What are the conditions for asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam?
- Is it possible to request the asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam?
- What are the conditions for asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam?
- What are the responsibilities of requesters of asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam?
Is it possible to request the asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam?
Pursuant to Article 59 of the Law on Civil Judgment Enforcement 2008 on judgment enforcement upon a change in asset prices at the time of judgment enforcement as follows:
Judgment enforcement upon a change in asset prices at the time of judgment enforcement
In case a party, under a judgment or ruling, receives assets and is obliged to pay to the other party the asset value he/she receives, but at the time of judgment enforcement, the asset value changes, and any involved party requests the asset valuation, these assets shall be valuated under Article 98 of this Law for judgment enforcement.
Thus, in case a party, under a judgment or ruling, receives assets and is obliged to pay to the other party the asset value he/she receives, but at the time of judgment enforcement, the asset value changes and any involved party requests the asset valuation, these assets shall be valuated in accordance with the law.
What are the conditions for asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam?
Pursuant to Clause 1, Article 17 of Decree 62/2015/ND-CP (amended by Clause 10 Article 1 of Decree 33/2020/ND-CP), the conditions for asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam are:
Civil judgment enforcement upon a change in asset prices at the time of judgment enforcement
1. The enforcement officer shall organize property valuation in case of change to the property price in accordance with Article 59 of the Law on Civil judgment enforcement when the following conditions are met:
a) The judgment debtor does not voluntarily hand over assets or does not voluntarily pay the asset value according to the contents of the judgment or decision when the time limit specified in Clause 1, Article 45 of the Law on Civil Judgment Enforcement has expired;
b) At least one of the litigants has an application for asset valuation and has paid an advance payment for asset valuation fees;
c) At the time of judgment enforcement, the asset price changes by at least 20% compared to the effective judgment.
...
According to the above regulations, at the time of judgment enforcement, if the asset price changes by at least 20% compared to the effective judgment, the asset valuation can be requested.
In addition, other conditions for asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam are:
- The judgment debtor does not voluntarily hand over assets or does not voluntarily pay the asset value according to the contents of the judgment or decision when the time limit has expired.
- Have at least one of the litigants has an application for asset valuation and has paid an advance payment for asset valuation fees.
Thus, the conditions for asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam are regulated as above.
What are the responsibilities of requesters of asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam?
Pursuant to Clause 2, Article 17 of Decree 62/2015/ND-CP (amended by Clause 10, Article 1 of Decree 33/2020/ND-CP), the responsibilities of requesters of asset valuation upon a change in asset prices at the time of judgment enforcement in Vietnam are:
Civil judgment enforcement upon a change in asset prices at the time of judgment enforcement
...
2. The requesters of asset valuation shall be responsible for providing documents proving the change in asset price, accompanied by applications for asset valuation. Documents proving a change in asset price may be the price bracket set by the competent state agency applied in localities or the prevailing market price of the asset that is identical or similar to the asset to be valued or the actual local transfer price of the asset of the same type.
Within 05 working days from the date of receipt of the litigant's application for asset valuation and documents proving the change in asset price, the enforcement officer must carry out valuation procedures as prescribed in Article 98 of the Law on Civil Judgment Enforcement. Valuation fees are paid by the requester.
Thus, the requesters of asset valuation shall be responsible for providing documents proving the change in asset price, accompanied by applications for asset valuation
Documents proving a change in asset price may be the price bracket set by the competent state agency applied in localities or the prevailing market price of the asset that is identical or similar to the asset to be valued or the actual local transfer price of the asset of the same type.
LawNet
