Bankruptcy Law (amended) creates legal corridor to rescue businesses in difficulty

On the afternoon of November 21, continuing the 10th session of the 15th National Assembly, National Assembly deputies discussed in the hall the draft Bankruptcy Law (amended).

Commenting on the draft Bankruptcy Law (amended), Deputy Nguyen Tam Hung (HCMC) agreed with the addition of basic principles and State policies in enterprise recovery and bankruptcy. However, in order for the commitment to support in terms of tax, credit, interest rates, and land to truly come into effect, the Deputy suggested considering the need to more clearly stipulate the time and agency responsible for issuing specific policies.

According to the delegate, if only the Government is given guidance, it may delay and reduce the effectiveness of capital recovery procedures that need to be implemented quickly to help businesses overcome difficulties.

Delegate Nguyen Tam Hung (HCMC). Photo: VIET CHUNG

Regarding the mechanism for handling requests for rehabilitation and bankruptcy, the draft stipulates that requests for rehabilitation or bankruptcy procedures will be returned when the applicant is dishonest or fails to pay fees or advance expenses. With this proposal, Deputy Nguyen Tam Hung suggested considering clarifying the criteria for determining “dishonest” behavior, and at the same time adding a mechanism to handle cases where employees or state agencies take advantage of the fee exemption regulations to hinder the normal operations of enterprises, avoiding profiteering.

In order to control judicial power in the regulation that judges open sessions to resolve property disputes and that this decision takes effect immediately, Deputy Nguyen Tam Hung suggested that it is necessary to clearly stipulate the authority, basis and process for the chief justice to review the judge's decision, avoid arbitrariness and ensure transparency.

The adjustment of the duties and powers of judges in bankruptcy from "verifying and collecting documents and evidence when necessary" to "instructing and requesting participants in rehabilitation and bankruptcy procedures, agencies, organizations and individuals to collect, submit and provide documents and evidence" has updated the new spirit. However, Deputy Nguyen Danh Tu ( An Giang ) continued to propose adding regulations on the responsibilities of judges in "examining documents", thereby determining the authenticity, objectivity and reality of documents to resolve the case.

Some other deputies analyzed that the conciliation activities of administrators, asset management and liquidation enterprises in the rehabilitation procedure, the draft law only stipulates "the responsibilities of administrators and asset management and liquidation enterprises in conducting conciliation at the request of enterprises, cooperatives, creditors, and participants in bankruptcy rehabilitation procedures but has not yet stipulated the principles, order, and procedures for conducting conciliation".

Chief Justice of the Supreme People's Court Nguyen Van Quang. Photo: VIET CHUNG

From there, the delegates proposed that the drafting committee study and supplement regulations on principles, order, and procedures for conciliation activities of administrators and asset liquidation management enterprises in the recovery procedure for conciliation negotiations.

Explaining further, Chief Justice of the Supreme People's Court Nguyen Van Quang affirmed that it is necessary to stipulate criteria for the experience of the administrator because in practice, almost no bankruptcy case has the same nature. The complexity of bankruptcy cases is very large. Therefore, it requires the administrator to be a very experienced person.

Therefore, Chief Justice of the Supreme People's Court Nguyen Van Quang proposed to retain the regulation: Judges in the process of selecting and appointing administrators must be responsible for their decisions by assessing whether the administrator has enough experience and capacity to resolve the case appropriately.

Chief Justice of the Supreme People's Court Nguyen Van Quang also said that the goal of amending the law is not only to overcome limitations, but also to remove obstacles in the current law, overcome bottlenecks to resolve bankruptcy cases, and aim to build a legal corridor through legal procedures so that businesses can restore production and business. This is a measure to unlock resources, build a business environment, and improve capacity.

Previously, contributing to the draft Law amending and supplementing a number of articles of the Law on Statistics, Deputy Pham Van Hoa (Dong Thap) proposed clear regulations on reporting by commune-level and grassroots agencies. "Specifically, how should the reporting regime in statistics be regulated, 1 week, 1 quarter or 6 months?". In addition, Deputy Pham Van Hoa also suggested consistency in statistical work between statistical agencies and police agencies. "Each agency cannot have different data in statistics," the Deputy stated.

Delegate Pham Van Hoa (Dong Thap). Photo: VIET CHUNG

Reporting on the acceptance and explanation of a number of contents, Minister of Finance Nguyen Van Thang said that the revised contents will focus on major issues: a group of regulations related to the arrangement and organization of the apparatus; a group of regulations related to specialized statistical inspection and statistical inspection; a group of statistical professional expertise in practice; a group of statistical methods and digital transformation in state information activities...

Minister of Finance Nguyen Van Thang. Photo: VIET CHUNG

Minister of Finance Nguyen Van Thang also informed that the regulations on statistical tasks at the grassroots level stipulated in the draft do not only serve the commune level, but must serve the management of at least 5-6 communes. "Statistical activities are specific, requiring centralized and consistent direction from the Central to the local level as well as between ministries and branches, to ensure that statistical data are collected according to the method and in compliance with regulations," Mr. Nguyen Van Thang stated and affirmed that in the process of implementing statistics, the Ministry of Finance will closely coordinate with ministries and branches to ensure objectivity, accuracy, timeliness and consistency.

In this revision, the Ministry of Finance has not mentioned amending the list of national statistical indicators, because the new list was issued at the end of 2021. Currently, the basic statistical indicators still meet the requirements.

DO TRUNG

Source: https://www.sggp.org.vn/luat-pha-san-sua-doi-tao-hanh-lang-phap-ly-cuu-van-doanh-nghiep-gap-kho-khan-post824724.html