The process of bankruptcy brings with it a multitude of complex decisions and procedures, and one critical aspect is the appointment of a liquidator. However, a fundamental question that often arises is the number of liquidators that a petitioner has the right to request when initiating bankruptcy proceedings. This query delves deeply into the heart of the bankruptcy process, specifically touching upon the petitioner’s rights and the considerations that guide the appointment of liquidators. Understanding this pivotal aspect is crucial, given its profound impact on the efficiency and effectiveness of the bankruptcy proceedings. Within this exploration, we will comprehensively examine the legal framework and principles governing the petitioner’s role in this decision, thereby shedding light on the significance of this aspect within the broader context of bankruptcy.
Question:
The petitioner has the right to request the Judge to apPoint how many liquidator? After the Judge has issued the decision apPointing the liquidator? Can this liquidator then propose to the Judge to apPoint additional liquidator?
Answer:
According to Clause 3 Article 26 of Law on Bankruptcy provides: “When advising on the selection of asset management officers and/or asset management enterprises, the request must contain the name and address of the asset management officers and/or asset management enterprises.” In conclusion, the Law on Bankruptcy does not specifically determine the number of liquidator, the entity managing, and liquidating the assets to be apPointed to participate in the bankruptcy proceedings. Therefore, based on the scale of the business, cooperative subject to the bankruptcy proceedings, the complexity of the bankruptcy case, the petitioner, liquidator has the right to propose to the Judge to apPoint additional liquidator, the entity managing, and liquidating the assets.
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