Law on Bankruptcy 2014

This Law regulates the procedure for submitting, receiving petitions, initiating bankruptcy process; the asset liabilities and measures for asset preservation ...

LAW

ON BANKRUPTCY

Pursuant to the Constitution of the Socialist Republic of Vietnam;

The National Assembly promulgates the Law on Bankruptcy.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Law regulates the procedure for submitting, receiving petitions and initiating bankruptcy process; the asset liabilities and measures for asset preservation during bankruptcy settlement; procedure for business operation recovery; the declaration of bankruptcy and implementation of Decisions on the declaration of bankruptcy.

Article 2. Regulated entities

This Law shall be applied to enterprises and cooperatives or cooperative unions (hereinafter referred to as cooperatives) which are established and run in accordance with the regulations of the law.

Article 3. Application of Law on Bankruptcy

1. The Law on Bankruptcy is applied to the bankruptcy process of every enterprise and cooperative based in the territory of Vietnam.

2. In case an international agreement to which Vietnam is a signatory contravenes regulations of this Law, such international agreement shall prevail.

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Article 132. Effect

1. This Law shall come into effect from January 01, 2015.

2. The Law on Bankruptcy No. 21/2004/QH11 shall expire from the effective date of this Law.

Article 133. Instructions on implementation

The Government, Supreme People’s Court and Supreme People’s Procuracy shall provide instructions on the implementation of the articles and clauses in the Law.

This Law has been passed by the 13^th National Assembly of the Socialist Republic of Vietnam at the 7^th meeting on June 19, 2014.