Who is asset management officer? Requirements for appointment of asset management officer in Vietnam

Who is asset management officer? Requirement for appointment of asset management officer in Vietnam (Source: Internet)

1. Who is Asset management officer?

According to Clause 7, Article 4 of the Law on Bankruptcy (2014) stipulates:

Asset management officer is an individual specialized in management and liquidation of the assets of an insolvent entity during the process of bankruptcy settlement.

2. Requirement for appointment of Asset management officer in Vietnam

Article 12 of the Law on Bankruptcy 2014 specifies the requirement for appointment of Asset management officer in Vietnam.

- The following individuals are eligible for being issued practice certificates of asset management officer:

+ A lawyer;

+ An auditor;

+ A person having a bachelor degree in law, economy, accountancy or bank and 05 years of experience or more in his/her field.

- Requirements for working as a asset management officer:

+ Be capable of civil acts;

+ Have ethical qualities, sense of responsibility, integrity and objectivity;

+ Have practice certificate of asset management officer.

3.Procedures for granting a asset management officer’s practicing certificate in Vietnam

The procedures for granting a asset management officer’s practicing certificate in Vietnam in Article 4 of Decree 22/2015/ND-CP are as follows:

- Applicants falling into the cases specified in Clause 1, Article 12 of the Law on Bankruptcy 2014 and wishing to  to practice asset management and liquidation profession shall submit application for a asset management officer’s practicing certificate including

+ An application form for grant of the asset management officer’s practicing certificate by filling the form No. TP-QTV-01 issued together with Decree 22/2015/ND-CP.

+ A copy of the practicing certificate as prescribed in Clause 1, Article 12 of the Law on Bankruptcy 2014.

+ Any document to show that the applicant has achieved at least 5 years' experience of their training fields which must be attested by the agency or organization where these bachelor’s degree holders are working

+ 2 color photos (size 3cm x 4cm).

When necessary, the Ministry of Justice shall require the applicant to submit the criminal record.

-Foreign lawyers and auditors who are foreigners according to the provisions of law, who wish to practice asset management and liquidation profession, shall file their application for grant of the asset management officer's practicing certificate as follows:

+ An application form for grant of the asset management officer’s practicing certificate by filling the form No. TP-QTV-02 issued herewith;

+ A copy of the lawyer’s practicing certificate issued by the Ministry of Justice in Vietnam, if the applicant is a foreign lawyer; a copy of the auditor’s certificate issued by the Ministry of Justice, if the applicant is a foreign auditor;

+ A self-declared curriculum vitae;

+ 2 color photos, size 3cm x 4cm.

The applicant must send 01 set of documents submitted to apply for grant of the asset management officer’s practicing certificate by post or directly to the Ministry of Justice and pay fee stipulated by laws.

In the case of filing directly at the Ministry of Justice, present the originals of the papers specified at Point b, Clause 1 and Point b, Clause 2, Article 4 of Decree 22/2015/ND-CP must be shown for the purpose of collation of information..

If the application is sent by post to the Ministry of Justice upon request, the originals of the papers specified at Point b, Clause 1 and Point b, Clause 2, Article 4 of Decree 22/2015/ND-CP shall be presented.

Within a permitted period of 20 days of receipt of all valid documents, the Ministry of Justice shall be responsible for granting the asset management officer’s practicing certificate to the applicant according to the form No. TP-QTV-08 issued herewith; in case of refusal, reasons for such refusal must be stated in a written notification.

The applicant who has been refused the grant of the asset management officer’s practicing certificate shall have the right to file a petition or bring a lawsuit in accordance with laws.

Furthermore, the persons that fall in one of the following circumstances shall be refused the grant of the asset management officer's practicing certificate:

- The applicant is ineligible for the asset management officer’s practicing certificate in accordance with regulations laid down at Point a, b Clause 2 Article 12 of the Law on Bankruptcy;

- Other cases stipulated in Article 14 of the Law on Bankruptcy.

Thus, in order to be granted a asset management officer’s practicing certificate, an individual must meet the conditions as prescribed above.

Chi Nhan

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