What are cases of revocation of practice certificates of asset management officers in Vietnam

What are cases of revocation of practice certificates of asset management officers in Vietnam (Internet image)

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

1. What is asset management officer?

According to Clause 7, Article 4 of the Law on Bankruptcy 2014, asset management officer is an individual specialized in management and liquidation of the assets of an insolvent entity during the process of bankruptcy settlement.

2. Revocation of practice certificates of asset management officers

An issued practice certificates of asset management officers shall be revoked if the obtainers are:

- Officials and civil servants; military officers, professional soldiers and military workers who are working in the offices and bases of the People’s Army; professional commissioned and non-commissioned officers who are working in the offices and bases of the Police Authorities.

- Individuals who are convicted and the sentence

- Individuals whose practicing certificates of lawyer or auditor is revoked;

- individuals replaced according to Point a and b of Clause 1 Article 46 of the Law on Bankruptcy 2014 in 02 or more bankruptcy cases.

(Article 15 of the Law on Bankruptcy 2014)

3. Requirements for working as a asset management officer in Vietnam

According to Article 12 of the Law on Bankruptcy 2014, the following individuals are eligible for being issued practice certificates of asset management officer:

- A lawyer;

- An auditor;

- A person having a bachelor degree in law, economy, accountancy or bank and 05 years of experience or more in his/her field.

Requirements for working as a asset management officer:

- Be capable of civil acts;

- Have ethical qualities, sense of responsibility, integrity and objectivity;

- Have practice certificate of asset management officer.

4. Rights and obligations of asset management officers in Vietnam

Rights and obligations of asset management officers are as follows:

- Manage and supervise the business operation and asset liquidation of the insolvent entities as follows:

+ Collect, verify and manage the documents and evidence related to the business operation of the entities.

+ Draw up lists of assets, creditors and debtors;

+ Preserve assets; prevent selling and/or giving asset without permission of the Judge; prevent dispersing and hiding assets; maximize the value of the entities’ asset on selling and/or liquidating;

+ Supervise the business operation of the entities according to the regulations of the Law;

+ Hire an individual or an organization according to the regulations of the Law;

+ Advise the Judge on selling the entities’ assets in order to cover the cost of bankruptcy;

+ Sell the entities’ assets in accordance with the Judge’s decision in order to cover the cost of bankruptcy;

+ Valuate and liquidate assets according to the regulations of the Law on Bankruptcy 2014; send reports to civil execution authorities and notifications to involving entities on the asset liquidation of an appointed individual or organization.

+ Send the collected money to the bank accounts held by the People’s Court or civil execution authorities

- Represent the insolvent entity if the entity does not have any legal representative.

- Make a report on assets, debts and the operation of the enterprise or cooperative participating in making plan for recovering the business operation of the insolvent entity.

- Advise the Judge to do the followings:

+ Collect evidences;

+ Declare that a transaction is invalid and take back the entities’ assets which are illegally sold or given;

+ Take temporary emergency measures; impose administrative penalties; transfer dossier to competent authorities for imposing criminal penalties according to the regulations of the Law.

- Receive payment and professional liability insurance according to the regulations of the Law.

- Make a report on the performance of the tasks and powers at the request of the Judge and/or civil execution authorities; Take liability before the Judge, civil execution authorities and the Law for the performance of the tasks and powers.

(Article 16 of the Law on Bankruptcy 2014)

Nguyen Ngoc Que Anh

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