Determination of Equivalent Value When Freezing Accounts and Assets

According to Article 12 of Resolution 02/2020/NQ-HDTP (Effective from December 1, 2020) when applying provisional emergency measures stipulated in Article 124 and Article 125 of the Code of Civil Procedure, the following distinctions need to be made:

- The determination of the property obligation that the person subjected to the provisional emergency measure is obliged to perform must be based on the plaint, the counterclaim of the defendant, and the independent request of the person with related rights and obligations;

- The court is only allowed to block accounts or assets of equal or lesser value than the property obligation that the person subjected to the provisional emergency measure is obliged to perform. The person requesting the application of the provisional emergency measure is obligated to prove the value of the accounts or assets being blocked. The person requesting the application of the provisional emergency measure must be responsible for the honesty and accuracy of the documents related to determining the value of the assets and accounts to be blocked. The court bases its determination on the documents, evidence, and relevant legal provisions to establish the value of the assets subjected to the provisional emergency measure;

- In the case where the asset requested to be blocked is indivisible (cannot be partially blocked) and has a higher value than the property obligation that the person subjected to the provisional emergency measure is obliged to perform according to the plaint, the court will explain to the requester so that they can make a request to block another asset or apply another provisional emergency measure. If they maintain their request, the court, based on Clause 4, Article 133 of the Code of Civil Procedure, will not accept their request for the application of the provisional emergency measure.

Respectfully!