Can an individual who has his/her law practice certificate revoked continue to work as an asset management officer in Vietnam?
- What are the obligations that the asset management officer must fulfill to perform their practicing activities?
- What are the prohibited acts for the asset management officer in Vietnam?
- Can an individual who has his/her law practice certificate revoked continue to work as an asset management officer in Vietnam?
What are the obligations that the asset management officer must fulfill to perform their practicing activities?
According to Article 7 of Decree No. 22/2015/ND-CP, the obligations that the asset management officer must fulfill to perform their practicing activities include:
- Comply with the principles of asset management and liquidation practice as prescribed in Article 2 hereof.
+ Comply with the Constitution and laws.
+ Adhere to the ethical code of the asset management officer.
+ Carry out their professional activities in an independent manner; be honest and unprejudiced; respect transparency.
+ Take legal responsibility for their practicing activities.
- Bear responsibility for their practices in accordance with legal regulations on bankruptcy.
- Sign the report and document on the outcome of the exercise of their powers and assumption of their obligations in accordance with legal regulations on bankruptcy.
- Purchase the insurance against the professional responsibility in accordance with laws if the asset management officer is working as an individual.
- Report to the Department of Justice located in a centrally-affiliated city or province where asset management officer’s practicing activities are registered under the instruction of the Ministry of Justice.
- Fulfill other obligations in accordance with the Bankruptcy Law and relevant laws.
Can an individual who has his/her law practice certificate revoked continue to work as an asset management officer in Vietnam? (Image from the internet)
What are the prohibited acts for the asset management officer in Vietnam?
According to the provisions of Clause 1, Article 3 of Decree No. 22/2015/ND-CP, prohibited acts for the asset management officer:
- Lease, lend, or let other organizations or individuals use their own practicing certificate for the purpose of practicing asset management and liquidation profession;
- In addition to expenses paid the asset management officer in accordance with legal regulations, give hints for or receive any sum or material interest from the person involved in bankruptcy proceedings or abuse the asset management officer’s power to gain benefits from individuals, organizations;
- Abuse their duties and powers to collude with individuals, organizations for the purpose of gaining personal benefits;
- Disclose information on the organization, operation of the insolvent enterprise or cooperative that the asset management officer has reached in the process of their practicing, unless otherwise permitted in writing by that enterprise or cooperative or stipulated by laws;
- Commit other acts of violation against laws or the ethical code of an asset management officer.
Can an individual who has his/her law practice certificate revoked continue to work as an asset management officer in Vietnam?
According to Clause 1, Article 12 of the 2014 Law on Bankruptcy in Vietnam, the requirements for working as an asset management officer are as follows:
Requirements for working as an asset management officer
1. The following individuals are eligible for being issued practice certificates of asset management officer:
a) A lawyer;
b) An auditor;
c) A person having a bachelor degree in law, economy, accountancy or bank and 05 years of experience or more in his/her field.
2. 2. Requirements for working as a asset management officer:
a) Be capable of civil acts;
b) Have ethical qualities, sense of responsibility, integrity and objectivity;
c) Have practice certificate of asset management officer.
3. The Government shall regulate the issuance of practice certificates of asset management officer and State management of asset management officers.
Thus, a lawyer is one of the subjects who are granted a certificate to practice as an asset management officer and can practice this practice when meeting the conditions in Clause 2, Article 12 of the 2014 Law on Bankruptcy in Vietnam.
In the event that they have their law practice certificates revoked, they are no longer lawyers. Therefore, the requirements for being granted a practicing certificate of asset management are no longer available.
At the same time, according to Point c, Clause 1, Article 15 of the 2014 Law on Bankruptcy in Vietnam, the provisions on revocation of practice certificates of asset management officers are as follows:
Revocation of practice certificates of asset management officers
1. An issued practice certificates of asset management officers shall be revoked if the obtainers are:
a) Officials and civil servants; military officers, professional soldiers and military workers who are working in the offices and bases of the People’s Army; professional commissioned and non-commissioned officers who are working in the offices and bases of the Police Authorities.
b) Individuals who are convicted and the sentence
c) Individuals whose practicing certificates of lawyer or auditor is revoked;
d) Individuals replaced according to Point a and b of Clause 1 Article 46 of this Law in 02 or more bankruptcy cases.
2. The Government shall regulate the revocation of practice certificate of asset management officer.
Thus, according to the above provisions, if a person who has been granted a practice certificates of asset management officers has his/her law practice certificate revoked, his/her law practice certificate will also be revoked.
Therefore, once their license to practice as an asset management officer has been revoked, they no longer meet the requirements for work as asset management officers. Therefore, they cannot continue to work as asset management officers.
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