| Bankruptcy Law (Articles 29, 34, 35, 36, 37, 40, 42)Bankruptcy Law (Articles 78, 79, 80, 81, and 82)Resolution No. 03/2005/NQ-HDTP dated 28 April 2005 of the SPCJC providing guidelines for implementation of a number of provisions of the Bankruptcy Law 2005 (hereinafter referred to as Resolution No. 03/2005) (Section 3 of Part III)
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Main duties and practical skills:
- In order to apply procedures for liquidation, the Judge (of the Judges’ Team) must check conditions for applying procedures for asset liquidation and consider conducting the following tasks when applying liquidation procedures.
- When the enterprise has suffered from business losses and special asset measures have been applied to the enterprise, but it is unable to pay debts when the creditors request and have the petition for commencement of bankruptcy procedures, the Judge shall issue a decision to apply liquidation procedures without convening a meeting of creditors.
- Applying asset liquidation procedures when the meeting of creditors fails in the following circumstances: the meeting of creditors has been suspended for one time but the enterprise or cooperative does not participate in the meeting of creditors without proper reason when the petitioner is a creditor or employees; The number of creditors is insufficient as stipulated by the law when the petitioner falls under Article 15, 16, 17 or 18 of the Bankruptcy Law.
- The Judge shall issue the decision to apply asset liquidation procedures after the business registration after resolution of the first meeting of creditors is reached when the enterprise or cooperative cannot build a plan for recovery as agreed; the meeting of creditors does not approve the plan for recovery of the enterprise or cooperative; The enterprise or cooperative does not conduct or does not properly conduct the plan for recovery.
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