The Bankruptcy Law (amended) needs to create a legal corridor to restore businesses and ensure workers' rights.

Delegates at the group discussion session.

Participating in directly commenting on the provisions of the draft Law on Bankruptcy (amended), delegate Vuong Thi Huong stated: Regarding the regulation on the person conducting bankruptcy recovery procedures, there is no mention of the Bailiff, which is expected to be renamed as the Bailiff according to the provisions of the draft Law on Civil Judgment Enforcement, amended. Therefore, it is proposed to add the Bailiff to the draft law to harmonize and unify the laws.

In addition, the draft Law stipulates cases in which participants are not allowed to participate in bankruptcy recovery procedures, including the category of relatives of some related entities. However, the draft does not clearly stipulate or explain the scope of the concept of relatives, leading to difficulties in determining the subject of unified restrictions in the application of the law. From there, there will be the possibility of different understandings and applications, affecting the objectivity and transparency in the implementation of bankruptcy contents and procedures of enterprises.

Delegate Vuong Thi Huong speaks during the discussion.

The delegates also proposed to supplement some contents related to the duties, powers, and coordination mechanism of the Administrator to effectively prevent the dissipation of assets of enterprises and cooperatives during the bankruptcy proceedings. At the same time, supplement the regulation requiring the Administrator or the enterprise managing and liquidating assets, when being changed, to hand over all records, documents, and results of the work performed to the replacement. Supplement the regulation on paying appropriate remuneration to the former Administrator for the work performed before being changed, to ensure rights and encourage cooperation during the transfer process.

The drafting committee needs to add stricter regulations on the responsibility of the legal representative of the enterprise in preparing and providing the list of creditors and debtors. The delegate also suggested reviewing the regulation that employees and trade unions have the right to file a petition to apply for bankruptcy procedures when the 6-month period from the date of payment of wages and other debts due to employees that the enterprise or cooperative fails to pay is too long. According to the delegate, the time limit should be shortened to 3 months to ensure feasibility and help trade unions, labor management agencies and employees proactively detect and handle insolvency early.

Delegate Nguyen Viet Ha speaks in the discussion.

Delegate Nguyen Viet Ha said that this draft law has added important contents, especially expanding the scope of regulation of the draft law in the direction of perfecting the rehabilitation procedure as an independent procedure carried out before bankruptcy procedures.

Delegates suggested that the law should clearly stipulate the "threshold" conditions (for example, failure to pay 65% of debt within 6 months to 1 year) for bankruptcy proceedings to be conducted "automatically". At that time, the subjects (including competent authorities such as tax authorities) will propose bankruptcy to "clean up the business environment", instead of prolonging the recovery process. Delegates also commented on a number of contents related to the responsibilities of the Administrator; regulations on serving regulations on bankruptcy recovery in the direction of simplifying procedures. Regulations on conciliation negotiations need to be clarified in the draft law.

Delegate Pham Thuy Chinh spoke in the discussion.

Regarding the enforcement of judgments during bankruptcy proceedings, it is necessary to consider the handling of assets during bankruptcy proceedings, especially assets that are being mortgaged so as not to affect the rights of creditors and the value of mortgaged assets. Regarding asset valuation and asset sale, it is necessary to be more specific and clear to facilitate implementation in practice. Delegate Pham Thuy Chinh emphasized that many domestic enterprises choose to stop operations instead of carrying out bankruptcy procedures. Therefore, it is hoped that the drafting agency should pay attention to simplifying the procedures in carrying out business recovery procedures and business bankruptcy procedures. Regarding the new regulations on the responsibility to submit requests and apply bankruptcy procedures to the Tax and Social Insurance agencies, the delegate hopes to consider them to suit practical conditions and limit risks during implementation. The delegate also raised a number of regulations to ensure consistency and uniformity with other laws.

Source: https://baotuyenquang.com.vn/tin-moi/202510/luat-pha-san-sua-doi-can-tao-hanh-lang-phap-ly-phuc-hoi-doanh-nghiep-va-bao-dam-quyen-loi-cho-nguoi-lao-dong-f2a7b8c/