GUIDANCE ON COOPERATION IN ENFORCEMENT OF DECISION ON BANKRUPTCY
The Joint Circular No. 07/2018/TTLT-BTP-VKSNDTC-TANDTC on cooperation in enforcement of court’s decision on bankruptcy settlement is issued on June 12, 2018 by the Ministry of Justice, the People’s Supreme Procuracy and the Supreme People’s Court.
This Joint Circular guides some provisions on cooperation in enforcement of court’s decision on bankruptcy settlement as following:
- After receiving a court’s notice regarding acceptance of a petition for initiation of bankruptcy process against an insolvent enterprise or cooperatives which is a judgment debtor (obligated to execute the judgment), the head of civil enforcement agency shall issue a decision on temporary suspension of judgment enforcement against its asset(s). The decision on temporary suspension of judgment enforcement shall be made within 5 working days from the date on which the court’s notice is received.
- A court’s decision on bankruptcy settlement shall be transferred to the competent civil enforcement agency within 30 days from the date on which it becomes legally effective. Within 3 working days from receipt of the court’s decision on bankruptcy settlement, the head of competent civil enforcement agency shall issue a decision on judgment enforcement and assignment of bailiff(s).
- Within 30 days after a purchaser (winning bidder) made full payment but the bankruptcy trustee or asset management enterprise fails to hand over assets and documents thereof to the winning bidder, the bankruptcy trustee or asset management enterprise shall request the civil enforcement agency in writing and hand over all documents to it for carrying out the coercive handover of assets and documents…
This Joint Circular takes effect on August 01, 2018.
