Which enterprises are entitled for practicing asset management and liquidation in Vietnam?

Which enterprises are entitled for practicing asset management and liquidation in Vietnam?

Pursuant to Clause 1 Article 13 of the Law on Bankruptcy in 2014, an enterprise being entitled for practicing financial management is:

a) A partnership;

b) A private enterprise. 

As regulations above, only partnerships and private enterprises are eligible for practicing asset management and liquidation in Vietnam.

What are requirements for an asset management and liquidation enterprise in Vietnam?

Pursuant to Clause 2 Article 13 of the Law on Bankruptcy in 2014 stipulating requirements for an asset management and liquidation enterprise in Vietnam as follows:

a) 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;

b) A private enterprise is owned by a asset management officer who is its Director.

Pursuant to Clause 1 Article 12 of the Decree 22/2015/NĐ-CP stipulating as follows:

The asset management and liquidation enterprise that has conformed to requirements stipulated by Clause 2 Article 13 of the Law on Bankruptcy, after being granted the enterprise registration certificate, must register the asset management and liquidation practicing with the Department of Justice of a centrally-affiliated city or province where this enterprise's head office is located.

As regulations above, an asset management and liquidation enterprise in Vietnam must have the Directors being asset management officers and register the asset management and liquidation practicing.

What documents are included in the application for registration of practicing asset management and liquidation in Vietnam?

Pursuant to Clause 2 Article 12 of the Decree 22/2015/NĐ-CP, the asset management and liquidation enterprise shall send 01 set of documents that must be submitted to apply for registration of asset management and liquidation practicing by post or directly to the Department of Justice and pay the registration fee as prescribed by legal regulations. The application shall consist of the following documents:

a) An application form for registration of asset management and liquidation practicing by completing the form No. TP-QTV-05 enclosed herewith;

b) A copy of the enterprise registration certificate;

c) A copy of the practicing certificate of the asset management officer working for a partnership firm, or the asset management officer’s practicing certificate held by the General Director or Director of a partnership firm stipulated by Point a Clause 2 Article 13 of the Law on Bankruptcy; a copy of the asset management officer’s practicing certificate held by other persons who practice their asset management and liquidation profession in a partnership firm (if any); a copy of the asset management officer’s practicing certificate held by the owner of a private enterprise stipulated by Point b Clause 2 Article 13 of the Law on Bankruptcy; a copy of the asset management officer’s practicing certificate held by other persons who practice their asset management and liquidation profession in a private enterprise (if any).

When necessary, the Department of Justice shall request the enterprise that applies for registration of asset management and liquidation practicing to submit the criminal record of the persons stipulated by Point c Clause 2 of this Article.

If the enterprise sends documents to apply for registration of asset management and liquidation practicing directly to the Department of Justice, the original of the documents stipulated by Point b, c Clause 2 of this Article must be shown for the purpose of collation of information.

If the enterprise sends documents to apply for registration of asset management and liquidation practicing to the Department of Justice by post, the original of the documents stipulated by Point b, c Clause 2 of this Article must be shown upon request.

Best regards!