Decree No. 10/2004/L-CTN promulgates the Bankruptcy Law of the Fifth Session of the Eleventh National Assembly, which was passed on June 15, 2004.
Key points
- The Bankruptcy Law applies to enterprises and individuals involved in bankruptcy proceedings.
🌐 Social impact of this document
- This Law creates a legal basis for managing and handling bankruptcy cases, protecting the interests of related parties such as creditors, shareholders, and employees.
- However, the enforcement may impose financial burdens on enterprises undergoing bankruptcy.
❓ Frequently asked questions
Who does the Bankruptcy Law apply to?
The Bankruptcy Law applies to enterprises and individuals involved in bankruptcy proceedings, including economic organizations and business owners.
How does the bankruptcy process work?
The bankruptcy process is detailed in the Bankruptcy Law. Typically, it begins when a party with the right to initiate proceedings requests the court to declare an enterprise or individual bankrupt.
How many main stages are there in the bankruptcy process?
The Bankruptcy Law stipulates three main stages: the Initiation Stage, the Asset Management Stage, and the Liquidation Stage.
How are creditor rights protected?
Creditors have the right to request the court to declare an enterprise or individual bankrupt, and they can participate in the asset management process and receive payments based on the priority specified in the Bankruptcy Law.
What is the time limit for initiating bankruptcy proceedings?
The time limit for initiating bankruptcy proceedings is not specified in this document; individuals and enterprises should refer to the specific provisions of the Bankruptcy Law.
Full text
ORDER OF THE STATE PRESIDENT
Regarding the promulgation of the Law
PRESIDENT OF THE SOCIALIST REPUBLIC OF VIET NAM
On the basis of Article 103 and Article 106 of the Constitution of the Socialist Republic of Vietnam in 1992, amended and supplemented by Resolution No. 51/2001/QH10 dated December 25, 2001 of the National Assembly, Session 10, Term X;
Pursuant to Article 91 of the Law on the Organization of the National Assembly;
Pursuant to Article 50 of the Law on Legislative Regulatory Documents;
NOW PROMULGATES:
Bankruptcy Law.
Passed by the National Assembly of the Socialist Republic of Vietnam, Session XI, Fifth Session on June 15, 2004./.
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