Application for initiate the dissolution procedure for private investment companies in Vietnam

Application for initiate the dissolution procedure for private investment companies in Vietnam (Internet image)

Article 29 of Circular 227/2012/TT-BTC stipulates that within 07 days from the dissolution date prescribed in Clause 1 of this Article, the asset management company shall send an application for initiating the dissolution procedure. The application for initiate the dissolution procedure includes:

• The written request for the dissolution of the investment company made in accordance with the template in Annex 13 enclosed with this Circular.

• The meeting minutes and resolution of the General meeting of shareholders on the dissolution of the investment company;

• The plan for liquidating and dissolving the investment company passed by the General meeting of shareholders;

• The written commitments  made by the asset management company (if any), the depository bank, and the supervisory bank to complete the procedure for liquidating and dissolving the investment company.

Note: The documents prescribed in Clause 4 of this Article shall be made into 01 original dossier, and enclosed with computer files. The original dossier shall be sent to the State Securities Commission directly or by post. Within 15 days from the date on which the complete and valid dossier is received, the State Securities Commission shall issue a written approval for initiating the procedure for liquidating and dissolving the investment company. The refusal must be notified and explained in writing by the State Securities Commission.

In addition, the Boards of Directors of the investment company, asset management company (if any), depository bank, and supervisory bank are responsible for liquidating and distributing assets of the investment company among its shareholders according to the plan approved by General meeting of shareholders. The deadline for liquidating assets of the investment company is specified in the dissolution plan passed by the General meeting of shareholders, but must not exceed 02 year from the date on which the approval for the liquidation and dissolution is obtained. The liquidation result must be certified by the depository bank or supervisory bank, and verified by the Board of Directors of an audit organization appointed by the General meeting of shareholders as prescribed in Clause 2 of Article 29 of Circular 227/2012/TT-BTC.

More details can be found in Circular 227/2012/TT-BTC, which comes into force from July 1, 2013.

Le Vy

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