Bankruptcy is the legal status of an insolvent enterprise or an insolvent cooperative and which has been declared bankrupt by the Court. Due to its specific features, the enforcement of the Court’s judgements during the bankruptcy settlement shall be executed according to its exclusive order and procedures.
Our lawyers have much experience and can assist you in the following typical types of actions under the Law on Enforcement of Civil Judgements (ECJ):
Enforcement of interim injunctive relief applied by the Court during the bankruptcy settlement. The asset management officer or asset manager and liquidator of the enterprise shall have the right to request the competent Court to issue rulings on the application for one or more terms of interim injunctive relief to protect the assets of the insolvent enterprise or cooperative as well as ensuring the legitimate rights and interests of the employees. These JE rulings will be immediately implemented.
Enforcement of rulings declaring the transactions of the entity to be invalid. Transactions of bankrupt enterprises and cooperatives are deemed to be invalid, as specified in Article 59 of the 2014 Law on Bankruptcy. The enforcement of the ruling to declare transactions invalid is executed in accordance with the general provisions of the Law on ECJ.
Enforcing decisions on the declaration of bankruptcy. As prescribed by the laws of ECJ, competent ECJ agencies shall enforce the civil obligations according to the judgements and rulings of the Court. Therefore, the responsibility for enforcement of debt collection against an enterprise/cooperative declared bankrupt is ECJ agencies. However, other actions, such as: Shutting down the business operations, suspending transactions related to the enterprise, and terminating labor contacts, etc. are not subject to the judgement enforcement rulings of the ECJ agencies.
In addition, there are other bankruptcy judgement enforcement actions such as: implementing the asset division plan pursuant to the declaration or decision of the bankrupt enterprise or cooperative; and handling the assets of an enterprise or cooperative arising after the declaration of bankruptcy.
With much experience in enforcing bankruptcy judgements, we are confident to assist you in ensuring the fairness of the enforcement process and protect your best interests.