Forms of the asset management officer’s practicing activity in Vietnam

Forms of the asset management officer’s practicing activity in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Forms of the asset management officer’s practicing activity in Vietnam

According to Clause 1, Article 8 of Decree 22/2015/ND-CP, forms of the asset management officer’s practicing activity shall include:

- Perform practicing activities as an individual asset management officer;

- Perform asset management practicing activities as an asset management and liquidation enterprise by establishing or getting involved in establishing or working under the employment contract for an asset management and liquidation enterprise.

In addition, according to Clause 2, Article 8 of Decree 22/2015/ND-CP, at the same period of time, the holder of the asset management officer’s practicing certificate shall only be entitled to register the practicing of the asset management and liquidation at an asset management and liquidation enterprise, or register the practicing of asset management and liquidation as an individual.

2. Regulations on change to the information about registration of asset management in Vietnam

Regulations on change to the information about registration of asset management under Article 15 of Decree 22/2015/ND-CP are as follows:

- Whenever there is any change to the transaction address enclosed in the application for registration of asset management and liquidation practicing, within a permitted period of 07 days from the date of such change:

The asset management office as an individual shall send a written request to adjust the information about registration of asset management and liquidation practicing by post or directly to the Department of Justice of a centrally-affiliated city or province where that asset management officer has registered his practicing of asset management and liquidation profession.

Within a permitted period of 03 working days of receipt of such written request from the asset management officer, the Department of Justice shall proceed to change information about the transaction address of the asset management officer specified in the list of the asset management officers, or asset management and liquidation enterprises.

- Whenever there is any change to the name, address of the head office, representative office, branch, legal representative, list of asset management officers who work for an asset management and liquidation enterprise, within a permitted period of 07 working days from the date on which the documentation submitted to apply for the enterprise registration is supplemented in accordance with the legislation on enterprises:

The asset management and liquidation enterprise shall send a written request for adjustment to the information about registration of asset management and liquidation practicing by post or directly to the Department of Justice of a centrally-affiliated city or province where such enterprise has registered their practicing of asset management and liquidation profession.

Within a permitted period of 03 working days of receipt of such written request from the enterprise, the Department of Justice shall proceed to change information about the name, address of head office, representative office, branch, legal representative, list of asset management officers who work for an asset management and liquidation enterprise, written in the list of the asset management officers, or asset management and liquidation enterprises.

If the asset management and liquidation enterprise employs more asset management officers to work for them, they are required to apply for the registration of these additional persons’ practicing.

Process and procedure for registration of such additional persons in the list of the asset management officers working for such enterprise shall be governed by the regulations laid down in Clause 2, 3 Article 12 of Decree 22/2015/ND-CP.

- Within a permitted period of 03 working days from the date of change to the information about registration of asset management and liquidation practicing stipulated by Clause 1 and 2 of Article 15 of Decree 22/2015/ND-CP, the Department of Justice shall send a report on such change to the Ministry of Justice.

3. Notification of participation in a bankruptcy received from the asset management officer, or asset management and liquidation enterprise in Vietnam

Notification of participation in a bankruptcy received from the asset management officer, or asset management and liquidation enterprise according to Article 16 of Decree 22/2015/ND-CP is as follows:

- Within a permitted period of 07 working days of receipt of the written appointment made by the bankruptcy judge, the asset management officer working as an individual shall send a written notification of participation in a bankruptcy to the judge in which the name, number, issuance date of the asset management officer’s practicing certificate must be clearly provided;

In the event of refusing to participate in that bankruptcy, the asset management officer must send out a written notification of such refusal.

- Within a permitted period of 07 working days of receipt of the written appointment made by the bankruptcy judge:

The asset management and liquidation enterprise shall send a written notification of assigning their asset management officer to participate in a bankruptcy to the judge in which the name, number, issuance date of the asset management officer’s practicing certificate held by one or some assigned asset management officer(s) must be clearly provided;

In the event of refusing to participate in that bankruptcy, the enterprise must send out a written notification of such refusal.

- In case the asset management officer assigned by the asset management and liquidation enterprise under the provision of Clause 2 of Article 16 of Decree 22/2015/ND-CP has been subjected to a temporary suspension from the practicing of asset management and liquidation profession under the provision of Article 20 of Decree 22/2015/ND-CP, within a permitted period of 03 working days from the date on which the assigned asset management officer’s practicing is temporarily ceased, the asset management and liquidation enterprise shall appoint another asset management officer working for this enterprise as a replacement.

If the asset management and liquidation enterprise fails to appoint another asset management officer as a replacement, the written notification of such failure must be sent to the bankruptcy judge to proceed to appoint another asset management officer or asset management and liquidation enterprise as a replacement.

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