Recently, Tân Tạo Investment and Technology Corporation (ITA) announced that the People’s Court of Ho Chi Minh City decided to suspend bankruptcy proceedings, based on a request from Quoc Linh Construction Trading Service Co., Ltd. Tân Tạo has a debt of over 21.3 billion VND. Although bankruptcy procedures began on January 25, 2018, Tân Tạo failed to provide enough documentation for asset checking and creditor listing. Financial reports indicate Tân Tạo has over 94 billion VND in unsecured debt but assets nearing 12,185 billion VND, reflecting its ability to pay debts. The court ruled that continuing bankruptcy proceedings would not protect creditors’ rights and negatively affect Tân Tạo’s operations, leading to the decision to suspend bankruptcy.
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