Reduction of the duration of information disclosure in auctioneering organizations

15:36, 15/09/2014

Recently, the Ministry of Justice issued Circular 18/2014/TT-BTP providing guidance on asset auctions as prescribed in Decree 53/2013/ND-CP on establishment, organization and operation of Vietnam asset management company.

Reduction of the duration of information disclosure in auctioneering organizations (Internet image)

Circular 18/2014/TT-BTP stipulates the reduction of the duration of information disclosure. In case of putting up bad debts for auction, the duration of information disclosure shall be determined as follows:

- If VAMC purchased bad debts from credit institutions at the market value, VAMC shall decide whether to reduce the duration of information disclosure;

- If VAMC purchased bad debts from credit institutions at book value with special bonds, VAMC shall negotiate an agreement with debt-selling credit institutions on reduction of the duration of information disclosure.

In case VAMC put up the collateral against bad debts for auction, it shall negotiate an agreement with the owner of such collateral on the reserve prices of auctioned assets on reduction of the duration of information disclosure; in case of putting up the land for auction, VAMC shall negotiate an agreement with the pledgor of land.

The duration of information disclosure provided above shall be at least four (04) working days if the assets are movable assets, or at least fifteen (15) days before the auction takes place if the assets are real estate.

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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