Chapter VII
DECLARING BANKRUPTCY OF ENTERPRISES, COOPERATIVES
Article 86.- Decisions to declare bankruptcy of enterprises or cooperatives
The judges issues decisions to declare bankruptcy of enterprises, cooperatives simultaneously with the decisions to suspend the property liquidation procedures.
Article 87.- Decisions to declare bankruptcy of enterprises, cooperatives in special cases
1. Within thirty days as from the date the court-set time limit for advancing the bankruptcy charges expires, if the enterprise owners or the lawful representatives of enterprises or cooperatives, who have filed the applications for opening of bankruptcy procedures, have no more money or other properties for payment of bankruptcy charge advances, the courts shall issue decisions to declare that the enterprises or cooperatives are bankrupt.
2. After receiving the applications for opening of bankruptcy procedures as well as documents and papers sent by the concerned parties, the courts shall issue decisions to declare bankruptcy of enterprises or cooperatives, if the enterprises or cooperatives falling into the state of bankruptcy have no more properties or have properties but not enough for payment of bankruptcy charges.
Article 88.- Contents of decisions to declare enterprises, cooperatives to be bankrupt
The decisions to declare enterprises or cooperatives to be bankrupt must contain the following principal details:
1. The day, month, year of issuing the decision;
2. The name of the court; full name of the judge in charge of carrying out the bankruptcy procedures;
3. The name and address of the enterprise, cooperative declared to be bankrupt;
4. The grounds for bankruptcy declaration;
5. The right to lodge complaints, protests and time limit for settlement thereof;
6. The ban from undertaking posts after the enterprise, cooperative is declared bankrupt as provided for in Article 94 of this Law.
Article 89.- Notification of decisions to declare bankruptcy of enterprises, cooperatives
1. Within fifteen days as from the date of issuing decisions to declare bankruptcy of enterprises or cooperatives, the courts must dispatch and publicize such decisions as provided for in Article 29 of this Law.
2. Within ten days as from the date the decisions to declare bankruptcy of enterprises, cooperatives take effect, the courts must send such decisions to the business registration offices for deleting the names of such enterprises or cooperatives from business registers; in cases where the Supreme People’s Court issues decisions on settlement of complaints or protests as provided for in Article 92 of this Law, such time limit may be longer but must not exceed twenty five days.
Article 90.- Property obligations upon the issuance of decisions to declare bankruptcy of enterprises, cooperatives
1. The decisions to declare bankruptcy of enterprises, cooperatives, provided for in Articles 86 and 87 of this Law do not immunize the property obligations of owners of private enterprises or partnership members towards creditors whose debts have not yet been repaid, except otherwise agreed by the parties or provided for by law.
2. The property obligations arising after the issuance of the decisions to declare bankruptcy of enterprises or cooperatives shall be settled according to law provisions on civil judgment execution and other relevant law provisions.
Article 91.- Complaints about, protests against, decisions to declare bankruptcy of enterprises, cooperatives
1. The persons defined in Article 29 of this Law may complain about, and the people’s procuracies of the same level may protest against, decisions to declare bankruptcy of enterprises or cooperatives.
2. The time limit for lodging complaints or protests shall be twenty days as from the last day of publishing the decisions to declare bankruptcy of enterprises, cooperatives in newspapers.
Within five days as from the date the time limit for lodging complaints or protests expires, the courts which have issued decisions to declare bankruptcy of enterprises or cooperatives must send the bankruptcy dossiers enclosed with the written complaints or protest decisions to their immediate superior courts for considering and settling the complaints about, or protests against, decisions to declare bankruptcy of enterprises, cooperatives.
3. The decisions to declare bankruptcy of enterprises or cooperatives, if not being complained about or protested against, shall take legal effect as from the date the time limit for lodging complaints, protests as prescribed in Clause 2 of this Article expires.
Article 92.- Settlement of complaints about, protests against, decisions to declare bankruptcy of enterprises, cooperatives
1. Immediately after receiving the bankruptcy dossiers enclosed with written complaints or protest decisions, the chief judges of the immediate superior courts shall each appoint a three-judge team to consider and settle the complaints about or protests against, decisions to declare bankruptcy of enterprises or cooperatives.
2. Within forty five days as from the date of receiving the bankruptcy dossiers enclosed with the written complaints or protest decisions, the judge teams must consider and settle the complaints about, or protests against, decisions to declare bankruptcy of enterprises or cooperatives. The judges’ teams may issue one of the following decisions:
a) To reject the complaints or protests and retain the subordinate court’s decisions to declare bankruptcy of enterprises or cooperatives;
b) To cancel the subordinate court’s decisions to declare bankruptcy of enterprises or cooperatives and hand the bankruptcy dossiers to the subordinate courts for continuing with the bankruptcy procedures.
3. The immediate superior court’s decisions on settlement of complaints or protests shall be the final ones and take legal effect as from the date of issuance thereof.
Tìm kiếm
Luật Phá sản 2004 (Bản Word)
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