09 tasks and powers of creditors and debtors in debt collection services in Vietnam

09 tasks and powers of creditors and debtors in debt collection services in Vietnam (Illustrative image)

Article 8 of Decree 104/2007/ND-CP stipulates the tasks and powers of creditors and debtors in debt collection services in Vietnam as follows:

- Creditors and debtors are responsible for cooperating with each other along with the debt collection service business entity to clearly determine the debts; debtors are responsible for repaying creditors;

- Authorize the debt collection service business entity with content and work related to debt handling in accordance with the law in Vietnam;

- Provide information, documents, and necessary means related to the debt to the debt collection service business entity;

- Pay service fees and other reasonable costs to the debt collection service business entity according to the signed contract;

- Have the right to refuse to work if the representative of the debt collection service business entity fails to present legal documents or if the representative of the debt collection service business entity violates the prohibited acts stipulated in Clause 2, Article 11 of this Decree;

- Request the debt collection service business entity to fully and regularly inform about the implementation of matters related to debt handling according to the signed contract;

- Request the return of assets obtained from the debt and the documents and assets handed over to the debt collection service business entity according to the signed contract;

- Work directly or arrange an authorized representative to work with the representative of the debt collection service business entity;

- Not bear joint liability for acts that the debt collection service business entity commits in violation of the law in Vietnam.

More details can be found in Decree 104/2007/ND-CP, which comes into effect in Vietnam from July 28, 2007.

Ty Na

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