In addition, the enterprise law also stipulates that the liability which a parent company assumes for its subsidiary is “limited”. The law does not force a company’s owners to assume liabilities for the obligations which arise from the operations of such company and exceed the contributed or committed capital shown on the charter of the. Dissolution and liquidation of the company; Act on behalf of the debtor to file for bankruptcy liquidation, restructuring or settlement; Act on behalf of the creditor to file for bankruptcy liquidation, restructuring or file claim on bankrupt enterprise; Act as the liquidation and restructuring manager. Under Article 92 of the Partnership Enterprise Law, where a partnership is unable to pay off its mature debts, the creditors can apply to the court for bankruptcy liquidation or demand the general partners to make repayments. Where a partnership is declared bankrupt, its general partners still bear joint and several liabilities for its debts.
This CLE webinar will provide bankruptcy counsel with a review of the differences between a Chapter 11 and a Chapter 7 liquidation and between liquidating plan sales vs. The panel will discuss formulation and approval of liquidation plans, unique issues in Chapter 11 liquidations, and best practices for avoiding pitfalls.
Debtors are increasingly filing for Chapter 11 with little possibility of reorganization, particularly debtors in the retail sector. The Chapter 11 liquidation alternative allows the debtor to operate as debtor-in-possession and sell the business at a higher value than might be realized in Chapter 7.
While Chapter 11 liquidation allows management to continue operating the business while assets are sold, the debtor is faced with increased administrative costs. Eventually the debtor will be forced to either confirm a plan of liquidation or convert the case to a Chapter 7. Debtors considering Chapter 11 liquidation must have a well-crafted exit strategy.
Listen as our authoritative panel of bankruptcy practitioners contrasts Chapter 11 liquidation and Chapter 7 liquidation, discusses the pros and cons of liquidating plan sales vs. Section sales, identifies the unique issues in Chapter 11 liquidation plans, discusses how to formulate a liquidation plan, and provides best practices for avoiding potential pitfalls.
He practices primarily in the areas of corporate reorganization, bankruptcy law, creditors' rights and appellate He has prosecuted and defended numerous bankruptcy-related appeals before the U. District Court and the U. Court of Appeals for the Eleventh Circuit. He represents official and ad-hoc creditor committees, secured lenders, administrative agents, and other parties-in-interest in restructuring matters.
He is experienced in analysis of true sale, non-consolidation and bankruptcy remoteness principles. He frequently represents creditors' committees and debtors in Chapter 11 cases, as well as purchasers of assets, parties to executory contracts and real property leases and unsecured creditors. Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:.
Downloads are available 48 hours following the live program and are accessible 24 hours a day, 7 days a week. Presentation materials can be viewed on your screen. PDFs of the presentations are also available on each program's web page. Can't attend the live event? On 26 February , the Government issued Decree No. Accordingly, Decree 23 has some key points as follows:. Decree 23 defines that exhibition means to display works, exhibits and materials concentratedly within a period of time, in a certain space, under different forms and by different technical means with the aims of introducing, disclosing or popularizing such works, exhibits or materials to the society and community.
In which, exhibitions for non-commercial purposes means any exhibition not including sales activities or the opportunities to enter into sales contracts. In addition, Decree 23 also stipulates the conditions with respect to the works, exhibits, materials and locations in exhibition. Particularly, works, exhibits and materials in exhibition must not be the ones prohibited by this Decree such as propaganda against the State of the Socialist Republic of Vietnam, undermining of the national great solidarity, or those not suspended or prohibited from circulation, revoked and confiscated.
The application procedures for licenses to hold exhibitions will be applicable in the following situations:. Accordingly, Decree 23 details the authority, documents, order and procedures with respect to the issuance, reissuance and revocation of exhibition-holding licenses.
The time to issue this license is 07 working days or up to 15 working days for the exhibitions in which it is required to establish the Content Assessment Council. In the following cases, individuals or organizations must send the Notice of holding exhibitions to competent State authorities:. With regard to the procedures for giving notices of holding exhibitions, Decree 23 also stipulates the authorities to receive notices; order, procedures and templates for notification as well as temporary suspension of exhibitions.
Accordingly, within 07 working days from the day on which the notice of exhibitions is received by competent authorities, if the competent authorities do not give written responses, organizations or individuals may hold the exhibition with the notified contents. However, this period may be extended up to 15 working days for the exhibition in which it is required to establish the Content Assessment Council.
On 20 March , the Government issued Decree No. Accordingly, Decree 29 also abolishes many legal documents concerning labour outsourcing, namely: Decree No. Decree 29 has many remarkable new points as follows:. Changes to the authority and conditions for licensing labour outsourcing activities. At the same time, Decree 29 abolishes the conditions on locations of labour outsourcing enterprises and does not stipulate additional conditions on capital and experience with respect to foreign enterprises in joint venture with Vietnamese enterprises.
Extending the term and not limiting the number of times to renew labour outsourcing licenses. Pursuant to the new provisions, the term of a labour outsourcing license is up to 60 months instead of 36 months as before. Also, pursuant to Decree 29, the renewal of labour outsourcing licenses can be granted many times and the maximum period of a renewal is 60 months instead of 02 times and 24 months. In addition to the list of 17 jobs that can be outsourced, Decree 29 supplements 03 jobs to this list, specifically:.
Circular 02 takes effect from 01 March while abolishing Circular No. Unincorporated organizations are eligible to open payment accounts at banks and foreign bank branches. From the effective date of Circular 02, the organizations which are legal entities, private enterprises, individual household businesses and other organizations are entitled to open payment accounts at banks and foreign bank branches in accordance with the laws. Banks and foreign bank branches shall notify unincorporated organizations that have resumed signing contracts for opening and using payment accounts to convert the form of opening payment accounts from an organization account to personal account or general account in accordance with Circular 32 on the change in the name of the payment account under new Circular Any payment account holder of the organization is really the account opening organization, but not the legal or authorized representative pursuant to the previous Circular The legal or authorized representative of an organization opening a payment account acts on behalf of such organization to conduct transactions related to such payment account within the scope of representation.
Pursuant to Circular 02, banks and foreign bank branches coordinate with organizations excluding legal entities that have opened payment accounts before 01 March to change any account holder to an organization without signing the contract, unless required in writing by customers.
The payment account holder is entitled to authorize another person to use a payment account. Authorization must be in writing and comply with laws on authorization. Customers have at most 60 days from the date of transaction to make any complaint or propose banks and foreign bank branches to track the using their payment accounts. If the causes or errors by any party have not yet been identified upon expiry of the settlement of complaints and tracers, within the next 15 working days, banks and foreign bank branches must reach agreement with customers on the way of handling any tracers, complaints.
Circular 04 features the following key points:. Circular 04 prescribes the volumes of tariff quotas on the import of a number of particular goods in as follows:. In addition to the above regulation, Circular 04 also provides guidelines for managing tariff quotas on imports as follows:. Dinh Quang Thuan , Partner. Luong Van Ly , Partner. Le Quang Vy , Partner. Duong Tieng Thu , Partner. Hoang Quoc Nhat Trung , Partner. Nguyen Van Quynh , Partner.
The contents of the newsletter do not constitute legal advice and do not necessarily reflect the opinions of our firm or any of our attorneys or consultants. The newsletter provides general information, which may or may not be correct, complete or current at the time of reading. The content is not intended to be used as a substitute for specific legal advice or opinions. Please seek appropriate legal advice or other professional counselling for any specific issues you may have.
When subsidiaries go bankrupt Posted on June 5,