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.
Along with that, 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.
Notably, this Law clearly stipulates the responsibilities and obligations of agencies, organizations, and individuals related to recovery and bankruptcy cases.
Accordingly, agencies, organizations, and individuals managing and storing documents and evidence related to recovery and bankruptcy cases are responsible for providing complete and timely documents and evidence related to the case within 10 days from the date of receiving the request from creditors, businesses, cooperatives, courts, procuracies, asset administrators, and asset management and liquidation enterprises.
In case documents and evidence cannot be provided, they must be answered in writing and clearly state the reason.
Tax management agencies, business registration agencies, and social insurance agencies are responsible for providing information on the debt status, legal status, and other information of enterprises and cooperatives in the process of resolving recovery and bankruptcy cases within 3 working days from the date of receiving the Court's request.
From the date the Court accepts the request for application of recovery procedures, decides to open bankruptcy proceedings, employees, agencies, organizations, and related individuals are not allowed to commit acts aimed at concealing or dissipating assets, documents, and evidence of enterprises and cooperatives.
From the date of receiving the decision declaring bankruptcy of enterprises and cooperatives from the Court, it is strictly forbidden for credit institutions whose enterprises and cooperatives are declared bankrupt to have accounts to pay debts of enterprises and cooperatives declared bankrupt, unless there is written consent from the Court or civil judgment enforcement agency.
Relevant agencies, organizations, and individuals are responsible for implementing the requests and proposals of the Court and closely and promptly coordinating with the Court in the process of resolving recovery and bankruptcy cases.
Agencies, organizations, and individuals who do not implement the Court's request without legitimate reasons will be handled according to the nature and severity of the violation according to the provisions of law.
