📰 Click here to read the detailed article on Tuổi Trẻ Newspaper: AISVN International School Case: Bankruptcy Procedures Should Be Opened
Because at that time, our community was hindered by 3 massive barriers:
- The East Asian Psychological Barrier: In many people’s minds, "bankruptcy" is always synonymous with collapse and total loss. This fear made us hesitate, choosing to believe in the school owner’s endless promises rather than bringing the case to Court.
- A Fragmented Crowd: Parents are the largest creditors, yet they remain only scattered individuals filing isolated complaints. Without a representative organization willing to shoulder the legal risks and costs, unifying a large community was an impossible task.
- Lack of a Representative Legal Entity and a Feasible Master Plan: To file a petition for opening bankruptcy procedures, the applicant must pay court fees and advance bankruptcy costs. These costs are significant for an individual. Furthermore, at that time, the Law on Bankruptcy still contained many shortcomings and lacked the robustness of the newly amended version—which took effect on March 1, 2026, arriving at the exact moment we need it most. Without a legal entity to take responsibility, serve as a central hub for document collection, provide legal representation, and shoulder the financial burden, this solution—despite being pointed out by experts—remained out of reach as no one had the capacity to execute it.
At that time, for many parents, the term "bankruptcy" sounded like a death sentence—synonymous with total loss. However, with sharp, objective insight and a vision ahead of its time, journalist Tien Long along with legal experts (Lawyer Tran Duc Phuong, Dr. Vo Tri Hao) in Tuổi Trẻ Newspaper pointed out a core truth: Opening bankruptcy procedures is not about erasing the school; it is the only legal tool to strip management rights from the non-compliant school owner, prevent the dispersal of assets, and return the power of decision-making to the creditor community — parents like us.
IF ONLY WE HAD ACTED SOONER:
Looking back at the journey we’ve traveled, if only our parent community had proactively acted on the heartfelt advice of those experts back then, the path to saving our assets might not have been this arduous.
Through this article, AIST wishes to express our deepest gratitude to the author—journalist Tien Long, along with the two guest experts, Lawyer Tran Duc Phuong and Dr. Vo Tri Hao. You possessed a strategic vision far ahead of its time. Sincere thanks to Tuổi Trẻ Newspaper.
The belief in the right direction has been clarified:
It is time for parents to decide the destiny of this school!
Today, the limitations of the past have been shattered. The parent community now holds significant advantages to reverse the situation:
1. The Protective Power of the 2025 Law on Bankruptcy and Recovery: Current law prioritizes "Recovery" over "Bankruptcy". Filing a petition with the Court now is not a "death warrant" for the school; rather, it is a legal tool to freeze bank foreclosures. Shady contracts aimed at misappropriating assets from isolated creditors will be annulled by the Court. Ultimately, it creates a "clean" financial slate to rescue assets that would otherwise almost certainly be lost.
2. The Power of Unifying the Largest Creditor Bloc (The 51% Rule): Parents are no longer "isolated creditors" to be ignored. Once our community unites, representing over 51% of the unsecured debt, we officially become the true voice in Court. The parent collective will hold "veto power" at the Creditors' Meeting—possessing just enough strength to compel the school owner, banks, bondholders, and other creditors to sit down, engage in dialogue, and approve mediation plans imposed by the Court for all parties.
Call to action:
The vision from two years ago has now met all the conditions to become action.
Do not let the fear of words strip away the opportunity to recover assets and protect our children's future.
The only exit now is to follow the AIST solution: opening recovery and bankruptcy procedures through the Court to "roll out the red carpet" for a new strategic investor. Through AIST’s role as your legal representative, let the parent community unite, using our own debt as the ballot to activate the path of rebirth for AISVN—where we, the parents, take control of the endgame!
The most practical solution to reclaim what is rightfully ours.
Accurate Information is the Foundation for Right Action
Do not let unofficial legal information cause panic or lead you to give up.
The strength of the parent community lies not in confrontation, but in organized solidarity and trust in the Vietnamese legal system.
We do not need to judge in place of the Court — Parents only need to remain steadfast in protecting their legitimate interests while awaiting official conclusions from the authorities.
💬 If you have any suggestions to further improve this article, please contact us at:
📧 aisvn2025.dcd@gmail.com
👉 If you find this information accurate and helpful, please share it widely to help more parents understand correctly, comprehensively, and act in accordance with the law — this is the most practical way we can support one another right now.
