Seeking feedback on the Draft Law on Bankruptcy (amended)

(Baonghean.vn) -On March 28th, the National Assembly Delegation held a conference to gather feedback on the draft amended Bankruptcy Law. Comrade Pham Van Tan, Provincial Party Committee member and Head of the Provincial National Assembly Delegation, chaired the conference.

The draft Law on Bankruptcy (amended), to be submitted to the National Assembly at the next session, has 14 chapters and 129 articles (an increase of 2 chapters and 5 articles compared to the draft submitted to the National Assembly at the 6th session). Many contents have been revised and clarified, such as: criteria for determining insolvency of enterprises and cooperatives; the jurisdiction of the courts in resolving bankruptcy cases; the role of the People's Procuracy; standards, conditions for practicing, rights, and obligations of bankruptcy administrators; handling applications and initiating bankruptcy proceedings; measures to preserve assets; declaring enterprises and cooperatives bankrupt...

Overview of the conference

Representatives from the Provincial People's Court participated and contributed their opinions.

At the conference, representatives from the Provincial Fatherland Front Committee, the Provincial People's Court, the Nghe An Bar Association, and various departments and agencies discussed and offered many valuable suggestions for the draft Bankruptcy Law, such as: The authority to resolve bankruptcy cases for businesses and cooperatives should not be granted to district-level courts. If granted, the scope of jurisdiction should be clearly defined, for example: district-level courts should handle bankruptcy cases for businesses and cooperatives registered at the district level; Consider extending the deadline for businesses and cooperatives to fulfill their debt payment obligations from 3 months to 6 months when those with rights and obligations file a request for bankruptcy proceedings; Only apply the Bankruptcy Law to businesses and cooperatives established under the Enterprise Law and the Cooperative Law; Add detailed responsibilities and powers of the Court and the People's Procuracy in resolving bankruptcy cases and supervising the bankruptcy proceedings. Revise and briefly explain some terms for clarity and natural Vietnamese usage, for example: the phrase "Insolvency administrator" should be changed to "bankruptcy asset manager"; clearly define the regulations for disclosing information through the media...

Representatives from the Department of Planning and Investment participated and contributed their opinions.

Through this conference, the Provincial National Assembly Delegation will draft a document compiling the opinions of the participating delegates to submit to the National Assembly Standing Committee for consideration and further refinement of the draft Bankruptcy Law (amended).

Nhat Lan