Five Groups of Prohibited Acts for Trustees effective from April 6, 2015

Decree 22/2015/ND-CP prohibits Arbitrators from performing the following acts:

Illustrative image (source: internet)

- Renting, lending or allowing individuals or other organizations to use their Arbitrator practicing certificates to practice asset management and liquidation;

- Suggesting or accepting any amount of money or material benefits from parties involved in bankruptcy proceedings, or exploiting the title of Arbitrator for personal gain from individuals or organizations beyond the fees Arbitrators are entitled to according to legal regulations;

- Exploiting duties and powers to collude with individuals or organizations for profiteering purposes;

- Disclosing information about the organization and activities of insolvent enterprises or cooperatives that the Arbitrator becomes aware of during practice, except in cases where the enterprise or cooperative agrees in writing or as otherwise regulated by law;

- Other acts contrary to the provisions of law and the Code of Ethics for Arbitrators.

Additionally, Decree 22/2015/ND-CP prohibits asset management and liquidation enterprises from performing the following acts:

- Colluding or collaborating with insolvent enterprises or cooperatives to falsify matters related to asset management and liquidation practice activities;

- Suggesting or accepting any amount of money or material benefits from parties involved in bankruptcy proceedings, or exploiting the duties and powers of the enterprise for personal gain from individuals or organizations beyond the fees asset management and liquidation enterprises are entitled to according to legal regulations;

- Allowing individuals or other organizations to use their names or Business Registration Certificates to practice asset management and liquidation;

- Disclosing information about the organization and activities of insolvent enterprises or cooperatives that the enterprise becomes aware of during practice, except in cases where the enterprise or cooperative agrees in writing or as otherwise regulated by law;

- Other acts contrary to the provisions of law.

For details, refer to Decree 22/2015/ND-CP, effective from April 6, 2015.

Thu Ba

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