Latest forms of the asset management officer’s practicing activity in Vietnam

Latest forms of the asset management officer’s practicing activity in Vietnam (Image from the Internet)

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

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

- Practicing as an individual;

- Practicing within a property management and liquidation enterprise by establishing or participating in establishing or working under contract for the property management and liquidation enterprise.

2. Regulations on Registration of asset management and liquidation practicing as an individual in Vietnam

Regulations on the Registration of asset management and liquidation practicing as an individual in Vietnam according to Article 9, Decree 22/2015/ND-CP are as follows:

- Individuals with an Asset Manager's practice certificate shall register for property management and liquidation practice as an individual at the Department of Justice in the province or centrally-run city where they reside.

Applicants registering for property management and liquidation practice as an individual must have a transaction address.

- An individual applying for registration for property management and liquidation practice shall submit one set of documents via postal mail or directly to the Department of Justice and pay the registration fee as prescribed by law. The documents include:

+ Application form for registration of property management and liquidation practice as an individual according to Form TP-QTV-04 issued together with Decree 22/2015/ND-CP;

+ Copy of the Asset Manager’s practice certificate.

In necessary cases, the Department of Justice may request the applicant to submit a judicial record certificate.

If the applicant directly submits the documents to the Department of Justice, the original documents as stipulated in Point b, Clause 2, Article 9 of Decree 22/2015/ND-CP must be presented for verification.

If the applicant sends the documents via postal mail to the Department of Justice, the original documents as prescribed in Point b, Clause 2, Article 9 of Decree 22/2015/ND-CP must be presented upon request.

- Within 07 working days from the date of receiving complete valid documents, the Department of Justice shall decide to add the applicant’s name to the list of Asset Managers, property management and liquidation enterprises and inform the applicant in writing; in case of refusal, a written explanation must be provided. The refused applicant has the right to complain or initiate a lawsuit according to the provisions of the law.

Within 03 working days from the date of decision to add the applicant’s name to the list of Asset Managers, property management and liquidation enterprises, the Department of Justice shall send the list to the Ministry of Justice.

The document recording the name in the list of Asset Managers, property management, and liquidation enterprises serves as proof of practice status for individual Asset Managers.

- The applicant is entitled to practice property management and liquidation from the date the Department of Justice decides to add their name to the list of Asset Managers, property management and liquidation enterprises. Asset Managers can practice property management and liquidation throughout the territory of Vietnam.

If an individual Asset Manager ceases to practice property management and liquidation, they must send a notification document to the Department of Justice. The Department of Justice shall decide to remove the Asset Manager’s name from the list of Asset Managers, property management and liquidation enterprises and report to the Ministry of Justice.

- The following individuals are not eligible to register for property management and liquidation practice as individuals:

+ Those lacking the qualifications stipulated in Article 12, Bankruptcy Law 2014;

+ Those falling into any category specified in Article 14, Bankruptcy Law 2014;

+ Persons prohibited from practicing property management and liquidation as per a legally effective court judgment or decision.

- Lawyers and auditors may concurrently practice property management and liquidation according to bankruptcy law provisions.

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