Cases of Individuals prohibited from practicing financial management in Vietnam

Cases of Individuals prohibited from practicing financial management in Vietnam (Image from Internet)

1. Cases of individuals prohibited from practicing financial management in Vietnam

Cases of Individuals prohibited from practicing financial management in Vietnam according to Article 14 of the Bankruptcy Law 2014 include:

- Officials and public employees; officers, professional soldiers, defense workers in agencies and units of the People’s Army; officers, professional non-commissioned officers in agencies and units of the People's Police.

- Individuals under criminal prosecution; individuals who have been convicted but have not yet had their criminal records expunged; individuals currently subjected to administrative measures such as being sent to mandatory educational institutions, mandatory rehabilitation centers.

- Individuals lacking civil act capacity or having restricted civil act capacity.

2. Rights and obligations of asset management officers and asset management enterprises in Vietnam

The rights and obligations of asset management officers and asset management enterprises in Vietnam according to Article 16 of the Bankruptcy Law 2014 are as follows:

- Manage assets, supervise business activities, and liquidate the assets of enterprises and cooperatives unable to pay their debts, including:

+ Verify, collect, and manage documents and evidence related to the operations of the enterprises and cooperatives;

+ Prepare an inventory of assets, lists of creditors, and lists of debtors;

+ Preserve assets; prevent the sale or transfer of assets without the Judge’s permission; prevent asset dispersion; maximize the asset value of the enterprises and cooperatives when selling or liquidating assets;

+ Supervise the business activities of the enterprises and cooperatives in accordance with the law;

+ Hire individuals and organizations to perform tasks as regulated by the law;

+ Propose to the Judge the sale of assets of the enterprises and cooperatives to ensure bankruptcy costs;

+ Sell assets according to the Judge's decision to ensure bankruptcy costs;

+ Organize the valuation and liquidation of assets in accordance with the Bankruptcy Law 2014; report to the civil judgment enforcement agency and notify relevant parties participating in bankruptcy procedures about assigning individuals or organizations to perform asset liquidation;

+ Deposit money obtained into an account opened by the competent People’s Court or civil judgment enforcement agency at a bank.

- Represent the enterprises and cooperatives if they do not have legal representatives.

- Report on the status of assets, liabilities, and operations of the enterprises and cooperatives; participate in drafting plans for the recovery of business activities of enterprises and cooperatives unable to pay their debts.

- Request the Judge to perform the following tasks:

+ Collect documents and evidence;

+ Declare transactions void and decide to recover the assets of enterprises and cooperatives that have been illegally sold or transferred;

+ Apply provisional emergency measures; apply administrative penalties; transfer the dossier to the competent authority for criminal handling in accordance with the law.

- Earn remuneration and perform professional liability insurance in accordance with the law.

- Report on the performance of their duties and powers upon the request of the Judge and the civil judgment enforcement agency; be accountable to the Judge, the civil judgment enforcement agency, and the law for the performance of their duties and powers.

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