Chapter VIII
BANKRUPTCY PROCESS APPLIED TO CREDIT INSTITUTIONS
Article 97. Employment of regulations on bankruptcy process for credit institutions
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.
Article 101. Sequence of distribution of assets
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.
3. If the value of the is are not sufficient for the payment in accordance with the regulations in Clause 1 this Article, the entities in a order of priority shall be paid at a rate in proportion to the debts.
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.
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