What are the requirements to become an asset management officer in Vietnam? What acts are prohibited for the asset management officer?
What are the requirements for a law bachelor to become an asset management officer in Vietnam?
According to the provisions of Article 12 of the 2014 Law on Bankruptcy of Vietnam:
Requirements for working as an asset management officer in Vietnam
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 a practice certificate of asset management officer.
3. The Government shall regulate the issuance of practice certificates of asset management officers and State management of asset management officers.
Thus, the condition for a law bachelor to become an asset management officer is to have 5 years of experience or more in the field of training.
In order for a Bachelor of Law or a lawyer to obtain a practicing certificate of asset management for at least 05 - 07 years (including 01 year of law training, 01 year of law practice, 05 years of law practice or legal organizations.) This is a relatively long time, but with the relatively important nature and role, the requirements for practicing law also become strict because of the high professional requirements.
What are the requirements to become an asset management officer in Vietnam? What acts are prohibited for the asset management officer? (Image from the Internet)
What are the rights and obligations of the asset management officer in Vietnam?
Pursuant to Article 16 of the 2014 Law on Bankruptcy of Vietnam, the rights and obligations of the asset management officer are as follows:
Firstly, manage and supervise the business operation and asset liquidation of the insolvent entities as follows:
- Collect, verify and manage the documents and evidence related to the business operation of the entities.
- Draw up lists of assets, creditors and debtors;
- Preserve assets; prevent selling and/or giving asset without permission of the Judge; prevent dispersing and hiding assets; maximize the value of the entities’ asset on selling and/or liquidating;
- Supervise the business operation of the entities according to the regulations of the Law;
- Hire an individual or an organization according to the regulations of the Law;
- Advise the Judge on selling the entities’ assets in order to cover the cost of bankruptcy;
- Sell the entities’ assets in accordance with the Judge’s decision in order to cover the cost of bankruptcy;
- Valuate and liquidate assets according to the regulations of this Law; send reports to civil execution authorities and notifications to involving entities on the asset liquidation of an appointed individual or organization.
- Send the collected money to the bank accounts held by the People’s Court or civil execution authorities
Secondly, represent the insolvent entity if the entity does not have any legal representative.
Thirdly, make a report on assets, debts and the operation of the enterprise or cooperative participating in making a plan for recovering the business operation of the insolvent entity.
Fourthly, advise the Judge to do the followings:
- Collect evidences;
- Declare that a transaction is invalid and take back the entities’ assets which are illegally sold or given;
- Take temporary emergency measures; impose administrative penalties; transfer dossiers to competent authorities for imposing criminal penalties according to the regulations of the Law.
Fifthly, receive payment and professional liability insurance according to the regulations of the Law.
Sixthly, make a report on the performance of the tasks and powers at the request of the Judge and/or civil execution authorities; Take liability before the Judge, civil execution authorities and the Law for the performance of the tasks and powers.
What are prohibited acts for an asset management officer?
Pursuant to Article 3 of Decree 22/2015/ND-CP of Vietnam stipulating that prohibited acts for an asset management officer are:
- 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.
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