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;
b. Name and head office of the enterprise requested to be declared bankrupt.
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;
c. The application must be accompanied by the list of the creditors and the debts to be paid each of them, the address of the creditors; a report on the responsibility of the director and members of the management broad of the enterprise in regard to the unability to pay mature debts; a report on business's state for six months prior to the unability to pay mature debts; financial summary reports of the last two years, if the enterprise has not yet operated for a full two years, a financial summary reports for the whole operating time, and relevant accounting files must be submitted.
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.
During the 10 days from the day of receiving the court's notice, the enterprise which is the subject of the request for the settling of the bankruptcy declaration must send the court a report on the ability to pay debts. In the case of an unability to pay mature debts, the enterprise must send report and documents to the court as stipulated in points b and c, paragraph 2, Article 9 of this Law.
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.
Tìm kiếm
Luật phá sản doanh nghiệp 1993 (Bản Word)