Circular 18/2014/TT-BTP: Regulations on invalidation of auction result in Vietnam

Circular 18/2014/TT-BTP: Regulations on invalidation of auction result in Vietnam (Internet image)

Circular 18/2014/TT-BTP stipulates that the invalidation of auction result when it is so agreed by the person having property put up for auction, the successful buyer of property and the property auction organization in Vietnam, shall be implemented as follows:

- In case the auctioned assets are purchased from credit institutions by Vietnam Asset Management Company at the book value with special bonds and the auction is held by a professional auctioneering organization, the invalidation of auction result must be agreed in writing between Vietnam Asset Management Company, debt-selling credit institutions, the buyers of auctioned assets and professional auctioneering organization; in case Vietnam Asset Management Company holds the auction, the invalidation of auction result must be agreed in writing between Vietnam Asset Management Company, debt-selling credit institutions and the buyers of auctioned assets.

- In case the auctioned assets are purchased by Vietnam Asset Management Company at the market value and the professional auctioneering organization hold the auction, the invalidation of auction result must be agreed in writing between Vietnam Asset Management Company, the buyers of auctioned assets and professional auctioneering organization; in case Vietnam Asset Management Company holds the auction, the invalidation of auction result must be agreed in writing between Vietnam Asset Management Company and the buyers of auctioned assets.

More details can be found in Circular 18/2014/TT-BTP which comes into force from November 10, 2014.

Ty Na

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