When shall a private enterprise be allowed to practice asset management and liquidation in Vietnam?
When shall a private enterprise be allowed to practice asset management and liquidation in Vietnam? What are regulations on asset valuation upon the declaration of bankruptcy of an enterprise or a cooperative in Vietnam? What are regulations on asset valuation upon the declaration of bankruptcy of an enterprise in Vietnam?
When shall a private enterprise be allowed to practice asset management and liquidation in Vietnam?
My company is a private business and have been granted a practicing certificate of asset management. Can we practice asset management and liquidation? Thank you!
Pursuant to Article 13 of the Law on Bankruptcy in 2014 stipulating asset management enterprises as follows:
- An enterprise being entitled for practicing financial management is:
+ A partnership;
+ A private enterprise.
- Requirements for a asset management enterprise.
+ The partnership is established by at least two general partners who are asset management officer and/or the General Director or Director of the partnership is a asset management officer;
+ A private enterprise is owned by a asset management officer who is its Director.
- The Government shall regulate the financial management and the implementation of State management of asset management enterprises.
As regulations above, you are the owner of a private business and have been granted a practicing certificate of asset management. If you are its Director, your enterprise can practice asset management and liquidation in Vietnam.
What are regulations on asset valuation upon the declaration of bankruptcy of an enterprise or a cooperative in Vietnam?
I have a question: What are regulations on asset valuation upon the declaration of bankruptcy of an enterprise or a cooperative in Vietnam? Thank you!
Answer: According to current regulations of Vietnam, bankruptcy is a legal status of an insolvent entity that is declared bankrupt by the People’s Court.
Pursuant to Article 122 of the Law on Bankruptcy in 2014 stipulating asset valuation upon the declaration of bankruptcy as follows:
- The asset management officer and asset management enterprise must carry out the valuation of the assets within 10 working days from the issuance of the Decision on declaration of bankruptcy under the regulations of the law.
- The asset management officer and asset management enterprise must not sign the contract for valuation with any entity related to their rights and benefits.
- If the liquidated assets are likely to be damaged or their value is likely to decrease, the asset management officer and asset management enterprise shall valuate the assets and conduct liquidation under the regulations of the law.
What are regulations on asset valuation upon the declaration of bankruptcy of an enterprise in Vietnam?
My question is: What are regulations on asset valuation upon the declaration of bankruptcy of an enterprise in Vietnam? Thank you!
Answer: According to current regulations of Vietnam, bankruptcy is a legal status of an insolvent entity that is declared bankrupt by the People’s Court.
Pursuant to Article 122 of the Law on Bankruptcy in 2014 stipulating asset valuation upon the declaration of bankruptcy as follows:
- The asset management officer and asset management enterprise must carry out the valuation of the assets within 10 working days from the issuance of the Decision on declaration of bankruptcy under the regulations of the law.
The asset management officer and asset management enterprise must not sign the contract for valuation with any entity related to their rights and benefits.
- If the liquidated assets are likely to be damaged or their value is likely to decrease, the asset management officer and asset management enterprise shall valuate the assets and conduct liquidation under the regulations of the law.
Best regards!
