Prohibited acts for the asset management officer, and asset management and liquidation enterprise in Vietnam

Prohibited acts for the asset management officer, and asset management and liquidation enterprise in Vietnam (Internet image)

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

1. Prohibited acts for the asset management officer, and asset management and liquidation enterprise in Vietnam

Prohibited acts for the asset management officer, and asset management and liquidation enterprise in Vietnam under Article 3 of Decree 22/2015/ND-CP are as follows:

- Prohibited acts for the asset management officer:

+ Lease, lend, or let other organizations or individuals use their own practicing certificate for the purpose of practicing asset management and liquidation profession;

+ In addition to expenses paid the asset management officer in accordance with legal regulations, give hints for or receive any sum or material interest from the person involved in bankruptcy proceedings or abuse the asset management officer’s power to gain benefits from individuals, organizations;

+ Abuse their duties and powers to collude with individuals, organizations for the purpose of gaining personal benefits;

Disclose information on the organization, operation of the insolvent enterprise or cooperative that the asset management officer has reached in the process of their practicing, unless otherwise permitted in writing by that enterprise or cooperative or stipulated by laws;

+ Commit other acts of violation against laws or the ethical code of an asset management officer.

- Prohibited acts for the asset management and liquidation enterprise:

+ Collude with the insolvent enterprise or cooperative in falsify contents relating to the asset management and liquidation practicing;

+ Hint or receive any sum or material benefits from involved parties in bankruptcies, or abuse their duties or powers to gain benefits from organizations or individuals other than payments that the asset management and liquidation enterprise is entitled to in accordance with laws;

+ Let other individuals or organizations to use their name or enterprise registration certificate for the purpose of practicing the asset management and liquidation profession;

Disclose information on the organization, operation of the insolvent enterprise or cooperative that the asset management and liquidation enterprise has reached in the practicing process, unless otherwise permitted in writing by that enterprise or cooperative or stipulated by laws;

+ Commit other acts of violation against legal regulations.

2. Regulations on change to the information about registration of asset management and liquidation practicing of the asset management officer, or asset management and liquidation enterprise in Vietnam

Regulations on change to the information about registration of asset management and liquidation practicing of the asset management officer, or asset management and liquidation enterprise in Vietnam according to 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.

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