On September 26, 2019, the Head of the Supreme People’s Procuracy issued Decision No. 435 / QD-VKSTC in 2019 providing regulations on the control of bankruptcy settlement. This decision takes effect from September 26, 2019.
Accordingly, in the Regulation issued together with Decision 435 / QD-VKSTC 2019 stipulating the object of the control of bankruptcy settlement is the compliance with the law of persons conducting bankruptcy procedures (except the Institute the head of the Procuracy and Procurators), who participate in bankruptcy procedures during the court process of bankruptcy cases in accordance with law.
This Regulation also stipulates the scope of control of bankruptcy settlement starting from:
The procuracy receives a decision to return the petition to open bankruptcy proceedings until the decision takes legal effect to resolve the request for reconsideration and petition for returning the application (if any); or
The procuracy receives notice of acceptance of the petition to open bankruptcy proceedings until the Court’s bankruptcy decision comes into force without any recommendations, protests or requests for reconsideration.
In case of supervising the bankruptcy settlement before the decision to declare bankruptcy of the enterprise or cooperative, the control of the acceptance of the application for opening of bankruptcy procedures is as follows:
Upon receiving the Notice of acceptance of the petition, the officer must enter the acceptance book, make a monitoring card announcing the acceptance of the application for opening of bankruptcy procedures.
The officer who controls the submission deadline, the subject is sent notice of acceptance; legal status of the applicant; competence and procedures for accepting applications.
If detecting any violations, gather and report to the Procuracy Leader to exercise the right to petition.
The Procuracy’s activities of supervising the bankruptcy settlement include: Controlling the return of applications for opening of bankruptcy procedures; To supervise the handling of applications for reconsideration and proposals for the return of applications for opening of bankruptcy procedures; To supervise the bankruptcy resolution before the decision to declare bankruptcy of enterprises or cooperatives; Control the declaration of enterprises, cooperatives and many other activities as prescribed in the Regulation issued together with this Decision.
Regulations on supervising the bankruptcy settlement for the purpose of controlling this activity in accordance with the law, ensuring fairness, transparency and efficiency to assist the Court in resolving the bankruptcy case.