Administrative violations regarding corporate bankruptcy are fined up to VND 40 million

22/07/2020

The Government's Decree No. 82/2020/NĐ-CP stipulates administrative violations, penalties and remedies in bankruptcy of enterprises and cooperatives. The maximum fine for an individual is VND 40 million, the fine imposed on an organization is twice the fine for an individual.

Specifically, for acts of obstructing or causing difficulties in carrying out the right to file a request for opening of bankruptcy procedures, the Decree provides a warning or a fine of VND 500,000 - 1 million for acts of obstructing, making difficulties on implementing the right to file applications of those who have the right to file a request for opening of bankruptcy procedures for an insolvent enterprise or cooperative.

Relating to the acts of violating regulations on filing obligations, the Decree prescribes a fine of VND 1-3 million for owners of private enterprises, chairmen of joint-stock companies, the chairman of the members' council of a limited liability company with two or more members, the owner of a one-member limited liability company, a partnership member of a partnership or the legal representative of a joint venture. Enterprises and cooperatives do not apply for opening bankruptcy procedures when enterprises or cooperatives are insolvent.

For acts of violating the responsibility to notify enterprises or cooperatives which are insolvent, the Decree prescribes a fine of between VND 5-10 million for one of the following acts: the insolvent cooperatives incorrectly cause losses to enterprises and cooperatives; failing to notify in writing those who have the right and obligation to file a request for opening of bankruptcy procedures prescribed in Article 5 of the Bankruptcy Law.

Fines for violations of regulations on obligation to supply documents

For acts of: Failing to provide fully and promptly documents and evidences related to bankruptcy cases to creditors, enterprises, cooperatives, courts, procuracies, asset managers, enterprises. manage and liquidate assets within the prescribed time limit, except for plausible reasons; providing inaccurate documents and evidences related to bankruptcy cases to creditors, enterprises, cooperatives, courts, procuracies, asset managers, enterprises managing and liquidating fined properties from 1-3 million.

A fine of between VND 5-10 million for acts of applying for bankruptcy due to non-objective procedures, adversely affecting the honor, reputation and business activities of enterprises or cooperatives .

A fine of from VND 10-20 million for applicants who commit fraudulent acts in requesting the opening of bankruptcy procedures, adversely affecting the honor, reputation and business activities of enterprises or cooperatives .

In addition, the Decree also stipulates a fine of VND 3-5 million for insolvent enterprises and cooperatives without giving public notice of the decision to open bankruptcy procedures after receiving the decision. opening bankruptcy procedures of the Court.

Source: chinhphu.vn

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