Procedure for Issuance of Trustee Practice Certificate

Legal Basis: Bankruptcy Law 2014; Decree 22/2015/ND-CP; Circular 224/2016/TT-BTC.

According to current legal regulations, an asset manager is an individual practicing in the management and liquidation of assets of enterprises, cooperatives that are insolvent during the bankruptcy settlement process. An individual is permitted to practice as an asset manager when they possess an Asset Manager Practice Certificate as prescribed by law.

The issuance of the Asset Manager Practice Certificate is implemented according to provisions in the Bankruptcy Law 2014, Decree 22/2015/ND-CP, and other relevant legal provisions.

• The procedure and process for issuing the Asset Manager Practice Certificate are as follows:*

1. Conditions for Issuing the Asset Manager Practice Certificate

The following individuals are eligible to be issued the Asset Manager Practice Certificate:

- Lawyers;

- Auditors;

- Individuals with a bachelor's degree in law, economics, accounting, finance, banking, and have at least 5 years of experience in the trained field.

Note: The following individuals are not eligible for the Asset Manager Practice Certificate:

- officials and public employees; officers, professional soldiers, defense workers in agencies, units under the People's Army; officers, professional non-commissioned officers in agencies, units under the People's Police.

- Individuals being prosecuted for criminal liability; those who have been convicted but have not had their criminal records expunged; individuals under administrative handling measures sent to compulsory education institutions, compulsory detoxification centers.

- Individuals who have lost or have restricted legal capacity.

2. Dossier Components

a. For Vietnamese Citizens

The dossier requesting the issuance of the Asset Manager Practice Certificate includes:

- Request form for the issuance of the Asset Manager Practice Certificate;

- A copy of the Lawyer's Card for lawyers; a copy of the Auditor's Certificate for auditors; a copy of the bachelor's degree in law, economics, accounting, finance, banking for those with such educational backgrounds;

- Documents proving at least 5 years of experience in the trained field certified by the agency or organization where the person with a bachelor's degree in law, economics, accounting, finance, banking works;

- 2 color photos size 3cm x 4cm.

Note: In necessary cases, the Ministry of Justice may require the applicant to submit a Judicial Record Certificate.

b. For Foreign Citizens

Foreign lawyers who have been granted a Lawyer Practice License in Vietnam under the law on lawyers, foreign auditors under the law on auditing wishing to practice management and liquidation of assets should prepare a dossier for the issuance of the Asset Manager Practice Certificate including:

- Request form for the issuance of the Asset Manager Practice Certificate according to Form TP-QTV-02 issued with this Decree;

- A copy of the Lawyer Practice License in Vietnam for foreign lawyers issued by the Ministry of Justice; a copy of the Auditor's Certificate for foreign auditors issued by the Ministry of Finance;

- A summary of the resume (self-declaration);

- 2 color photos size 3cm x 4cm.

3. Process for Issuing the Asset Manager Practice Certificate

Step 1: The applicant submits 01 dossier by post or directly to the Ministry of Justice and pays the fee as prescribed by law.

Note:

- If the applicant submits the dossier directly at the Ministry of Justice, they must present the original of the following documents for verification:

++ For Vietnamese Citizens: A copy of the Lawyer's Card for lawyers; a copy of the Auditor's Certificate for auditors; a copy of the bachelor's degree in law, economics, accounting, finance, banking for those with such educational backgrounds;

++ For Foreign Citizens: A copy of the Lawyer Practice License in Vietnam for foreign lawyers issued by the Ministry of Justice; a copy of the Auditor's Certificate for foreign auditors issued by the Ministry of Finance;

- If the applicant sends the dossier by post to the Ministry of Justice, upon request, they must present the original of the following documents:

++ For Vietnamese Citizens: A copy of the Lawyer's Card for lawyers; a copy of the Auditor's Certificate for auditors; a copy of the bachelor's degree in law, economics, accounting, finance, banking for those with such educational backgrounds;

++ For Foreign Citizens: A copy of the Lawyer Practice License in Vietnam for foreign lawyers issued by the Ministry of Justice; a copy of the Auditor's Certificate for foreign auditors issued by the Ministry of Finance;

Step 2: Within 20 days from the date of receipt of a complete dossier, the Ministry of Justice is responsible for issuing the Asset Manager Practice Certificate to the applicant. In case of refusal, reasons must be notified in writing.

4. Authority for Issuing the Asset Manager Practice Certificate: Ministry of Justice

5. Processing Time: 20 days from the date of receipt of a complete dossier.

6. Fee for Issuing the Asset Manager Practice Certificate: 100,000 (one hundred thousand) VND.

For information on the conditions, standards, dossier, and procedures for applying for other practice certificates, please visit: Practice Certificate Lookup.

Respectfully!