VIETNAM Law and Practice Contributed by: Chuyen Hong Huu Le, Tan Nhat Truong Phan and Tu Anh Tran, Tilleke & Gibbins
of the IDERA and exercising the rights vested under the IDERA to deregister and/or export the aircraft with the lessee. There is no requirement that an aircraft be located in Vietnam at the time of deregistration or export. 2.8.12 Aircraft Export Permits/Licences A CAAV-issued export certificate of airworthiness (COA) issued by CAAV is a prerequisite for the export of the aircraft. The aircraft exporter will also need to complete customs export clearance and obtain a flight permit from CAAV to fly the aircraft out of Viet - namese territory. 2.8.13 Costs, Fees and Taxes Concerning Export of Aircraft No significant costs, fees or taxes are charged in respect of the export of an aircraft. However, an appli - cant for export must ensure that any outstanding air - craft parking fees, maintenance fees and other official fees are paid to the airport authority. 2.8.14 Practical Issues Related to Deregistration of Aircraft The removal of registration marks from an aircraft must be made after deregistration is approved by CAAV. There are no exceptions to the requirement to obtain an export CoA. 2.9 Insolvency Proceedings 2.9.1 Overview of Relevant Laws and Statutory Regimes Governing Restructurings, Reorganisations, Insolvencies and Liquidations The Law on Bankruptcy No 52/2014/QH13, which took effect on 1 January 2015, sets out the proce - dures for the bankruptcy process, asset liabilities and measures for asset preservation during bankruptcy settlement as well as the procedures for business operation recovery (rehabilitation of business) and the declaration of bankruptcy. The bankruptcy process consists of the following main steps. • The legal representative or the owner of the insol - vent company, an unsecured creditor or partially secured creditor, an internal union representative or elected representative of employees or a share - holder/group of shareholders owning at least 20%
of ordinary shares for at least six months, files an insolvency request with the court. • The court considers and accepts the insolvency request within three days of receiving the request. • The court issues a decision on commencement of insolvency proceedings and appoints an asset management officer to prepare the list of creditors and debtors. • Creditors’ meetings are held and business rehabili - tation is then undertaken. • There is a declaration of bankruptcy and the assets are liquidated. Under Vietnamese law, the lessee is considered insol - vent if it fails to pay a debt owed after three months from its due date. There are no regulations governing restructurings or reorganisations that a debtor commenced outside the bankruptcy proceedings. Those matters may be subject to the provisions under the Law on Enterprise No 59/2020/QH14 and the Law on Investment No 61/2020/QH14. The Declarations to the Cape Town Protocol of Viet - nam made under Official Notice No 67/2014/TB-LPQT, dated 29 September 2014, of the Ministry of Foreign Affairs, include a declaration regarding remedies on insolvency, which states that Vietnam applies Alterna - tive A (under Article XI of the Cape Town Protocol) to all claims regarding insolvency and that the “waiting period” under Article XI(3) of the Cape Town Protocol will be 60 days. Under Vietnam’s declaration, a debtor or an insolvency administrator must give possession to a creditor with - in the waiting period or rectify all defaults and agree to perform all future obligations within that period. If a Vietnamese legislative document (other than the Constitution) and an international agreement to which Vietnam is a signatory contain different regulations on the same issue, the international agreement applies. If there is any conflict of insolvency regulations between the Cape Town Protocol and Vietnamese laws, the Cape Town Protocol will apply.
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