Can an individual with the right and obligation to submit a petition for bankruptcy proceedings request the reopening of the bankruptcy proceedings if the higher-level People’s Court directly decides not to initiate the bankruptcy procedure?”

The intricacies of bankruptcy proceedings encompass a range of legal complexities. Consequently, one such issue revolves around the potential reopening of bankruptcy proceedings. Specifically, it raises the question of whether an individual, vested with the right and obligation to initiate bankruptcy proceedings, can request the reopening of such proceedings if a higher-level People’s Court directly opts not to initiate bankruptcy. This query delves into a critical aspect of bankruptcy law, touching upon the rights and responsibilities of individuals in this process and the mechanisms in place for reconsideration. The implications of such a decision resonate through the legal landscape and can significantly affect the outcome of bankruptcy cases. In this exploration, we will delve into the legal framework and principles governing the petitioner ‘s role in reopening proceedings, shedding light on the significance of this aspect within the broader context of bankruptcy proceedings.

Question:

According to the provisions of Article 45 of the Law on Bankruptcy , within a period of 03 working days from the date of the decision to initiate bankruptcy proceedings, the Judge has the responsibility to designate a Liquidator or a company to manage and liquidate assets. However, if the Liquidator or the company refuses to handle the matter after being apPointed, how will the Judge handle the situation as there is currently no provision?

In response:

Paragraph 1 of Article 46 of the Law on Bankruptcy  provides that the Liquidator, the company managing the assets, or the liquidator may be subject to a decision by the Judge to change if they fall into one of the following cases: “c) Be incapable of performing duties in cases of force majeure “.

Therefore, when the liquidator, the company managing the assets, or the liquidator submits a letter of refusal to handle the matter, the Judge will consider and decide to change the liquidator, the company managing the assets, or refuse liquidator assets if there is evidence to prove that they are unable to perform their duties due to a case of force majeure.

HMLF is always available to offer assistance in understanding the procedures with authorities.

Harley Miller Law Firm “HMLF”

Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.

Phone number: +84 937215585

Website: hmlf.vn Email: miller@hmlf.vn