The business owner or the legal representative of the business.
This includes the owner, director, general manager, or representative as stipulated in the company's charter. They have the right to file a petition when the business becomes insolvent.
Application for Initiating Bankruptcy Proceedings
Application for Initiating Bankruptcy Proceedings
The petition for bankruptcy proceedings is a crucial legal document, marking the beginning of the bankruptcy process. For the petition to be accepted by the court, it must comply with all requirements.
Who is entitled to apply?
According to Article 5 of the 2014 Bankruptcy Law, the following individuals have the right to file a petition:
Instructions on how to prepare a petition to initiate bankruptcy proceedings.
Contents of the bankruptcy petition
According to Article 11 of the 2014 Bankruptcy Law, the application must contain the following information:
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Date of application: determines the date of legal application submission.
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Name of the receiving court: clearly state the court with jurisdiction to handle the case.
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Applicant's information: including full name, address, phone number, and tax identification number (if applicable).
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Information about the business being requested to go bankrupt: business name, business registration number, registered office address.
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Reason for requesting bankruptcy proceedings: to demonstrate the company's inability to pay its debts.
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List of debts and related creditors (if any): Provide a complete list for verification by the Court and the Receiver.
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Supporting documents and evidence: contracts, debt records, financial statements, or other documents proving the company's insolvency.
Note: The application must be signed and, if it is a business, legally stamped. Filing the application does not guarantee immediate court acceptance; the court will review the file before making a decision on acceptance.
Documents attached to the application
For creditors:
- Send a notice of business dissolution to the tax authority directly responsible for its management.
- Duration: within 7 working days from the date of the dissolution decision.
For business representatives:
- The company's most recent financial statements.
- List of creditors
- List of corporate debtors
- Documents proving the legal representative status of the business.
- Resolution of the Board of Directors/General Meeting of Shareholders regarding the submission of an application…
Sample application form for initiating bankruptcy proceedings
Depending on the specific circumstances, MAN will provide models that best suit the customer's needs.
- Send a notice of business dissolution to the tax authority directly responsible for its management.
- Duration: within 7 working days from the date of the dissolution decision.
Notes when preparing the application
Important notes to ensure your application is processed quickly:
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Date of application: clearly state the date of submission to ensure legality.
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Name of the court receiving the application: correctly identify the competent court based on the company's registered address or legal regulations.
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Applicant information: full name, contact address, phone number, and tax identification number (if applicable).
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Information about the business being requested to go bankrupt: name, business registration number, and registered office address.
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Proof of insolvency: attach contracts, debt records, financial statements, or other supporting documents.
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Supporting documents: ensure that the file is complete so that the Court can review and process it promptly.
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Signature and seal (if a business): the document will only be considered valid if signed and stamped.
Note that submitting a complete and accurate application helps the court shorten the review time, increasing the likelihood of the application being processed quickly.
Need assistance with business bankruptcy proceedings?
MAN's team of experts is ready to advise and support you.
