In the process of implementing the decision to declare bankruptcy, if disputes arise regarding the assets of the participants in the bankruptcy proceedings, how does the Court resolve them?
Question:
How does the Court handle disputes over assets of participants in the bankruptcy proceedings during the execution of the bankruptcy declaration? Does it become a separate case? Is it necessary to transfer jurisdiction to another case?
Answer:
According to Article 115 of the Law on Bankruptcy, during the execution of the bankruptcy declaration of an enterprise or cooperative that gives rise to disputes, participants in the bankruptcy proceedings have the right to request the People’s Court that has resolved the bankruptcy case to consider the bankruptcy matter. Within 10 working days from the date of receiving the request from the participants in the bankruptcy proceedings, the Court must issue a written response either rejecting the request or transferring the petition to the competent authority for consideration of an appeal against the bankruptcy declaration decision as stipulated by law. In case of disagreement with the response rejecting the request, participants in the bankruptcy proceedings have the right to request the competent authority to consider an appeal against the bankruptcy declaration decision as stipulated by law. The Court does not handle it as a separate case.
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