How long will it take for company to terminate the account freeze after serving the judgment in Vietnam?

How long will it take for company to terminate the account freeze after serving the judgment in Vietnam?

Pursuant to Article 16 of Decree 44/2020/ND-CP regulating unfreezing accounts as follows:

1. Within 03 working days from the date on which the corporation completely serves with the Court judgment or decision or after the organization has completely complies with the competent criminal judgment enforcement agency’s request for deduction of balance or settlement of securities in the corporation’s account, the competent criminal judgment enforcement agency shall terminates the account freeze.

The account unfreeze is subject to a written decision by the competent criminal judgment enforcement agency.

2. After issuing the account unfreeze decision, the competent criminal judgment enforcement agency shall send it to the credit institution, state treasury, securities company or Vietnam Securities Depository managing the corporation's account for execution purpose.

3. The credit institution, state treasury, securities company or Vietnam Securities Depository managing the corporation's account shall unfreeze the account after receiving the account unfreeze decision and send a written notification of account unfreeze to the competent criminal judgment enforcement agency and convicted corporation within 03 working days from the date of account unfreeze.

4. The account unfreeze decision shall be also sent to the organizations and individuals specified in Article 6 hereof.

Thus, after your company has completed the request of the competent criminal judgment enforcement agency regarding deduction of money and handling of securities in the account, within 03 working days, the suspension will be terminated in Vietnam. 

How long will it take for company to terminate the account freeze after serving the judgment in Vietnam? (Image from the Internet)

Who has authority to issue and send account freeze decisions in Vietnam?

According to Article 13 of Decree 44/2020/ND-CP, issuing and sending account freeze decisions as follows:

1. Within 03 working days from the verification of information about the corporation’s account is done, the head of the competent criminal judgment enforcement agency shall issue the account freeze decision.

In the cases specified in Clauses 1 and 2 Article 11 hereof, the decision to freeze entire account shall be issued; in the case specified in Clause 3 Article 11 hereof, the decision to freeze the balance or securities in the account equivalent to the amount used for enforcing judicial measures and coercive enforcement cost.

2. An account freeze decision shall contain at least number of the decision; issuance date; full name and position of the decision maker and unit for which he/she is working; name, address, enterprise identification number and tax identification number of the corporation whose account is freezed; number and name of the freezed account, purposes of freeze, scope of freeze, freezed balance or securities, date of freeze, freeze duration, responsibility of the credit institution, state treasury, securities company or Vietnam Securities Depository and other information (if any); signature of the decision maker and seal of the competent criminal judgment enforcement agency.

3. The account freeze decision shall be sent and notified as prescribed in Articles 6 and 7 hereof.

According to this Article, the head of the criminal judgment enforcement agency has the authority to issue an account freeze decision of a commercial legal entity in Vietnam.

Best regards!