4 Instances in Which Assets Are Not Subject to Seizure for Commercial Legal Entities

12:49, 10/07/2024

the Government of Vietnam has just issued Decree 44/2020/ND-CP stipulating the enforcement of judgments against commercial legal entities.

Assets not subject to enforcement for commercial legal entities, 44/2020/ND-CP

Illustrative image (Source: Internet)

According to Decree 44/2020/ND-CP, assets not subject to enforcement for commercial legal entities are as follows:

1. Assets prohibited from circulation as per legal regulations; assets serving national defense, security, public interest; assets funded by the state budget for agencies and organizations.

2. Medicines used for the prevention and treatment of diseases for workers; foodstuffs, provisions, tools, and other assets used for workers' meals.

3. Kindergartens, schools, medical facilities and their equipment, means, and other assets, if not used for business purposes.

4. Equipment, means, and tools ensuring labor safety, fire and explosion prevention, and environmental pollution control.

These assets can only be enforced under the following conditions:

- Enforcement of assets under pledge or mortgage

- Enforcement of assets held by a third party on behalf of the commercial legal entity

- Enforcement of capital contributions

- Enforcement of means of transportation

- Enforcement, utilization, and exploitation of intellectual property rights

- Enforcement of assets which include land use rights, assets that require ownership registration, or assets requiring lawful transaction registration

- Enforcement of assets attached to the land

More details can be found in: Decree 44/2020/ND-CP effective from June 1, 2020.

Le Hai

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