Businesses banned from many activities when opening bankruptcy procedures

    ANH HUY |

    After the decision to open bankruptcy proceedings, businesses and cooperatives are prohibited from carrying out activities such as hiding, dispersing, donating assets; giving up the right to collect debts...

    The National Assembly has passed the Law on Recovery and Bankruptcy. This Law takes effect from March 1, 2026.

    This Law stipulates the principles, order, and procedures for resolving cases of recovery and bankruptcy of enterprises and cooperatives, cooperative unions; tasks and powers of people carrying out recovery and bankruptcy procedures; rights and obligations of people participating in recovery and bankruptcy procedures.

    The Law on Recovery and Bankruptcy is applied when resolving cases of recovery and bankruptcy of enterprises and cooperatives; in case this Law does not have regulations, relevant legal regulations shall be applied.

    Regarding the operation and supervision of enterprises and cooperatives after a decision to open bankruptcy proceedings, this law stipulates that after a decision to open bankruptcy proceedings, enterprises and cooperatives are prohibited from carrying out the following activities:

    Typical examples include hiding, dissipating, donating assets; giving up debt collection rights; paying unsecured debts, except for unsecured debts arising after opening bankruptcy proceedings, and salary payments to employees in enterprises and cooperatives.

    At the same time, converting unsecured debts into secured debts or partially secured debts with assets of enterprises and cooperatives; profit sharing, income distribution.

    The Law also stipulates that after having a decision to open bankruptcy proceedings, enterprises and cooperatives must report to Bailiffs, asset management and liquidation enterprises, and Credit Representative Boards before carrying out activities specified in this Law.

    Asset managers and enterprises managing and liquidating assets must report to the Judge on the content of supervision.

    The synchronous transfer of assets, transfer of part or all of business lines, business activities; transfer of part or all of enterprises, cooperatives is considered and decided by the Creditor Conference. The order, procedures, and conditions for transferring assets are implemented in accordance with the law.

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