Procedure for revocation of operation registration certificates of property auction businesses in Vietnam from January 1, 2025

Procedure for revocation of operation registration certificates of property auction businesses in Vietnam from January 1, 2025 (Image from the Internet)

On June 27, 2024, the National Assembly of Vietnam passed the Law amending Law on Property Auction 2024.

1. Procedure for revocation of operation registration certificates of property auction businesses in Vietnam from January 1, 2025

According to Clause 2 Article 32 of the Law on Property Auction 2016 (supplemented by Point b Clause 19 Article 1 of the Law amending Law on Property Auction 2024), the procedure for revocation of operation registration certificates of property auction businesses in Vietnam is as follows:

- For cases specified at Point a Clause 1 Article 32 of the Law on Property Auction 2016 (supplemented by Point a Clause 19 Article 1 of the Law amending Law on Property Auction 2024), the Department of Justice shall issue a document requesting the property auction enterprise to meet the conditions specified in Clause 3 Article 23 of the Law on Property Auction 2016 within 30 days from the date of the document; if the enterprise still fails to meet the conditions specified in Clause 3 Article 23 of the Law on Property Auction 2016 after the above-mentioned period, the Department of Justice shall issue a decision to revoke the business registration of the enterprise;

- For cases specified at Point b Clause 1 Article 32 of the Law on Property Auction 2016 (supplemented by Point a Clause 19 Article 1 of the Law amending Law on Property Auction 2024), the Department of Justice shall issue a notice of the violation by the enterprise and issue a decision to revoke the business registration of the enterprise;

- For cases specified at Point c Clause 1 Article 32 of the Law on Property Auction 2016 (supplemented by Point a Clause 19 Article 1 of the Law amending Law on Property Auction 2024), the Department of Justice shall send a written notice and request the legal representative of the enterprise to come to the headquarters of the Department of Justice to present an explanation; after 10 working days from the end of the period specified in the notice, if the requested person does not come, the Department of Justice shall issue a decision to revoke the business registration of the enterprise;

- For cases specified at Point d Clause 1 Article 32 of the Law on Property Auction 2016 (supplemented by Point a Clause 19 Article 1 of the Law amending Law on Property Auction 2024), the Department of Justice shall issue a decision to revoke the business registration of the enterprise.

For cases specified at Point d1 Clause 1 Article 32 of the Law on Property Auction 2016 (supplemented Point a Clause 19 Article 1 of the Law amending Law on Property Auction 2024), the revocation of the business registration of the property auction enterprise shall be carried out according to the regulations of the Government of Vietnam.

2. Cases of revocation of operation registration certificates of property auction businesses in Vietnam

Property auction enterprises shall have their business registration revoked in cases specified in Clause 1 Article 32 of the Law on Property Auction 2016 (supplemented by Point a Clause 19 Article 1 of the Law amending Law on Property Auction 2024), including:

- Failure to meet the conditions specified in Clause 3 Article 23 of the Law on Property Auction 2016;

- The content declared in the registration application is falsified;

- Ceased operation for 01 year without notifying the Department of Justice where the enterprise is registered;

- Has been administratively fined for not submitting reports as specified at Point 1 Clause 2 Article 24 of the Law on Property Auction 2016 (amended Clause 14 Article 1 of the Law amending Law on Property Auction 2024) and has repeated the offense;

- Other cases as decided by the court.

More details can be found in the Law amending Law on Property Auction 2024 which comes into force in Vietnam from January 1, 2025.

Vo Tan Dai

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