(VOVworld) – The National Assembly Standing Committee on Friday discussed revisions to the 1992 constitution and the draft law on bankruptcy.

Head of the National Assembly's Finance and Budget Committee Phung Quoc Hien

Article 3 of the draft law says that businesses and cooperatives that fail to pay overdue debts from 10,000 USD within 3 months will be considered bankrupt. However, there remained differences among the deputies over the feasibility of this regulation. They agreed that the criteria for bankrupt businesses should take into consideration the balance between their total debts and capital. This will help to evaluate the real financial capacity of the businesses and cooperatives towards ensuring economic transparency.