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.
The membership of the Property Liquidation Committee is composed of:
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:
1. Make decision to take back and sell by auction the assets of the enterprise declared bankrupt.
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;
5. Deposit all money taken from the enterprise to the new bank accounts;
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.
Article 46
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.
Tìm kiếm
Luật phá sản doanh nghiệp 1993 (Bản Word)