After accepting the petition to open bankruptcy proceedings against Rang Dong Holding, the Ho Chi Minh City People's Court requested the company to present documents and papers, including a list of assets and creditors as of January 2, 2025.
Rang Dong Holding Joint Stock Company is a company chaired by businessman Ho Duc Lam - Photo: RDP
Subsidiary company owned by Rang Dong Holding requests to open bankruptcy proceedings
On the last working day of the year of the Dragon, Rang Dong Holding Joint Stock Company (RDP) has just sent a notice to the Securities Commission and HoSE announcing that the Ho Chi Minh City People's Court has issued a notice accepting the petition to open bankruptcy proceedings against Rang Dong Holding, from January 2.
The petition was filed by Rang Dong Films Joint Stock Company - a subsidiary in which RDP holds 97.75% of the capital. "Along with the petition, the petitioner has submitted documents and evidence to prove the bankruptcy request," the court said in a statement.
Pursuant to Clause 1, Article 40 of the Bankruptcy Law, the People's Court of Ho Chi Minh City has notified the People's Procuracy of Ho Chi Minh City, Rang Dong Films, RDP, agencies and organizations handling cases related to insolvent enterprises.
Within 15 days from the date of receipt of the court notice, RDP must present the papers and documents.
Including an explanation of the cause leading to the insolvency, a report on the results of implementing measures to restore the business but still unable to overcome the insolvency.
RDP must also submit to the court a detailed list of assets and locations of the business' assets. If it is money in an account, obtain a bank confirmation of the amount in the account.
In addition, the company must submit a list of creditors as of January 2, 2025. Accordingly, it must clearly state the full name of the individual or business, address, secured, unsecured, partially secured debts that are due or not yet due.
A list of RDP debtors as of January 2, 2025 must also be submitted. This must include the names and addresses of the debtors, the loans or the goods to be recovered.
Being required to file for bankruptcy, how much debt does Rang Dong Holding have?
Rang Dong Holding was established in the 1960s and was once a famous symbol. Mr. Ho Duc Lam is currently the Chairman of the Board of Directors of this enterprise.
However, by 2023, after losing the lawsuit against the Japanese shareholder, Rang Dong Holding was forced to pay Sojitz Planet Corporation (under the Japanese Sojitz Group) more than VND 156 billion along with other related fees and charges.
Rang Dong Holding's recent business situation has not been very smooth. Recently, the Securities Commission said that this company announced incorrect information about the 2023 after-tax profit target in its separate financial statements for the fourth quarter of 2023 and its consolidated financial statements for the fourth quarter of 2023.
Accordingly, the 2023 after-tax profit on the 4th quarter 2023 financial report is more than 17.3 billion VND, but the 2023 after-tax profit on the audited separate financial report for 2023 is -117 billion VND.
In addition, the 2023 after-tax profit on the consolidated financial report for the fourth quarter of 2023 is more than 26 billion VND, but the 2023 after-tax profit on the audited consolidated financial report for 2023 is a loss of 146.7 billion VND.
In the second quarter of 2024, RDP reported a loss after tax of 65 billion VND, while in the same period it still made a profit of more than 10 billion VND. In the first half of 2024, RDP reported a loss of 64.5 billion VND compared to a profit of more than 11 billion VND in the same period last year.
The financial report also shows that at the end of June 2024, RDP recorded 1,716 billion VND in liabilities, down from the beginning of 2024. On the other side of the balance sheet, the company's total assets reached 1,995 billion VND.
Source: https://tuoitre.vn/bi-chinh-cong-ty-con-yeu-cau-mo-thu-tuc-pha-san-rang-dong-holding-phai-ke-tai-san-20250125194645539.htm
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