Must the Decision to Open Bankruptcy Proceedings Be Made Public?

Quick answer: Yes, it must be made public. When the People’s Court issues a decision to open bankruptcy proceedings (Article 41 of the Law on Recovery and Bankruptcy 2025), the decision is sent to the enterprise, cooperative, creditors and the Procuracy, and information on the opening of bankruptcy proceedings is made public as prescribed by law (posting and publication on information portals under current guidance). Publication ensures all creditors know in time to declare claims and protect their rights.

Legal Basis

• Law on Recovery and Bankruptcy 2025 (No. 142/2025/QH15, effective from 01/3/2026);
• Guiding documents of the Supreme People’s Court (applied when available).

Who Receives the Bankruptcy Opening Decision?

• The enterprise or cooperative subject to the bankruptcy petition;
• The petitioner requesting the opening of bankruptcy proceedings;
• The People’s Procuracy at the same level;
• Creditors named in the list (for claim declaration);
• The judgment enforcement authority where relevant.

Forms of Publication

• Posting at the Court’s head office and the enterprise/cooperative’s head office;
• Publication of information on the opening of bankruptcy proceedings on portals/media as prescribed by current regulations and guidance;
• Purpose: to ensure all creditors — including unnamed ones — know so they can declare claims on time.

Why Is Publication Mandatory?

• Creditors are only entitled to asset distribution after declaring claims on time;
• Incomplete publication may lead to complaints about procedural order;
• Published information is also the basis for applying asset preservation measures to prevent asset dissipation.

Notes on Legal Citations

• The Law on Recovery and Bankruptcy 2025 fully replaces the Law on Bankruptcy 2014 from 01/3/2026;
• Persons entitled or obliged to file petitions are prescribed in Article 38 (not Article 5 as in the old law);
• When researching, consult the original text of Law 142/2025/QH15, not summaries citing the old law.

If you need to determine the appropriate approach for your specific situation, you should consult a lawyer first to have your dossier reviewed and receive advice on handling options.

For prompt consultation, please contact our lawyers at 0966.475.966.

Related Articles

• Guide to Enterprise Bankruptcy Procedures
• Who Is Liable When an LLC Goes Bankrupt?
• What Is Insolvency of Enterprises and Cooperatives?