Law No. 21/2004/QH11 dated June 15, 2004 of the National Assembly on bankcruptcy

THE NATIONAL ASSEMBLY -------------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness --------------
No. 21/2004/QH11	Hanoi, June 15, 2004

LAW

ON BANKRUPTCY

Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No. 51/2001/QH10 of December 25, 2001 of the X^th National Assem bly, the 10^th session;

This Law provides for bankruptcy of enterprises, cooperatives.

Chapter I

GENERAL PROVISIONS

Article 1.- Regulation scope

This Law prescribes the conditions and the submission of applications for opening of bankruptcy procedures; the determination of property obligations and measures to preserve property in bankruptcy procedures; the conditions and procedures for restoration of business operation, the procedures for property liquidation and bankruptcy declaration; the rights, obligations and responsibilities of the applicants for opening of bankruptcy procedures, of the enterprises and cooperatives requested for bankruptcy declaration and of the participants in the settlement of requests for bankruptcy declaration.