Chapter VII
PROCEDURES FOR RESUMING BUSINESS OPERATIONS
Article 87. Making plans to resume business operations
1. The insolvent entity must send the plan to resume their business operation to the Judge, creditors, asset management officer and asset management enterprise for consideration within 30 days from the day on which any creditors’ meeting passes the Resolution that mentions the procedures for resuming their business operation.
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;
d) Technological innovation;
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.
The creditors absent from the creditors’ meeting send their written opinions to the Judge before the creditors’ meeting is opened of which their opinions about the agreement or disagreement about the plan to resume the business operation of the entity. Such absent creditors shall be considered to attend the creditors’ meeting.
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;
e) The participants in the creditors’ meeting shall express their opinion about the plan to resume the business operation;
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.
2. The People’s Court shall send the Decision on recognition of the Resolution of the creditors’ meeting agreeing the plan to resume the business operation of the insolvent entity, creditors and the People’s Procuracy at the same level within 07 working days from the issuance of such Decision.
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
1. The Judge shall issue a Decision on suspension of the plan to resume the business operation of an insolvent entity if:
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.
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