According to the law on bankruptcy 2014, in order to resume business operations,
the following insolvent enterprise needs at least approvals of who in the following
case. In 2013, Mezamart Limited Liability Company took out a 10 billion dong
loan from Daikin Joint stock company which was secured by a property valued at
8 billion dong, while it borrowed from Toan 2 billion dong and from Huong 1
billion dong. In 2014, the company entered into a construction contract, which
was valued at 15 billion dong, to build a factory in Binh Duong with Becamex
Limited liability Company. In December 2015, the company was in an insolvent
situation and decided to request for a bankruptcy process. Til December 2015, the
company still owed Becamex Limited Liability Company 5 billion dong. Daikin Joint
Stock Company disagrees with the resolution on resuming the business operation.
Daikin JSC
Toan
Huong
Unsecured
3 billion
2 billion
1 billion
Debt
Secured
8 billion
0
0
Debt
Total of
10 billion
2 billion
1 billion
column
- Number of Unsecured Creditors: 3 creditors
Becamex
Total of
row
5 billion
10 billion
0
8 billion
5 billion
18 billion
1) Check whether creditor’s meeting is convened successfully
+ Condition: >=51% total unsecured debts
 This meeting should represent at least: 10 billion x 51% = 5.1 billion to be
convened successful
+ As assumption: All creditors are attending so therefore the meeting is convened
successfully.
2) Check whether creditor’s meeting resolution is passed
+ Condition:
1. Number of attending unsecured creditors should be at least: 3 x ½ = 2
2. Total unsecured debts should represent at least: 10 billion x 65% = 6.5
billion
+ As assumption: Only Daikin disagree with the resolution
 This meeting resolution is passed.