The Time to Activate is Now: The Most Transparent and Legitimate Path to Protect the Interests of AISVN Parents

The AISVN International School parent community has endured a whirlwind of emotions: from hope and patience to confusion and utter exhaustion.

We are currently facing a deadlocked "endgame."

Let’s look at the current reality:

• From the Parent Community: We are fragmented into multiple groups with differing interests and approaches to seeking help. Some groups, out of long-term desperation and a lack of solutions, have even resorted to obstructive actions out of sheer frustration.

• From the School Owner: Currently entangled in legal proceedings, leaving behind an "interconnected" ecosystem of entities riddled with debt. While they continue to affirm responsibility and claim to be seeking investors, no concrete legal commitments have been made, and time continues to slip away. Meanwhile, the HCMC People’s Committee has directed the City Inspectorate to transfer files to the Police Investigative Agency to examine signs of "abuse of trust to appropriate property." Crucially, official reports from reliable news outlets indicate that the school is now almost entirely insolvent, with a deficit reaching trillions of VND.

• From the Investors:

  • Existing Investors (typically Grassland, currently holding a lease and operating on the land) are also "stuck: unable to move forward or withdraw because the land's legal status remains unclear, facing potential lawsuits or involvement in criminal proceedings.

  • Potential Investors: Many intended to participate but withdrew after due diligence due to excessive legal risks: uncertainty over asset ownership, unclear total debt, and a lack of transparency mechanisms.

  This is the core issue: Everyone is "waiting" because there is no mechanism strong enough to compel all parties to sit down together transparently, to find a common voice, and to harmonize their conflicting interests.
  ==> Bankruptcy and Recovery Procedures in Court are the only mechanism that can break this stalemate.

What Happens If AIST Activates the Recovery and Bankruptcy Procedures?

Once the Court officially issues the Decision to Open Recovery and Bankruptcy Procedures, it becomes a complete game-changer in favor of the parents:

The School Owner Must Be Transparent Before the Court: The Most Significant Shift

Once the Court opens the procedures, a Court-appointed Receiver (Trustee) will require the school owner and all related entities to declare everything:

• The Actual Total Debt to all parties: parents, banks, bondholders, suppliers, employees, taxes, insurance, etc.

• All Existing Assets: the 6.5-hectare land, equipment, bank accounts, accounts receivable, and more.

• Recent Financial Transactions: including all fund transfers between related legal entities.

For the first time, a true panoramic picture of the assets and debts of the entire AISVN ecosystem will be exposed under the Court's supervision. No more one-sided information, no more "gray areas."

For the Parent Groups:

• The Parent Group Aligned with the AIST Solution will be guided to file their own Proof of Debt or authorize AIST to file on their behalf:
  They will be represented by AIST at the Creditors' Meeting organized by the Court. They hold the right to vote to approve or reject the recovery plan. This group possesses the decisive voice in the final outcome.

• The Parent Group NOT Aligned with the AIST Solution may download the petition template from AIST’s documents and file their Proof of Debt independently:
  Their rights are still protected — once the Court opens the procedures, all creditors are processed according to the Court's judgment, regardless of their participation in AIST. However, they will have no voice in the process of developing the recovery plan.

• What Happens If Parents or Other Creditors Fail to File a Proof of Debt?
  According to Article 55 of the Law on Bankruptcy and Recovery, within 15 to 30 days (as specified in the Court’s official notice) from the date the Court issues its decision, all creditors must submit their Proof of Debt to the Receiver. If a creditor fails to file within this timeframe, they will LOSE THEIR RIGHT TO PARTICIPATE and forfeit their right to claim payment, even if they still hold a valid contract. This is not a warning intended to cause panic; it is a legal reality that every creditor and parent must clearly understand.

For Existing Investors, such as Grassland:

Grassland is currently managing and operating on the land under a lease agreement with the school. When the bankruptcy procedures are opened:

• The validity of the lease agreement will be strictly reviewed by the Receiver

• Grassland must work directly with the Receiver and the Court — non-cooperation or resistance is not an option

• If the contract is valid, Grassland continues its operations and becomes an integral part of the recovery plan

• If there are issues with the contract, this is the time to clarify and resolve them according to the law

Why Did Potential Investors Give Up Before, and Why Will They Change Their Minds Now?

The answer is quite simple: Investors fear hidden risks—not disclosed risks.

When recovery and bankruptcy procedures are opened:

• All debts and assets are officially inventoried and disclosed under the Court's supervision

• Investors know exactly what they are buying/investing in: the actual debt, the real assets, and the true value

• The recovery plan is approved and monitored by the Court — no longer dependent on the goodwill of a few individuals

• Disputes between creditors are resolved systematically. Investors no longer fear surprise lawsuits after injecting capital.

• Most importantly, under the 2025 Law on Bankruptcy and Recovery, the "rescue funds" injected by new investors at this stage are categorized as Super-priority (Priority #1) for repayment if the recovery fails and moves to liquidation. With risks neutralized and their legal standing protected by the state, they will not hesitate to bring back trillions of VND to revive the school!

This is the exact environment professional investors need to make immediate decisions. Court procedures are not a barrier—they are the legal guarantee that provides peace of mind.

Call to Action: Three Immediate Steps

1. Consent and Authorize AIST to Activate Procedures:

• The Bankruptcy and Recovery Procedure in Court is the most transparent and legitimate path under current conditions. Not because it is easy, but because it is the only mechanism that provides equal legal protection for us all — instead of relying on the goodwill of any single party

• When AIST gathers enough authorizations representing over 51% (or 65%) of total unsecured debt, we will take control of the endgame at the Creditors' Meeting. AIST will vote to approve the Recovery Plan, effectively "rolling out the red carpet" for new investors to take over operations

Waiting further solves nothing. Every passing day is a day the assets could be handled in a way that disadvantages parents. Activating court procedures now is the act of protecting our own interests.

2. Parents with Court Judgments — Send Them to AIST Immediately

If you have won your first-instance lawsuit but have been unable to enforce the judgment, your court ruling is the highest and strongest legal evidence for the Court to accept the petition for opening recovery and bankruptcy procedures. There is no need to debate whether the debt exists — the Court has already ruled.

📧 Please send a copy of your judgment to: aisvn2025.dcd@gmail.com

Required Information:

• A photo or scan of the first-instance judgment (or appellate judgment, if any)

• Minutes confirming the failure of judgment enforcement (if available)

• Your contact information for AIST to confirm and coordinate

Each submitted judgment shortens the time for the Court to issue the Decision to Open Procedures.

Don't let your files sit in a drawer while your rights are waiting to be protected.

AIST commits to information confidentiality and will only disclose it with the parent's consent.

3. Former AISVN Teachers and Staff — Your Voice Carries Unique Weight:

If you are a former teacher or staff member of AISVN International School and are owed salaries, bonuses, or benefits, you have the full legal standing to participate in these procedures as independent creditors.

The voice of employees owed wages carries not only legal value—it carries social and media weight that resonates with all relevant authorities. The participation of former teachers and staff will help the case be viewed fully and comprehensively.

📧 Contact AIST for support: aisvn2025.dcd@gmail.com

Whether the AISVN campus can be revived, and whether our hard-earned money can be reclaimed, all depends on YOUR actions today.

Stand firm, stand with AIST, and place your trust in the Vietnamese Legal System!

“Only when everything is brought before the Court does the full truth have a chance to be revealed.”

💬 If you have any suggestions to further improve this plan and analysis, please contact us at: 📧 aisvn2025.dcd@gmail.com

Or join our official Zalo community for detailed discussions: Zalo AIST Official: https://zalo.me/g/jhtrra250

👉 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.