Chief Justice of the Supreme People's Court Le Minh Tri presents the draft Law on Bankruptcy (amended) - Photo: VGP/Nhat Bac
Focus on removing bottlenecks.
Presenting the draft law, Chief Justice of the Supreme People's Court Le Minh Tri stated that the amended Bankruptcy Law was developed and promulgated to amend and supplement regulations that are still problematic and inadequate in practice; to remove bottlenecks in resolving bankruptcy cases; to create a favorable legal framework for enterprises and cooperatives to recover their production and business activities; to promptly declare bankruptcy and liquidate enterprises and cooperatives that are no longer able to recover, to unlock resources, support production and business, promote the economy , and build a healthy business environment; to contribute to improving the investment and business environment and enhancing national competitiveness; to protect the legitimate rights and interests of all parties, in accordance with international practices and the conditions of Vietnam, and to contribute to leading the country steadily into a "new era - an era of development and prosperity".
Specifically, this includes: Developing and improving procedures for the business recovery of enterprises and cooperatives; developing simplified recovery and bankruptcy procedures for enterprises and cooperatives; applying electronic transactions in resolving recovery and bankruptcy cases; improving regulations on the duties and powers of receivers, enterprises, asset managers and liquidators, those conducting recovery and bankruptcy procedures, and those participating in recovery and bankruptcy procedures; and improving the procedures for resolving bankruptcy cases to overcome obstacles and shortcomings and align with international practices.
The draft law is based on the principle of ensuring the comprehensive and direct leadership of the Party in the work of lawmaking. It institutionalizes the guidelines, policies, and principles in the Party's resolutions and documents on economic development, judicial reform; and the reform, restructuring, and streamlining of the apparatus and the work of lawmaking.
Ensuring the constitutionality, legality, consistency, and uniformity of the legal system; ensuring compatibility with relevant international treaties to which Vietnam is a party; and selectively referencing international experiences appropriate to Vietnam's conditions.
The revised Bankruptcy Law inherits appropriate regulations, amends outdated ones, and adds new provisions to address practical difficulties and shortcomings; it also ensures the legitimate rights and interests of those participating in bankruptcy and rehabilitation procedures. The revised Bankruptcy Law is guaranteed to be feasible and consistent with the country's socio-economic conditions and situation.
Chairman of the Economic and Financial Committee Phan Van Mai presents the Verification Report - Photo: VGP/Nhat Bac
Ensuring feasibility during implementation.
In reviewing the draft law, the Economic and Financial Committee (KT-TC) stated that the draft law dossier basically meets the requirements and is ready to be submitted to the National Assembly for consideration and comments. However, it requested the Government to direct relevant agencies to closely coordinate with the Supreme People's Court (the submitting agency) and the agency in charge of the review to provide timely feedback during the review and revision of the draft law and to finalize the draft law dossier, especially regarding the contents that the Government is tasked with specifying in detail in the draft law, to ensure feasibility and the best quality before submitting it to the National Assembly for consideration and approval at the 10th session.
Regarding the scope of regulation, the majority of members of the Economic and Financial Committee agreed with expanding the scope of regulation of the draft Law to include the development and improvement of recovery procedures as independent procedures to be carried out before bankruptcy proceedings.
However, some argue that separating the rehabilitation procedure into an independent procedure conducted before the bankruptcy procedure is impractical and unfeasible, potentially leading to abuse of state support policies during the rehabilitation phase and prolonging the resolution of bankruptcy cases. Therefore, it is proposed that the rehabilitation procedure be regulated as a step within the bankruptcy procedure.
Regarding the fundamental principles and policies of the State, the Economic and Financial Committee found that, based on the opinions of the Standing Committee of the National Assembly and the preliminary review opinions, the draft Law has been incorporated in the direction that the State has policies to support businesses and cooperatives facing difficulties in production and business in terms of taxes, credit, interest rates, finance, land, and other support measures.
Based on the State's ability to balance resources in each period, the Government develops specific mechanisms and policies to support enterprises and cooperatives. This regulation aims to restructure, restore, or terminate the production and business activities of enterprises and cooperatives in an orderly manner, contributing to improving the investment and business environment and sanitizing the economy.
Regarding the concept of enterprises and cooperatives at risk of insolvency, some opinions suggest that six months is a reasonable timeframe for enterprises and cooperatives to determine whether they have the funds to pay their debts when due; before falling into insolvency, enterprises and cooperatives must assess their own financial difficulties and have time to proactively balance their finances before submitting an application to the court for rehabilitation or bankruptcy proceedings.
However, some other opinions suggest studying the State Bank's regulations on debt classification for loans in order to revise the concept of insolvency in the draft Law to ensure consistency and uniformity.
Regarding the responsibility for filing applications for bankruptcy proceedings, the Economic and Financial Committee agrees with the addition of provisions in the draft Law concerning the responsibility of tax authorities and social insurance agencies in filing applications for bankruptcy proceedings against enterprises and cooperatives.
However, this is new content added after the 49th session of the National Assembly Standing Committee; therefore, it is suggested that further consultations be sought with relevant agencies directly affected by this regulation to ensure its feasibility during implementation.
Regarding implementation provisions, the Economic and Financial Committee proposed a continued comprehensive review of other laws related to bankruptcy law to develop a comprehensive amendment plan, ensuring the consistency and uniformity of the legal system.
Hai Lien
Source: https://baochinhphu.vn/thao-go-nhung-diem-nghen-trong-giai-quyet-vu-viec-pha-san-102251023101053582.htm
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