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Which contracts of an insolvent enterprise are suspended or terminated after a bankruptcy procedure is initiated?

A creditor or insolvent enterprise is entitled to request the People’s court to issue a decision to suspend the performance of a contract within 5 days from the date of the People’s Court’s acceptance of a petition for bankruptcy procedure initiation.  The suspension will apply to contracts that are in effect and are being performed or have not yet been performed and may adversely affect the enterprise. Performance may not be suspended with regard to the settlement of secured loans in accordance with Article 53 of the 2014 Law on Bankruptcy.

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