If I establish a branch which is different from where asset management and liquidation enterprise, will I notify the Department of Justice where the head office is located in Vietnam?

If I establish a branch which is different from where asset management and liquidation enterprise, will I notify the Department of Justice where the head office is located in Vietnam?

According to the provisions of Clause 2, Article 10 of Decree No. 22/2015/ND-CP, regulations on asset management and liquidation enterprise are as follows:

2. Branches or representative offices of an asset management and liquidation enterprise shall be established and operated in compliance with legal regulations on enterprises.

Asset management and liquidation enterprise shall assign a minimum of 01 asset management officer who are employed by the enterprise to work at these branches.

Representative offices of the asset management and liquidation enterprise shall not be permitted to practice the asset management and liquidation profession.

Within a permitted period of 07 working days from the date on which the Certificate of branch or representative office registration, the asset management and liquidation enterprise shall send a written notification to the Department of Justice of a centrally-affiliated city or province where this enterprise's head office is located; in case the enterprise establishes their branches or representative offices at a centrally-affiliated city or province different from the one where the enterprise’s head office is located, the enterprise must send a written notification to the Department of Justice of a city or province where these branches or representative offices are located.

According to this Article, your business sends a written notice to the Department of Justice where the branch is located is the Department of Justice of Tien Giang without notifying the Department of Justice of Ho Chi Minh City, Vietnam.

What are obligations of the asset management and liquidation enterprise during their practicing activities in Vietnam?

Pursuant to Article 13 of Decree No. 22/2015/ND-CP stipulating obligations of the asset management and liquidation enterprise during their practicing activities are as follows:

1. Manage the asset management officer who works for this enterprise.

2. Take legal responsibility for their professional activities performed by the asset management officer assigned by this enterprise as prescribed in Clause 2, 3 Article 16 hereof.

3. Hold the legal representative of the asset management and liquidation enterprise responsible for considering and signing documents sent by the asset management officer working for such enterprise.

4. Purchase the insurance against the professional responsibility for the asset management officer working for such enterprise in accordance with laws.

5. Report to the Department of Justice of a central-affiliated city or province where the practicing of asset management and liquidation profession is registered under the instruction of the Ministry of Justice.

6. Take on other obligations in accordance with laws.

Best Regards!