Cases of revocation of practice certificates of asset management officers in Vietnam

Who is asset management officer?

Pursuant to the provisions of the Law on Bankruptcy 2014, asset management officer is an individual specialized in management and liquidation of the assets of an insolvent entity during the process of bankruptcy settlement.

Cases of revocation of practice certificates of asset management officers in Vietnam (Internet image)

Cases of revocation of practice certificates of asset management officers in Vietnam

Pursuant to Article 15 of the Law on Bankruptcy 2014, an issued practice certificates of asset management officers shall be revoked if the obtainers are:

- Officials and civil servants; military officers, professional soldiers and military workers who are working in the offices and bases of the People’s Army; professional commissioned and non-commissioned officers who are working in the offices and bases of the Police Authorities.

- Individuals who are convicted and the sentence

- Individuals whose practicing certificates of lawyer or auditor is revoked;

- individuals replaced according to Point a and b of Clause 1 Article 46 of the Law on Bankruptcy 2014 in 02 or more bankruptcy cases.

Procedures for revocation of the asset management officer’s practicing certificate in Vietnam

Pursuant to Article 6 of Decree 22/2015/ND-CP, the procedures for revocation of the asset management officer’s practicing certificate shall be as follows:

- The Minister of Justice shall take a decision to revoke the asset management officer's practicing certificate if the holder of the practicing certificate falls into one of the cases stipulated by Clause 1 Article 15 of the Law on Bankruptcy.

- Whenever discovering or having reasonable grounds that the holder of the asset management officer’s practicing certificate falls into one of the cases stipulated by Clause 1 Article 15 of the Law on Bankruptcy, individuals, agencies or organizations shall request the Minister of Justice in writing to revoke this person’s practicing certificate.

- Within a permitted period of 30 days of receipt of the written request for such revocation, the Minister of Justice shall consider and take a decision to revoke the asset management officer's practicing certificate. The person whose practicing certificate has been revoked shall have the right to file a petition or bring a lawsuit in accordance with laws.

The decision on revocation of the asset management officer’s practicing certificate shall be sent to the holder of revoked practicing certificate, the People’s Court, the Department of Justice in a centrally-affiliated city or province where an asset management officer working as an individual registers the transaction address, or an asset management and liquidation enterprise employing the holder of revoked practicing certificate locates its head office, and shall be updated on the information website of the Ministry of Justice.

- The asset management officer whose practicing certificate is revoked shall be removed from the list of the asset management officers, or asset management and liquidation enterprises.

Mai Thanh Loi

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