Article 52
The
present Law comes into force from July 1, 1994.
Previous regulations contrary to
the present Law are abrogated.
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The present Law was passed on
December 30, 1993 by the National Assembly of the 9th Legislature, 4th Session of
the Socialist Republic of Vietnam.
(This translation is for
reference only)
THE NATIONAL
ASSEMBLY
CHAIRMAN
Nong Duc Manh
