Scope of rights of Vietnam Debt and Asset Trading Corporation (DATC)

According to the Decree No. 129/2020/NĐ-CP of Vietnam’s Government, the Vietnam Debt and Asset Trading Corporation (DATC) shall exercise the rights prescribed in the Law on Enterprises, Law on management and utilization of State capital invested in the enterprise’s manufacturing and business activities of Vietnam, Charter of organization and operation of the Company and the following rights:

1. Be provided with information and documents related to the debt by creditors, property owners, debtors, guarantors, and related agencies, organizations and individuals during the DATC's implementation of receiving and purchasing debts, assets and unfinished projects as designated by competent authorities in accordance with law.

2. Request the debtor or the holder of the secured property of the debt to hand over the security property together with all papers and legal documents of the security property to DATC for handling as agreed in the security contract or in other documents and the provisions of law on secured transactions.

3. Supported by relevant state management agencies in completing legal procedures and documents on collateral for debt recovery. The order and procedures shall comply with the provisions of law.

4. Registered secured transactions by secured transaction registries related to security assets of debt (including land use rights, land-attached assets, and land-attached assets formed in the future) purchased by DATC, including security assets of debts purchased but not yet registered for secured transactions. The order and procedures shall comply with the law on registration of secured transactions.

5. DATC becomes a secured party and can register secured transactions based on debt purchase and sale contracts without having to re-sign the security contract with the guarantor. The order and procedures shall comply with the provisions of the law on secured transactions.

6. Inherit the rights and obligations of creditors, property owners and secured parties related to purchased debts and assets in accordance with law. 

View more details at the Decree No. 129/2020/NĐ-CP of Vietnam’s Government, effective from December 10, 2020.

Thuy Tram

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