Vietnam: Order of priority for asset distribution upon asset liquidation of credit institutions, branches of foreign banks

10:16, 15/01/2018

This is one of the featured contents specified in Circular No. 24/2017/TT-NHNN of the State Bank of Vietnam on procedures for revocation of licenses and asset liquidation of credit institutions, branches of foreign banks.

According to Circular No. 24/2017/TT-NHNN of the State Bank of Vietnam, the assets of the credit institution, branch of foreign bank shall be distributed in the order of priority as follows:

- Special loans as prescribed in the Law on Credit Institutions (amended);

- Fees and expenses for liquidation of assets in accordance with law;

- Unpaid salaries, severance pay, redundancy pay, social insurance premiums, health insurance premiums for employees as per the law and other benefits under the collective labor agreement and signed employment contracts;

- Payments to depositors;

- Financial obligations to the State;

- Other debts.

View liquidation period at Circular No. 24/2017/TT-NHNN of the State Bank of Vietnam, effective from February 26, 2018.

- Thanh Lam -

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