The appointment of a Liquidator or an Asset Manager plays a crucial role in the resolution of bankruptcy cases. However, a pressing question arises: what course of action should the Judge take if, after being appointed, these key stakeholders refuse to perform their essential duties in asset management? This query delves into the heart of bankruptcy proceedings, addressing the legal framework and principles that guide the Judge’s actions when faced with such a situation. The effective management of assets is integral to the success of bankruptcy cases, and understanding the mechanisms in place to address refusal is essential. In this exploration, we will delve into the intricacies of this matter, shedding light on how the judiciary proceeds when confronted with stakeholders who decline their responsibilities in the asset management process.
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 procedures, the Judge is responsible for apPointing Liquidator or a company to manage and liquidate assets. However, if the apPointed Liquidator or company refuses to handle the matter, the Judge will handle the situation because there is currently no regulation.
In response:
According to Clasue 1, Article 46 of the Law on Bankruptcy provides that the Judge may decide to change the Liquidator or the company managing and liquidating assets in the following cases: “c) Be incapable of performing duties in cases of force majeure “.
Therefore, when the Liquidator or the company managing and liquidating assets submits a refusal letter to handle the matter, the Judge will examine and decide to change the Liquidator or the company managing and liquidating assets if there is evidence that it falls under the case of force majeure where the Liquidator or the company managing and liquidating assets cannot perform their duties.
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