Recently, Tan Tao Investment and Technology Joint Stock Company (Stock Code: ITA, UPCoM) announced its receipt of a decision from the People’s Court of Ho Chi Minh City to suspend bankruptcy proceedings under case file number 18/2017/TLDN-PS dated November 27, 2017. This decision stems from a petition filed by Quoc Linh Construction and Trading Service Co., Ltd.
Specifically, based on Quoc Linh’s 2017 bankruptcy petition and accompanying documents, it was determined that Tan Tao owes Quoc Linh over VND 21.3 billion in principal and interest. Additionally, there is accrued interest calculated at the average market overdue interest rate for the period during which previous court judgments and decisions remained unenforced.
Illustrative image
Consequently, on January 25, 2018, the People’s Court of Ho Chi Minh City issued a decision to initiate bankruptcy proceedings against Tan Tao due to its inability to pay debts.
However, during the proceedings, the Court-Appointed Administrator reported that Tan Tao only provided financial statements for 2022–2024 and the first half of 2025, without submitting other required documents.
As a result, insufficient information and documentation prevented the completion of asset inventory, creditor lists, debtor lists, and employee lists for Tan Tao, making it impossible to convene a creditors’ meeting as mandated.
Nonetheless, the file identified two unsecured creditors of Tan Tao: Quoc Linh Construction, with a provisional debt of nearly VND 50.4 billion as of September 15, 2025 (including VND 27.6 billion in principal and VND 22.7 billion in interest), and Mr. Duong Van Suong, with a total provisional debt of nearly VND 44 billion as of September 30, 2025 (including VND 27.2 billion in principal and VND 16.8 billion in interest). Collectively, Tan Tao’s unsecured debt exceeds VND 94 billion.
Meanwhile, according to the 2024 financial report and the first half of 2025, Tan Tao’s total assets were approximately VND 12,146 billion and VND 12,185 billion, respectively—significantly higher than its total debt (which accounts for only 0.77% of asset value).
The Court concluded that Tan Tao has the capacity to repay its debts, and continuing bankruptcy proceedings would neither protect creditors’ interests nor serve Tan Tao’s operational needs.
Therefore, the Court decided to suspend bankruptcy proceedings against Tan Tao. Additionally, cases previously consolidated into Tan Tao’s bankruptcy file will be transferred to the competent courts for separate resolution. These include disputes involving Duc Hanh Traffic Construction JSC, Mr. Tran Phuoc, Mr. Pham Van Bu, and Saigon Industrial Machinery Co., Ltd.
Western Oil Tycoon Owes Over 1.4 Trillion VND in Unpaid Taxes
NSHPETRO (UPCoM: PSH), officially known as Nam Song Hau Petroleum Trading and Investment Joint Stock Company, tops the list of tax debtors in Can Tho City as of August 31st. Notably, several of the company’s branches are also featured on this list.
The Stock Market’s Big Boys are on Thin Ice
“A trifecta of woes has befallen Novaland, Duc Long Gia Lai, and Rang Dong Holding, with negative profits and delayed disclosures of their reviewed semi-annual financial statements for 2024. As a consequence, their stocks have been placed on the warning list, capturing the attention of discerning investors.”
