Responsibilities of Enterprises in Implementing Restructuring

One of the notable policies is the issuance of Circular 69/2018/TT-BTC guiding the restructuring of state-owned enterprises that are not eligible for equitization according to the provisions of Decree 126/2017/ND-CP.

Enterprises when implementing restructuring have the responsibility:

- Provide full and accurate documents and information about the enterprise, create conditions for the Debt Trading Company and creditors to participate in the restructuring plan, research, and assess the enterprise's status before developing the restructuring plan;- Coordinate with the Debt Trading Company and creditors to develop the restructuring plan, submit it to the representative agency of the owner for approval as per regulations;- Report to the representative agency of the owner for review, agreement with the Debt Trading Company to implement the steps of the restructuring process;- Implement the restructuring plan, manage, and use proceeds from equitization/restructuring. In cases where losses occur due to violations or non-compliance with the provisions of this Circular, the restructured enterprise and related individuals shall be responsible for compensation and legal liabilities as stipulated by law;- Upon completion of the restructuring process, the enterprise must finalize the funding for redundant labor support and conversion costs, and report to the Equitization/Restructuring Steering Committee for submission to the representative agency of the owner for approval;- Fulfill other obligations and responsibilities as prescribed in Decree 126/2017/ND-CP, Circular 40/2018/TT-BTC, and Circular 41/2018/TT-BTC.

Circular 69/2018/TT-BTC takes effect from October 1, 2018, replacing Circular 194/2013/TT-BTC.

- Thanh Lam -

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