Decree No. 67/2006/ND-CP dated July 11, 2006 of the Government guiding the application of the bankruptcy law to special enterprises and the organization and operation of asset management and liquidation teams
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Hanoi, July 11, 2006
GUIDING THE APPLICATION OF THE BANKRUPTCY LAW TO SPECIAL ENTERPRISES AND THE ORGANIZATION AND OPERATION OF ASSET MANAGEMENT AND LIQUIDATION TEAMS
Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the June 24, 2004 Bankruptcy Law;
Pursuant to the January 14, 2004 Ordinance on Enforcement of Civil Judgments;
At the proposal of the Minister of Planning and Investment and after consulting the Supreme People's Court,
Article 1.- Scope of regulation
This Decree provides for:
1. Criteria for identifying special enterprises directly serving defense and security; enterprises and cooperatives regularly and directly supplying essential public products and services (hereinafter collectively referred to as special enterprises).
2. Application of the Bankruptcy Law to special enterprises.
3. Establishment, organization and operation regulations and dissolution of asset management and liquidation teams involved in the management and liquidation of enterprises and cooperatives facing bankruptcy, including special enterprises.
4. Application of the Bankruptcy Law to credit institutions and enterprises operating in the financial domain shall comply with separate regulations of the Government.
Article 2.- Subjects of application
This Decree applies to:
1. Enterprises and cooperatives established and registered under the provisions of law, meeting all the criteria and being on the list defined in Articles 3, 4 and 5, Chapter II of this Decree.
2. Asset management and liquidation teams.
3. Agencies, organizations and individuals involved in the settlement of petitions for enterprise or cooperative bankruptcy.
IDENTIFICATION OF SPECIAL ENTERPRISES AND APPLICATION OF THE BANKRUPTCY LAW THERETO
Article 3.- Criteria for identifying special enterprises directly serving defense and security
Special enterprises directly serving defense and security which are regulated by this Decree are those meeting the following criteria:
1. Being established to directly perform stable and regular tasks in domains or geographical areas in direct service of defense, security or assurance of national secrets.
2. Having 100% of their charter capital owned by the State.
3. Receiving stable and regular orders or plans from the State for the production of one or several public products or the provision of one or several public services to perform defense and security tasks on List A in the Annex to the Government's Decree No. 31/2005/ND-CP of March 11, 2005, on production of public products and provision of public services.
4. Holding an important position and their bankruptcy likely to directly affect defense, security or social order.
Article 4.- Criteria for identifying enterprises and cooperatives regularly and directly supplying essential public products or services
Enterprises and cooperatives identified as those regularly and directly supplying essential public products and services and governed by this Decree should meet the following criteria:
1. Directly supplying essential products or services for the socio-economic life of the country or a population community in a geographical area. In case of supply of essential products or services for a population community in a geographical area, an additional condition that there are no other enterprises or cooperatives supplying the same products or services in the area should also be satisfied.
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