Prohibited Acts during the Dissolution of People's Credit Funds

Nguyen Trinh

17:19, 11/07/2024

Recently, the State Bank has issued Circular 23/2018/TT-NHNN stipulating the reorganization, revocation of licenses, and liquidation of assets of people's credit funds (PCFs). Notably, the regulation includes actions prohibited during the process of license revocation and asset liquidation of PCFs.

Effective from the date the General Meeting of Members of the QTDND approves the proposal to revoke the license for voluntary dissolution of the QTDND, or the State Bank of Vietnam (SBV) branch issues a written request for the QTDND to prepare a dissolution proposal, the QTDND, its managers, executives, and employees shall not carry out the following acts:

- Concealing and dissipating the assets of the QTDND, returning the capital contributions to the members;- Abandoning or reducing the right to claim debts;- Converting unsecured debts into secured debts using the assets of the QTDND;- Pledging, mortgaging, gifting, and leasing the assets of the QTDND;- Entering into new agreements and contracts, except for agreements and contracts aimed at terminating operations;- Transferring money and assets of the QTDND abroad.

More details can be found in Circular 23/2018/TT-NHNN effective from November 1, 2018.

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