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Opened bankruptcy proceedings for PetroVietnam Landmark’s investor projects

PetroVietnam Landmark project has been "frozen" over 15,000 sqm

People’s Court of HCMC has just issued a decision on the opening of bankruptcy procedures for Vietnam Petroleum Construction Joint Stock Company (PVC Land), the owner of PetroVietnam Landmark.

This decision was made after the authorities considered the petition for opening of bankruptcy procedures for the business of Tran Thi Chau Giang (18/7 Ngo Thoi Nhiem, District 3, HCMC) and Relevant papers and documents show that PVC Land lost its ability to pay.

PetroVietnam Landmark project over 4 years because of running out of capital
PetroVietnam Landmark project over 4 years because of running out of capital

The decision states that within 30 days from the date of the last publication of the information on the decision to open the bankruptcy procedures, the creditors must send a debt reclamation note to the administrator managing the asset. Ms. Nguyen Thuy Anh – Address 197/3 Nguyen Kim, Ward 7, District 3. In which, specify the debt, payables. Accompanying the debt claim is the document proving the debt.

Claims must be signed by the creditor or the legal representative of the creditor. Upon expiry of this period, the creditor does not send the debt claim to the court, it is considered to waive the right to reclaim the debt.

Previously, People’s Court District 3, HCMC has asked Ms. Giang (customer to buy apartments at PetroVietnam Landmark project) and PVC Land met on November 8, 2016 to negotiate. Minutes of 8/11 showed that Giang only agreed to negotiate if PVC Land pay all debts and interest once, however PVC Land want to pay multiple times. The result of the negotiation failed and the court opened the bankruptcy procedure with PVC Land – as required by Ms. Giang

It is known that Ms. Jiang filed for bankruptcy procedures for PVC Land is the first case that customers request the investor a project bankruptcy in the real estate market in Vietnam.

PetroVietnam Landmark is a complex of high class apartment buildings, trade centers and offices built on the land of Sub-zone 7, An Phu urban development area, District 2, Ho Chi Minh City. The project has more than 400 apartments, the average price of 23.8 million/ sqm, committed to hand over the house in 2011.

However, the owner has broken promise, repeatedly delayed the time of handover. And although nearly 70% of the value of apartments has been collected by customers, PVC Land still does not release the project.

PetroVietnam Landmark project has been "frozen" over 15,000 sqm
PetroVietnam Landmark project has been “frozen” over 15,000 sqm

Most recently, the District Judicial Enforcement Department of District 2 issued a decision to blockade over 15,000 square meters of land under this project. This decision states: to suspend the registration, transfer ownership, use, change the current status of property of Petrovietnam Construction Real Estate Joint Stock Company, for the right to use area of ​​15,320, 86m2 in PetroVietnam Landmark Building – Commercial – Service Project in Sub – Area 7, An Phu Development Zone.

Specifically, this area includes 4,708.5 sqm of residential land, 4,447.08 sqm of public works and commercial land 6. 165.28 sqm of park land, water surface, traffic yard. The area of ​​land has been mortgaged to Lien Viet Post Commercial Joint Stock Bank – HCMC which not be paused.

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Opened bankruptcy proceedings for PetroVietnam Landmark’s investor projects
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