NA approves draft revised Bankruptcy Law

The Bankruptcy Law (amended) got 86.75% of votes and will take effect from January 1 next year.

The bill consists of nine chapters and 133 articles, defines order and process of application, acceptance and opening of bankruptcy proceedings, while identifying obligations over assets and measures to preserve assets during bankruptcy proceedings; procedures for recovery operations; and declaration of bankruptcy and enforcement of decisions on bankruptcy declaration.

The law is applicable to enterprises, co-operatives, and co-operative unions that establish and operate in accordance with current law.

The new law targets to institutionalise the Party and State’s policies and complete a legal framework to limit shortcomings and obstacles to the previous Bankruptcy Law.

It also is an important contribution to restructuring the national economy towards improving quality, efficiency and competitiveness of enterprises and co-operatives.

The same day, NA deputies discussed the draft Law on Citizen Identification, the projected Residency Law./.

By Khanh Phuong