Conditions for practicing management and liquidation of assets

09:46, 11/07/2024

Enterprises practicing asset management, liquidation, and trustees must meet the conditions stated below to practice management and liquidation of assets for insolvent enterprises and cooperatives during bankruptcy proceedings.

Conditions for Individual Insolvency Practitioners

To become an insolvency practitioner, an individual must be eligible to receive a practicing certificate and meet the conditions necessary to practice as an insolvency practitioner.

Individuals eligible for an Insolvency Practitioner Certificate:

- Lawyers;- Auditors;- Persons with a bachelor's degree in law, economics, accounting, finance, banking, and with at least 5 years of experience in the field of their training.

Conditions to practice as an Insolvency Practitioner:

- Full civil act capacity;- Good ethical qualities, a sense of responsibility, integrity, honesty, and objectivity;- Possession of an Insolvency Practitioner Certificate.

Conditions for Asset Management and Liquidation Enterprises

Types of enterprises authorized to manage and liquidate assets in the process of bankruptcy resolution:

- Partnerships;- Private enterprises.

Conditions for enterprises to practice asset management and liquidation:

- Partnerships must have at least two members who are Insolvency Practitioners, and the General Director or Director of the partnership must be an Insolvency Practitioner;- Private enterprises must have an owner who is an Insolvency Practitioner and concurrently the Director.

Legal Basis: Articles 11, 12 of the Bankruptcy Law 2014

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