Procedures and Order for Liquidation and Transfer of Fixed Asset

Circular 49 stipulates the order and procedures for liquidation and sale of fixed assets in registration activities as follows:

- The Director of the Vietnam Register and directors of affiliated units decide to establish the Council for liquidation and sale of fixed assets at the Vietnam Register and its affiliated units.- The tasks of the Council for liquidation and sale of fixed assets include:- Determining the technical condition and remaining value of the assets being liquidated or sold;- Determining the causes and responsibilities of the collective or individuals related to cases where newly invested fixed assets that do not bring economic efficiency must be sold but cannot recover the entire investment capital, or assets that have not been fully depreciated but are damaged beyond repair must be liquidated or sold;- Organizing or hiring organizations with valuation functions to determine the recoverable value of the liquidated or sold assets;- Organizing auctions or hiring organizations with auction functions to auction liquidated and sold assets in accordance with relevant legal regulations;- In cases where the Vietnam Register undertakes an investment construction project approved by the competent authority, and fixed assets need to be dismantled or decommissioned, the liquidation and accounting of fixed assets shall be carried out as in the case of fixed asset liquidation as per the mentioned regulations.

Circular 49/2018/TT-BTC is effective from July 06, 2018, replacing Joint Circular 55/2014/TTLT-BTC-BGTVT.

- Thanh Lam -

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