Ask:
For a request to open bankruptcy proceedings that has been accepted by the People’s Court before the effective date of the Law on Bankruptcy 2014 (January 1, 2015), but is carrying out procedures for asset liquidation, can it issue a decision? Declare bankruptcy of enterprises and cooperatives according to the provisions of the Bankruptcy Law 2014?
Answer:
According to the provisions of Clause 3, Article 131 of the Law on Bankruptcy 2014, “for a request to open bankruptcy proceedings that has been accepted by the People’s Court before the effective date of the 2014 Law on Bankruptcy but has not yet issued a decision to declare the enterprise, If an enterprise or cooperative goes bankrupt, the provisions of this Law shall apply to continue resolution.
So, in case an enterprise or cooperative is carrying out procedures for asset liquidation in accordance with the 2004 Bankruptcy Law, the Court shall consider and decide to issue a decision to declare bankruptcy for the enterprise or contract. the cooperative under the Bankruptcy Law 2014.
Ask:
For cases that were handled before the effective date of the 2014 Bankruptcy Law, will the Asset Management and Liquidation Team continue to handle the case after the 2014 Bankruptcy Law takes effect. power or not or must appoint an asset manager, enterprise to manage and liquidate assets instead?
Answer:
Article 28 of Decree No. 22/2015/ND-CP dated February 16, 2015 of the Government detailing the implementation of a number of articles of the Bankruptcy Law regarding asset administrators and the practice of asset management and liquidation specified as follows:
“Article 28. Transitional provisions
1. For a request to open bankruptcy proceedings that has been accepted by the People’s Court before January 1, 2015, a team for asset management and liquidation has been established in accordance with the provisions of the Bankruptcy Law No. 21/2004/ QH11, if by January 1, 2015, the Asset Management and Liquidation Team has not completed their tasks and powers, the Asset Management and Liquidation Team will continue to perform their duties and powers to bankruptcy case.
In case the judge conducting the procedures appoints an asset management officer or asset management and liquidation enterprise in accordance with the provisions of the Bankruptcy Law No. 51/2014/QH13 and this Decree for the request to open the procedure. bankruptcy, the asset management and liquidation team shall terminate its operation and be dissolved according to the provisions of the Bankruptcy Law No. 21/2004/QH11. The asset management officer or asset management and liquidation enterprise shall continue to perform the task of asset management and liquidation for that bankruptcy case, except for the part of the work performed by the asset management and liquidation team. within the scope of duties and powers according to the provisions of Bankruptcy Law No. 21/2004/QH11. The results of the work performed by the Asset Management and Liquidation Team are recognized and valid for use in accordance with the Bankruptcy Law No. 51/2014/QH13
2. For requests to open bankruptcy procedures that have been accepted by the People’s Court before January 1, 2015 but have not yet established an asset management and liquidation team according to the provisions of Bankruptcy Law No. 21/2004/ QH11, by January 1, 2015, the Judge will conduct bankruptcy procedures to appoint an asset manager and enterprise to manage and liquidate assets according to the provisions of Bankruptcy Law No. 51/2014/QH13 and this Decree. ”.
Conclusion
Thus, in the above case, the Asset Management and Liquidation Team can continue to perform its duties and powers regarding that bankruptcy case. In case of the Judge conducting the procedure is appointed by the Administrator or the enterprise to manage and liquidate assets according to the provisions of the Bankruptcy Law 2014 and Decree No. 22/2015/ND-CP for the request When the above bankruptcy procedure is opened, the Asset Management and Liquidation Team will terminate its operations and be dissolved in accordance with the provisions of the 2004 Bankruptcy Law.
Asset administrators and asset management and liquidation enterprises will continue to carry out their operations. perform the task of managing and liquidating assets for that bankruptcy case, except for the work that the Asset Management and Liquidation Team has performed within the scope of tasks and powers according to the provisions of the Bankruptcy Law of 2019. The results of the work performed by the Asset Management and Liquidation Team are recognized and have value for use according to the provisions of the 2014 Bankruptcy Law.
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