Tiếng Việt
中文Yes, but only where the cooperative is insolvent and the petitioner is an unsecured creditor or a partially secured creditor. Under Article 38 of the Law on Recovery and Bankruptcy 2025 (No. 142/2025/QH15), a fully secured creditor has no right to file a petition for bankruptcy proceedings. An enterprise or cooperative is deemed insolvent when it fails to pay a due debt after 06 months from the due date.
1. May a creditor request bankruptcy proceedings against a cooperative with an overdue loan?
Yes, subject to two cumulative conditions:
Related services
Debt Recovery Advisory
If your business is facing overdue debts or considering legal steps for recovery, ANT Legal can help review documents, evidence and practical legal options.
– The cooperative is insolvent: it has failed to pay a debt for 06 months after the due date (Law on Recovery and Bankruptcy 2025);
– The petitioner is an unsecured creditor or a partially secured creditor (Clause 1, Article 38 of Law No. 142/2025/QH15). A fully secured creditor is not entitled to petition.
Thus, not every creditor is entitled to request bankruptcy proceedings — the debt must have been overdue for more than 06 months, and the creditor must be unsecured or only partially secured.
2. What basic contents must the petition for bankruptcy proceedings contain?
A creditor’s petition for bankruptcy proceedings must contain the basic contents prescribed by the Law on Recovery and Bankruptcy 2025: the petitioner’s name and address; the name and address of the cooperative against which proceedings are requested; the due debt that the cooperative has failed to pay (amount, due date, period of delay); the basis proving the cooperative’s insolvency; and the list of accompanying documents and evidence (credit contracts, disbursement vouchers, debt statements, debt collection letters, etc.).
3. Time limit for handling the petition for bankruptcy proceedings
Within 03 working days from assignment, the Judge must examine the petition and handle it in one of the following ways: notify the petitioner to pay the bankruptcy fee and advance on bankruptcy costs; notify the petitioner to amend or supplement the petition if incomplete; transfer the petition to the competent People’s Court; or return the petition. The handling notice must be in writing and sent to the petitioner and to the insolvent enterprise or cooperative.
Notes on applying current legal provisions
The Law on Bankruptcy 2014 expired on 01/3/2026, replaced by the Law on Recovery and Bankruptcy 2025 (No. 142/2025/QH15). The “03-month” threshold under the Law on Bankruptcy 2014 has changed to “06 months” under Law No. 142/2025/QH15. To determine the exact legal basis applicable to your dossier, please contact an ANT Legal lawyer at 0966.475.966.
Common risks to note
A petition filed when the debt has not yet been overdue for 06 months, or filed by a fully secured creditor, will be returned by the Court. Enterprises should note the Government’s detailed rules on petition conditions under the Law on Recovery and Bankruptcy 2025.
How can ANT Legal help?
ANT Legal assists with advice on bankruptcy and enterprise/cooperative recovery procedures: assessing petition eligibility, preparing dossiers, and representing clients before the Court.
For quick advice, you may contact a lawyer at 0966.475.966.
