ELABORATION OF SOME ARTICLES AND MEASURES FOR ENFORCEMENT OF LAW ON BANKRUPTCY AND REHABILITATION REGARDING ASSET MANAGEMENT OFFICERS AND ASSET MANAGEMENT AND LIQUIDATION PRACTICING

1. This Decree elaborates clause 2 Article 9 and Article 21 of the Law on Bankruptcy and Rehabilitation regarding standards and conditions for practicing, issuance, re-issuance and revocation of practicing certificates to/from asset management officers and asset management and liquidation enterprises; and state management of asset management officers and asset management and liquidation enterprises, asset management and liquidation practicing and payments to asset management officers or asset management and liquidation enterprises.

2. This Decree provides for measures for enforcement of the Law on Bankruptcy and Rehabilitation regarding provision of basic training and advanced training for asset management officers on an annual basis.

This Decree applies to asset management officers, and asset management and liquidation enterprises, regulatory agencies in charge of management of asset management officers, and asset management and liquidation enterprises and other agencies, organizations and individuals involved in asset management and liquidation practicing.

1. Comply with the Constitution and laws.

2. Comply with the code of professional ethics for asset management officers.

3. Carry out their professional operations in an independent manner; be honest and unprejudiced; and respect transparency.

4. Take legal responsibility for practicing operations.

1. Organization or individual entitled to choose to follow administrative procedures online according to regulations of this Decree includes:

a) Applicant for issuance, revocation or re-issuance of asset management officer’s practicing certificate specified in Article 7, point a clause 1 Article 8, Article 9 of this Decree;

b) Asset management officer who registers practicing as an individual or registers change to practicing registration information as prescribed in Article 13 and clause 1, Article 17 of this Decree;

c) Asset management and liquidation enterprise that registers asset management and liquidation practicing or registers change to practicing registration information as prescribed in Article 14 and clause 2, Article 17 of this Decree.

2. The organization or individual shall prepare an electronic application and declare an electronic statement/form as requested by the online public service system as follows:

a) Declare the form/statement using available electronic form; append digital signature to the electronic form/statement/document/paper, if requested;

b) Upload valid electronic papers and documents or cite documents from the electronic data management depository of the applicant.

3. The organization/individual shall follow administrative procedures online on the National Public Service Portal or VNeID (Vietnam Electronic Identification).

4. Authorities in charge of processing administrative procedures shall access and use information and data from national databases, specialized databases, and information systems according to regulations of law to process administrative procedures online and shall not require individuals or organizations to provide or present papers and documents already available in these databases and information systems, except for the cases where information cannot be accessed or information to be accessed is insufficient and inaccurate.

1. A person meeting the following standards will be considered to be issued with an asset management officer’s practicing certificate:

a) He/she is a Vietnamese lawyer or auditor; a foreign lawyer or auditor licensed for practicing in Vietnam; an individual holding a bachelor's, master's, or doctoral degree in law, economics, accounting, finance, or banking and having at least 05 years of working experience in the field of training;

b) He/she has completed a basic asset management officer training course.

2. The asset management officer’s practicing certificate must not be issued to one of the following persons:

a) Person who is facing criminal prosecution or has been convicted and has not had his/her criminal record expunged; person incurring an administrative penalty that is community-based education or forcibly sent to a compulsory educational establishment or compulsory rehabilitation center;

b) Person who is legally incapacitated, person with limited legal capacity or person with limited cognition and behavior control;

c) Cadre, civil servant, or public employee, unless otherwise provided by law; officer, non-commissioned officer, defense worker, defense public employee, non-commissioned officer or soldier working in the agency/unit of the People's Army of Vietnam; commissioned officer, non-commissioned officer, soldier, or worker working in the agency/unit of the People's Public Security;

d) Person specified in this point within 03 years from the effective date of the disciplinary decision: official who is disciplined in the form of dismissal; civil servant/public employee who is disciplined in the form of removal; commissioned officer, professional soldier, defense worker, defense public employee, non-commissioned officer or soldier working in the agency/unit of the People's Army of Vietnam who is disciplined in the form of being stripped of his/her soldier title or removed from the military; commissioned officer, non-commissioned officer, soldier or worker working in the agency/unit of the People's Public Security who is disciplined in the form of being stripped of his/her People's Public Security title, or removed from the public security;

dd) Lawyer or auditor who has his/her practicing certificate revoked due to commission of violations, within 03 years from the effective date of the revocation decision;

e) Person prohibited from practicing as lawyer/auditor according to a legally effective judgment/decision issued by a Court.

1. A person eligible to register for a basis asset management officer training course includes:

a) Vietnamese lawyer or auditor; foreign lawyer or auditor licensed to practice management of assets in Vietnam;

b) Person holding a bachelor's, master's, or doctoral degree in law, economics, accounting, finance, or banking.

2. The duration for the basic training course is 03 months; in case the participant is a lawyer or auditor who has practiced for full 03 years or more, the duration for the basic training course is 1,5 months.

3. A basis asset management officer training program includes legal regulations on asset management officer, asset management and liquidation, and other relevant laws; code of professional ethics for asset management officer; knowledge and professional skills in management and liquidation of assets; skills in application of information technology to management and liquidation of assets; and auxiliary skills in practicing management and liquidation of assets.

Institutions specialized in training for judicial titles under the Ministry of Justice shall establish basis asset management officer training programs and request the Minister of Justice to consider approving such programs, and organize basic asset management officer training courses.

4. Persons who have completed basic asset management officer training courses shall be issued with certificates of basic training asset management officers.

1. A person meeting all the standards and conditions prescribed in Article 5 of this Decree is entitled to request the Chairperson of the People’s Committee of the province/city (hereinafter referred to as “the People’s Committee of province”) where he/she resides to issue an asset management officer’s practicing certificate.

2. An application for issuance of the asset management officer’s practicing certificate includes:

a) An application form for issuance of asset management officer’s practicing certificate which is made using Form No. TP-QTV-01 (if the applicant is a Vietnamese citizen) or Form No. TP-QTV-02 (if the applicant is a foreign lawyer or auditor licensed for practicing in Vietnam) enclosed herewith; and 02 color photos, in 3 cm x 4 cm size, taken within 6 months before the date on which the application is submitted;

b) Lawyer’s card for the Vietnamese lawyer; lawyer’s practicing certificate in Vietnam for the foreign lawyer; auditor’s practicing certificate for the Vietnamese or foreign auditor; bachelor's, master's, or doctoral degree for the person holding bachelor's, master's, or doctoral degree in law, economics, accounting, finance, or banking, enclosed with a written confirmation provided by his/her workplace of a continuous or cumulative working period of at least 05 years in the field of training;

c) Certificate of basic training asset management officer.

The documents specified in points b and c of this clause shall be copies enclosed with their original copies for verification, or certified copies, or electronic original copies, or electronic copies from master registers, or certified electronic copies from their original copies.

3. The applicant for issuance of the asset management officer’s practicing certificate shall prepare an application as prescribed in clause 2 of this Article and submit it in person or by post to the Department of Justice of province where he/she resides, or online in accordance with Article 4 of this Decree.

4. Within 03 working days from the date of receipt of the valid application, The Department of Justice shall consider submitting a written request to the Chairperson of the People’s Committee of province for issuance of the asset management officer’s practicing certificate. In case of refusal, a written reply, stating reasons must be provided.

Within 03 working days from the date of receipt of the written request enclosed with the valid application from the Department of Justice, the Chairperson of the People’s Committee of province shall consider issuing the asset management officer’s practicing certificate, using the Form No. TP-QTV-09 enclosed with this Decree; in case of refusal, a written reply, stating reasons must be provided.

5. In case information in the application for issuance of the asset management officer’s practicing certificate is insufficient, inconsistent, or requires verification, the Department of Justice or the People’s Committee of province shall request the applicant to provide explanation or additional information, or cooperate with relevant agencies and organizations to verify the information. The time limit prescribed in clause 4 of this Article begins from the date on which the Department of Justice or the People’s Committee of province receives the result of the addition, clarification, or verification of information.

1. A person who has been issued with an asset management officer’s practicing certificate shall have his/her certificate revoked in one of the following cases:

a) He/she has no longer practiced management of assets as per his/her aspiration;

b) He/she is recruited, appointed, or transferred to hold one of the working positions prescribed in point c, clause 2, Article 5 of this Decree;

c) The Court declares that he/she is legally incapacitated or has limited legal capacity or limited cognition and behavior control;

d) He/she is convicted under a legally effective judgment;

dd) He/she incurs an administrative penalty that is community-based education or is forcibly sent to a compulsory educational establishment or compulsory rehabilitation center;

e) He/she practices as an asset management officer before he/she is listed by the Department of Justice in the list of local asset management officers or asset management and liquidation enterprises, or practices during the period of suspension;

 g) He/she fails to register for practicing as an asset management officer within 36 months from the date of issuance or re-issuance of the asset management officer’s practicing certificate, or fails to participate in advanced asset management officer training every year for 03 times or more;

h) He/she simultaneously practices management and liquidation of assets at two or more asset management and liquidation enterprises, except for the cases prescribed in clause 1, Article 11 of this Decree; or simultaneously practices at an asset management and liquidation enterprise and practices as an individual;

i) The asset management officer is lawyer or auditor who has his/her practicing certificate, practicing license, or practicing registration certificate revoked, or whose certificate/license has expired;

k) He/she is not eligible for the issuance of the asset management officer’s practicing certificate at the time of issuance.

2. When there is any ground to believe that the person who has been issued with the asset management officer’s practicing certificate falls into one of the cases prescribed in points b, c, d, dd, e, g, h, i, and k, clause 1 of this Article, the agency/organization/individual shall submit an application for revocation of the asset management officer’s practicing certificate, enclosed with proofs, to the Department of Justice of the province/city where the asset management officer is currently practicing or where he/she last practiced; in case the asset management officer has not yet practiced in any province/city, the application shall be sent to the Department of Justice where the application for issuance of the asset management officer’s practicing certificate was originally submitted.

The asset management officer who has no longer practiced management of assets in accordance with point a, clause 1 of this Article shall submit an application for revocation of his/her asset management officer’s practicing certificate using Form No. TP-QTV-03 enclosed with this Decree in person, by post, to the Department of Justice as prescribed in this clause or online as prescribed in Article 4 of this Decree.

3. Within 10 working days from the date of receipt of the application from the asset management officer who has no longer practiced management of assets as per his/her aspiration or the application for revocation of the asset management officer’s practicing certificate, enclosed with proofs or in case it is detected that the asset management officer falls into one of the cases specified in clause 1 of this Article, the Department of Justice shall consider sending a written request to the Chairperson of the People’s Committee of province for revocation of the asset management officer’s practicing certificate. In case of refusal, a written reply, stating reasons must be provided.

Within 05 working days from the date of receipt of the written request from the Department of Justice, the Chairperson of the People’s Committee of province shall issue a decision on revocation of the asset management officer’s practicing certificate. In case of refusal, a written reply, stating reasons must be provided.

4. The decision on revocation of the asset management officer’s practicing certificate shall be sent to the person who has his/her practicing certificate revoked, the People's Court of the province/city where the asset management officer has registered for practicing as an individual, or where the asset management and liquidation enterprise employing the holder of the revoked certificate is headquartered.

5. The asset management officer who has his/her practicing certificate is revoked shall has his/her name removed from the list of asset management officers and the list of asset management and liquidation enterprises. The asset management officer is prohibited from practicing from the effective date of the decision on revocation of his/her asset management officer’s practicing certificate.

1. The asset management officer’s practicing certificate is considered to be re-issued in the following cases:

a) The person who has his/her asset management officer’s practicing certificate revoked fully meets the standards/conditions specified in Article 5 of this Decree and reasons for revocation are no longer available;

b) The certificate has been lost or damaged to the extent that it is unusable.

2. The Chairperson of the People's Committee of province that revoked the asset management officer’s practicing certificate revoked has the jurisdiction to re-issue the certificate in the case specified in point a, clause 1 of this Article. Procedures for re-issuing the asset management officer’s practicing certificate shall be followed in accordance with regulations on issuance of asset management officer’s practicing certificate as prescribed in Article 7 of this Decree.

An application for reissuance of the asset management officer’s practicing certificate includes:

a) An application form for re-issuance of the asset management officer’s practicing certificate, using the Form No. TP-QTV-04 enclosed with this Decree and 02 color photos, in 3 cm x 4 cm size, taken within 6 months before the date on which the application is submitted;

b) Documents proving eligibility for re-issuance of asset management officer’s practicing certificate specified in point a clause 1 of this Article.

3. In the case specified in point b clause 1 of this Article, the asset management officer’s practicing certificate is re-issued as follows:

a) The application includes an application form for re-issuance of the asset management officer’s practicing certificate, using the Form No. TP-QTV-05 enclosed with this Decree and 02 color photos, in 3 cm x 4 cm size, taken within 6 months before the date on which the application is submitted; and the asset management officer’s practicing certificate in case the certificate is damaged and unusable;

b) The applicant for re-issuance of the asset management officer’s practicing certificate shall prepare an application specified in point a of this clause and submit the application, in person or by post to the Department of Justice that previously issued the certificate or online in accordance with Article 4 of this Decree;

c) Within 03 working days from the date of receipt of the valid application, the Department of Justice shall consider sending a written request to the Chairperson of the People’s Committee of province for re-issuance of the asset management officer’s practicing certificate to the applicant. In case of refusal, a written reply, stating reasons must be provided;

d) Within 03 working days from the date on which the Department of Justice sends the written request enclosed with the valid application, the Chairperson of the People’s Committee of province shall consider re-issuing the asset management officer’s practicing certificate to the applicant. In case of refusal, a written reply, stating reasons must be provided.

1. An asset management and liquidation enterprise is organized and operates in the form of a partnership or sole proprietorship.

2. Name of an asset management and liquidation enterprise includes the phrase “asset management and liquidation partnership” or “asset management and liquidation sole proprietorship”, enclosed with a proper name chosen by the general partners as agreed or decided by the owner of the sole proprietorship.

3. Branches or representative offices of the asset management and liquidation enterprise shall be established and operate in compliance with the law on enterprises.

The asset management and liquidation enterprise shall appoint at least 01 asset management officer employed by the enterprise to work at these branches.

Representative offices of the asset management and liquidation enterprise are prohibited from practicing management and liquidation of assets.

Within 07 working days from the date on which the certificate of registration of branch/representative office is issued, the asset management and liquidation enterprise shall send a written notification to the Department of Justice of the province/city where the enterprise is headquartered; in case the enterprise establishes its branches or representative offices at a province/city other than the one where the enterprise is headquartered, the enterprise shall send a written notification to the Department of Justice of the province/city where the enterprise is headquartered and where these branches or representative offices are located.

1. An asset management and liquidation partnership shall have at least 02 general partners who are asset management officers; the General Director or Director of the partnership must also be an asset management officer.

The general partner of asset management and liquidation partnership who is an asset management officer is prohibited from simultaneously working as the owner of an asset management and liquidation sole proprietorship or the general partner of another asset management and liquidation partnership in order to practice management and liquidation of assets, except when other general partners of the partnership give their consent.

2. The owner of asset management and liquidation sole proprietorship is an asset management officer and simultaneously acts as Director.

3. Whenever there is any change to the general partner of an asset management and liquidation partnership or any change to the owner of an asset management and liquidation sole proprietorship, within 07 working days after such change takes place, this partnership or sole proprietorship shall register for practicing management and liquidation of assets for its new general partner or owner. Procedures for registration shall be followed according to clauses 2, 3 and 4 Article 14 of this Decree. The new general partner or owner shall comply with regulations in clause 1 of this Article.

1. Asset management officer’s practicing forms include:

a) practicing as an individual asset management officer;

b) practicing at an asset management and liquidation enterprise by establishing or participating in establishment or working under the employment contract for the asset management and liquidation enterprise.

2. At the same period of time, the holder of the asset management officer’s practicing certificate shall only be entitled to register for practicing management and liquidation of assets by one of the forms specified in clause 1 of this Article.

3. The asset management officer practicing as an individual shall register tax payment in accordance with the tax law.

1. An application for registration of practicing management and liquidation of assets as an individual includes:

a) An application form for registration of practicing management and liquidation of assets as an individual, using the Form No. TP-QTV-06 enclosed with this Decree;

b) A copy enclosed with its original copy for verification or certified copy, or electronic original copy, or electronic copy from master register, or certified electronic copy from its original copy of the asset management officer’s practicing certificate.

2. The asset management officer who registers for practicing management and liquidation of assets as an individual shall prepare an application specified in clause 1 of this Article and submit the application, in person or by post to the Department of Justice of the locality where he/she wishes to practice or online in accordance with Article 4 of this Decree.

3. Within 05 working days from the date of receipt of the valid application, the Department of Justice shall consider including the asset management officer’s name in the list of local asset management officers/asset management and liquidation enterprises, using Form No. TP-QTV-08 enclosed with this Decree. In case of refusal, a written reply, stating reasons must be provided.

If the information in the application for registration of practicing management and liquidation of assets as an individual is insufficient, inconsistent, or requires verification, the Department of Justice shall request the applicant to provide an explanation, additional information, or cooperate with relevant agencies and organizations in verification. The time limit specified in this clause begins from the date on which the Department of Justice receives the result of addition, clarification or verification of the information.

4. The asset management officer may practice management and liquidation of assets as an individual from the date on which the Department of Justice includes his/her name in the list of local asset management officers/asset management and liquidation enterprises.

If the asset management officer ceases practicing management and liquidation of assets as an individual, a written notification must be sent to the Department of Justice of province/city where he/she is currently practicing at least 03 working days prior to the expected date of cessation. Within 03 working days from the date of receipt of the written notification, the Department of Justice shall consider deciding to remove the asset management officer’s name from the list of local asset management officers/asset management and liquidation enterprises.

5. A person is prohibited from registering for practicing management and liquidation of assets as an individual in the following cases:

a) He/she is applying for revocation or is considered to have his/her asset management officer’s practicing certificate revoked in accordance with Article 8 of this Decree;

b) He/she is currently prohibited from practicing management and liquidation of assets according to the legally effective judgment or decision issued by the Court.

6. Lawyers and auditors are permitted to simultaneously practice management and liquidation of assets in accordance with the law on bankruptcy and rehabilitation.

1. An enterprise fully meeting the conditions specified in clause 1, clause 2 Article 11 of this Decree is permitted to register for practicing management and liquidation of assets, and at the same time register for practicing management and liquidation of assets for asset management officers employed by the enterprise. The person specified in clause 5 Article 13 of this Decree is prohibited from registering for practicing management and liquidation of assets at the asset management and liquidation enterprise.

2. The enterprise shall prepare an application for registration of practicing management and liquidation of assets, Including:

a) An application form for registration of practicing management and liquidation of assets, using the Form No. TP-QTV-07 enclosed with this Decree;

b) A copy enclosed with its original copy for verification or certified copy, or electronic original copy, or electronic copy from master register, or certified electronic copy from its original copy of the asset management officer’s practicing certificate issued to the asset management officer who registers for practicing at the enterprise;

c) Copy of the enterprise registration certificate (the enterprise is only required to submit this certificate if the Department of Justice is unable to access information on enterprise registration certificate on the national enterprise registration database, or if the accessed information is insufficient or inaccurate).

3. The enterprise that registers for practicing management and liquidation of assets shall prepare an application specified in clause 2 of this Article and submit the application, in person or by post to the Department of Justice of the locality where the enterprise is headquartered or online in accordance with Article 4 of this Decree.

4. Within 05 working days from the date of receipt of the valid application, the Department of Justice shall consider including the enterprise’s name in the list of local asset management officers/asset management and liquidation enterprises, using Form No. TP-QTV-08 enclosed with this Decree and notify the enterprise in writing. In case of refusal, a written reply, stating reasons must be provided.

Within the time limit prescribed in this clause, if the application is found to be insufficient, inconsistent, or requires verification with regard to the general partners, General Director, or Director of the partnership, other persons practicing management and liquidation of assets at the partnership (if any); or the owner, other persons practicing management and liquidation of assets at the sole proprietorship (if any), the Department of Justice shall request the enterprise (the partnership/sole proprietorship) to provide explanation, additional information, or cooperate with relevant agencies and organizations in verification. The time limit specified in this clause begins from the date on which the Department of Justice receives the result of addition, clarification or verification of the information.

5. The asset management and liquidation enterprise may practice management and liquidation of assets from the date on which the Department of Justice includes its name in the list of local asset management officers/asset management and liquidation enterprises.

If the asset management and liquidation enterprise ceases operating/practicing management and liquidation of assets, a written notification must be sent to the Department of Justice at least 03 working days prior to the expected date of cessation. Within 03 working days from the date of receipt of the written notification, the Department of Justice shall consider deciding to remove the enterprise’s name from the list of local asset management officers/asset management and liquidation enterprises.

1. Comply with principles of practicing management and liquidation of assets as prescribed in Article 3 hereof and be prohibited from committing the following acts:

a) Leasing, lending, or letting another organization or individual use his/her own practicing certificate for the purpose of practicing management and liquidation of assets;

b) Colluding with the insolvent enterprise/cooperative in falsifying contents related to the asset management and liquidation practicing;

c) Giving hints, making agreement or receiving any sum, assets or other benefits from participants in bankruptcy and rehabilitation procedures, or abusing the title of asset management officer or the status of asset management and liquidation enterprise to gain benefits from organizations or individuals other than payments to the asset management officer in accordance with laws;

d) Abusing his/her tasks and powers to collude with individuals, organizations for the purpose of gaining personal benefits;

dd) Disclosing information on organization and operation of the insolvent enterprise/cooperative, received during the practicing process, unless otherwise permitted in writing by that enterprise/cooperative or stipulated by laws.

2. Sign the report and document on the outcome of the exercise of his/her rights and fulfillment of his/her obligations in accordance with the law on bankruptcy and rehabilitation.

3. Send a report to and abide by the enforcer’s decision during the process of enforcement of the decision to declare the enterprise/cooperative bankrupt.

4. The asset management officer practicing management and liquidation of assets as an individual shall send a report to the Department of Justice where he/she registers for practicing management and liquidation of assets according to the Ministry of Justice’s guidelines.

5. Participate in advanced asset management officer training, every year, organized by the training institution as prescribed in clause 3, Article 6 of this Decree, at least 01 working day per year (08 hours per year).

The asset management officer shall be deemed that he/she has fulfilled the obligation to participate in the advanced asset management officer training in one of the following cases:

a) Be a member of a Drafting Committee or an Appraisal Council for legislative documents on rehabilitation, bankruptcy, or management and liquidation of assets;

b) Participate in teaching or act as a reporter in training programs, workshops, or seminars; participate in dissemination and education about laws on mass media on rehabilitation, bankruptcy, or management and liquidation of assets;

c) Participate in scientific research projects at the ministerial level or higher on rehabilitation, bankruptcy, or management and liquidation of assets.

6. Fully perform tasks and powers according to the Law on Bankruptcy and Rehabilitation, this Decree and fulfill the obligations in accordance with relevant laws.

1. Manage asset management officers practicing at the enterprise.

2. Be legally responsible for professional operations conducted by asset management officers appointed by the enterprise as prescribed in this Decree.

3. The legal representative of the asset management and liquidation enterprise shall consider signing documents executed by its asset management officers.

4. Send a report to and abide by the enforcer’s decision during the process of enforcement of the decision to declare the enterprise/cooperative bankrupt.

5. Send a report to the Department of Justice where it registers for practicing management and liquidation of assets according to the Ministry of Justice’s guidelines.

6. Be prohibited from committing the following acts:

a) The acts prescribed in points b, c, d and dd clause 1 Article 15 of this Decree;

b) Letting another organization or individual use its own name or enterprise registration certificate for the purpose of practicing management and liquidation of assets.

7. Fully perform tasks and powers according to the Law on Bankruptcy and Rehabilitation, this Decree and fulfill the obligations in accordance with relevant laws.

1. When there is any change to the transaction address in the application for registration of practicing management and liquidation of assets, within 05 working days from the date of change, the asset management officer practicing as an individual shall send a written request for adjustments to the information on the registration of practicing management and liquidation of assets, by post or in person to the Department of Justice where the asset management officer registers for practicing or online in accordance with Article 4 of this Decree.

Within 03 working days from the date of receipt of the written request from the asset management officer, the Department of Justice shall change the information on the transaction address of the asset management officer in the list of local asset management officers/asset management and liquidation enterprises.

2. When there is any change to the name, address of the head office, representative office, branch, legal representative, list of asset management officers who practice at an asset management and liquidation enterprise, within 05 working days from the date on which the enterprise registration application is added in accordance with the law on enterprises, the asset management and liquidation enterprise shall send a written request for adjustment to the information about registration of practicing management and liquidation of assets by post or in person to the Department of Justice where the enterprise has registered for practicing management and liquidation of assets or online in accordance with Article 4 of this Decree.

Within 03 working days of receipt of the 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 practice at the asset management and liquidation enterprise, written in the list of local asset management officers/asset management and liquidation enterprises.

If the asset management and liquidation enterprise employs additional asset management officers, it is required to apply for the registration of these additional officers’ practicing. Procedure for registration of such additional officers in the list of asset management officers working for such enterprise shall be followed according to regulations laid down in clauses 1, 2, 3 and 4 Article 14 hereof.

1. An asset management officer is suspended from practicing management and liquidation of assets in one of the following cases:

a) He/she is facing a criminal prosecution;

b) He/she is incurring an administrative penalty;

c) He/she is the lawyer whose right to use the lawyer's practicing certificate has been withheld or who has been disciplined in the form of suspension from eligibility to join the bar association in accordance with the on lawyers;

d) He/she is the auditor whose right to use the auditor’s practicing registration certificate has been withheld, or who has been suspended from practicing audit; he/she is the auditor whose right to use the auditor’s certificate has been withheld in accordance with laws.

2. An asset management and liquidation enterprise is suspended from practicing management and liquidation of assets in one of the following cases:

a) The partnership’s general partner or the sole proprietorship’s owner is changed but the conditions specified in clause 1,clause 2 Article 11 of this Decree are not met;

b) The general partner of the asset management and liquidation partnership is suspended from practicing management and liquidation of assets in accordance with clause 1 of this Article, resulting in the partnership's failure to meet the conditions stipulated in clause 1, Article 11 of this Decree; the owner of the asset management and liquidation sole proprietorship is suspended from practicing management and liquidation of assets according to clause 1 of this Article, resulting in the sole proprietorship’s failure to meet the conditions stipulated in clause 2, Article 11 of this Decree;

c) The enterprise must temporarily cease its operations as per law.

3. The period of suspension from practicing management and liquidation of assets in the cases specified in points a and b, clause 1 and clause 2 of this Article is up to 12 months. In case the suspension period is expired but reasons for suspension are still available, the suspension period shall be extended up to 12 months.

The period of suspension from practicing management and liquidation of assets in the cases specified in points c and d, clause 1 of this Article shall be consistent with the administrative penalty decision issued by the competent authority or the disciplinary decision issued by the bar association

4. The decision to suspend the asset management officer/asset management and liquidation enterprise from practicing management and liquidation of assets is annulled before its expiry date in the following cases:

a) There is a decision to terminate investigation or lawsuit, or a legally effective Court judgment declaring the asset management officer is not guilty, as specified in point a, clause 1 of this Article;

b) The asset management officer is no longer subject to any administrative penalty in accordance with the law on handling of administrative violations, as specified in point b, clause 1 of this Article;

c) The partnership or sole proprietorship meets the conditions specified in clause 1, clause 2 Article 11 of this Decree.

5. The Department of Justice has the jurisdiction to suspend the asset management officer/asset management and liquidation enterprise from practicing management and liquidation of assets, extend, or cancel such suspension.

6. The decision to suspend, extend, or cancel the suspension from practicing management and liquidation of assets shall be sent to the asset management officer, the asset management and liquidation enterprise, and the People's Court of province where the asset management officer practicing as an individual registers his/her transaction address, or where the asset management and liquidation enterprise employing the asset management officer suspended is headquartered.

7. In case where the asset management officer/asset management and liquidation enterprise currently participating in a bankruptcy/rehabilitation case is suspended from practicing management and liquidation of assets, they must send a written notification of such suspension to the Judge currently settling the bankruptcy/rehabilitation case.

1. Within 07 working days from the date of receipt of a written appointment from the Judge currently settling the bankruptcy/rehabilitation case, the asset management officer practicing as an individual shall send a written notification of participation in the case to the Judge, clearly stating his/her name, number, and date of issuance of his/her asset management officer’s practicing certificate; in case of refusal of participation, the asset management officer must provide a written notification.

2. Within 07 working days from the date of receipt of the written appointment from the Judge currently settling the bankruptcy/rehabilitation case, the asset management and liquidation enterprise shall send a written appointment of its asset management officer(s) to participate in the bankruptcy/rehabilitation case on behalf of the enterprise to the Judge. The written appointment must clearly state the name, number, date of issuance of the asset management officer’s practicing certificate held by its appointed asset management officer(s); in case of refusal to participate in the bankruptcy/rehabilitation case, the enterprise must send a written notification of such refusal.

3. In case the asset management officer appointed by the asset management and liquidation enterprise as prescribed in clause 2 of this Article is suspended from practicing management and liquidation of assets as prescribed in Article 18 hereof, within 03 working days from the date on which the appointed asset management officer’s practicing is suspended, 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 is unable to appoint another asset management officer as a replacement, the written notification must be sent to the Judge currently settling the bankruptcy/rehabilitation case to proceed to appoint another asset management officer or asset management and liquidation enterprise as a replacement.

1. The asset management officer or asset management and liquidation enterprise currently participating in the bankruptcy/rehabilitation case may be replaced under the Judge’s decision in one of the following cases:

a) In one of the cases specified in clause 2 Article 11 of the Law on Bankruptcy and Rehabilitation;

b) He/she/it is suspended from practicing management and liquidation of assets in accordance with Article 18 of this Decree.

2. The advance/payments to the asset management officer or asset management and liquidation enterprise in the cases specified in clause 1 of this Article shall be prescribed as follows:

a) In case of replacement as specified in points a,b,c and d clause 2 Article 11 of the Law on Bankruptcy and Rehabilitation, the asset management officer or asset management and liquidation enterprise, shall refund the entire advance paid to him/her/it;

b) In case of replacement as specified in point dd clause 2 Article 11 of the Law on Bankruptcy and Rehabilitation or point b clause 1 of this Article, the asset management officer or asset management and liquidation enterprise, shall receive payment in proportion to the part of work that they have completed.

3. The decision to replace the asset management officer/asset management and liquidation enterprise must clearly state handling of advance paid to the replaced officer/enterprise, and must be sent immediately to the asset management officer, the asset management and liquidation enterprise, and participants in rehabilitation/bankruptcy procedures.

4. Within 03 working days from the date on which the replacement decision is issued, the replaced asset management officer or asset management and liquidation enterprise must transfer all tasks performed to the new officer/enterprise; in case where a new officer/enterprise has not yet been appointed, such tasks shall be transferred within 03 working days from the date of issuance of the decision to appoint new asset management officer/asset management and liquidation enterprise.

5. If the replaced asset management officer or asset management and liquidation enterprise fails to transfer tasks in accordance with clause 4 of this Article, they shall, depending on the nature and severity of the failure, face an administrative penalty or criminal prosecution; if any damage is caused, they must pay compensation in accordance with the law.

1. Payments to an asset management officer or asset management and liquidation enterprise include remuneration and other costs. These payments shall be derived from the value of asset owned by the enterprise/cooperative, or covered by state budget in accordance with the Law on Bankruptcy and Rehabilitation.

2. Remuneration shall be determined based on the following grounds:

a) Duration for the asset management officer’s performance of tasks;

b) The asset management officer’s effort to perform tasks;

b) Outcome of the asset management officer’s performance of tasks.

3. Remuneration shall be determined by one of the following methods:

a) Working time of the asset management officer;

b) Lump-sum remuneration;

c) Remuneration percentage calculated by the percentage of total value of asset owed by the enterprise /cooperative declared bankrupt, and gained after recovery or liquidation.

4. Remuneration shall be specifically determined as follows:

a) If the People’s Court issues a decision to terminate rehabilitation procedures in accordance with Article 86 of the Law on Bankruptcy and Rehabilitation, the remuneration shall be determined on the basis of considering and applying the grounds laid down in clause 2 and the methods stipulated in point a, point b clause 3 of this Article;

b) If the People’s Court issues a decision to terminate bankruptcy procedures in accordance with point a clause 5 Article 63 and clause 1 Article 64 of the Law on Bankruptcy and Rehabilitation, the remuneration shall be agreed upon between the Judge and the asset management officer or asset management and liquidation enterprise on the basis of considering and applying the grounds laid down in clause 2 and the methods stipulated in clause 3 of this Article;

c) If the People’s Court issues a decision to declare the enterprise or cooperative bankrupt according to regulations in points a, b and d clause 1 Article 65 of the Law on Bankruptcy and Rehabilitation, the remuneration shall be determined as follows:

(The monthly salary specified in this point, point g of this clause, and clause 8 of this Article shall be an average of regional minimum monthly salaries as prescribed by law)

d) If the People’s Court issues a decision to declare the enterprise or cooperative bankrupt according to regulations in point c clause 1 Article 65 of the Law on Bankruptcy and Rehabilitation, the remuneration shall include remuneration determined for specific cases stipulated by point c clause 4 of this Article plus the remuneration paid for the supervision of business activities while the insolvent enterprise or cooperative implements the business rehabilitation plan. The remuneration paid for the supervision of business activities shall be agreed upon between the Judge and the asset management officer, or asset management and liquidation enterprise on the basis of the grounds specified in clause 2 and the methods stipulated by clause 3 of this Article;

dd) If the People’s Court issues a decision to declare the enterprise or cooperative bankrupt in accordance with point a clause 4 Article 34 of the Law on Bankruptcy and Rehabilitation, the remuneration shall be determined on the basis of the grounds specified in clause 2 and the methods stipulated in point a, point b clause 3 of this Article;

e) In case coercive measures are implemented to recover or hand over assets as prescribed in clause 4, Article 76 of the Law on Bankruptcy and Rehabilitation, the remuneration specified in point b, clause 4 of this Article shall be determined after deducting costs for coercive recovery/handover of the assets in accordance with the law on civil judgment enforcement The asset management officer or asset management and liquidation enterprise shall submit a written request to the Judge to determine the remuneration. The enforcer shall pay remuneration to the asset management officer according to the Judge's decision.

g) The remuneration in the cases specified in this clause shall be equal to at least 1,5-month salary for each month of participation by the asset management officer/asset management and liquidation enterprise; in case the number of participation days is less than a full month, the remuneration shall be determined by dividing 1,5-month salary by 30 days and multiplying it by the actual number of participation days.

5. In case of another agreement on the remuneration specified in clause 4 of this Article between the participants in rehabilitation or bankruptcy procedures or the Creditors' Meeting and the asset management officer/asset management and liquidation enterprise, such agreement shall prevail.

6. In case a credit institution is bankrupt as prescribed in Article 72 of the Law on Bankruptcy and Rehabilitation, the remuneration paid to the asset management officer/asset management and liquidation enterprise shall be determined in accordance with points a and b, clause 4 of this Article.

7. Other costs paid to the asset management officer/asset management and liquidation enterprise include travel and accommodation costs, venue rental costs, personnel employment costs when the asset management officer works outside the province or city where the enterprise is headquartered; costs of stationery, postage, and other reasonable costs for management and liquidation of assets.

Within 05 working days from the date on which the asset management officer submits a written request enclosed with a document (or a statement) of actual costs incurred (if any), the Judge shall consider issuing a payment decision; in case part or all of the costs are not accepted, the Judge must reply in writing, clearly stating reasons.

Payment of other costs to the asset management officer/asset management and liquidation enterprise and final settlement of these costs shall comply with regulations of law.

8. The Judge initiating bankruptcy procedures shall, based on each specific case, decide the advance paid to the asset management officer/asset management and liquidation enterprise and such advance shall not be lower than 10-month salary. The asset management officer/asset management and liquidation enterprise receiving the advance shall be responsible for payment and final settlement in accordance with the laws on finance and accounting.

During the performance of tasks, other necessary and reasonable costs incurred for the settlement of the case, the asset management officer/asset management and liquidation enterprise is entitled to send a written request for an additional advance to the Judge. Within 05 working days from the date of receipt of the written request, the Judge shall consider deciding the additional advance; in case the written request is not accepted, the Judge must reply in writing, clearly stating the reasons.

1. The Ministry of Justice is an agency that assists the Government in performing uniform state management of asset management officers and asset management and liquidation enterprises and practicing of management and liquidation of assets across the nation. The Ministry of Justice has the following tasks and powers:

a) Issue or request competent state agencies to issue legislative documents on asset management officers, asset management and liquidation enterprises, and practicing of management and liquidation of assets;

b) Issue the code of professional ethics for asset management officers;

c) Conduct inspection, resolve complaints or denunciations and impose penalties for violations against regulations on asset management officers, asset management and liquidation enterprises, and practicing of management and liquidation of assets within its jurisdiction;

d) Take measures to support the development of management and liquidation of assets within its jurisdiction;

dd) Promote international cooperation concerning asset management officers, and asset management and liquidation practicing within its jurisdiction;

e) Perform other tasks and powers prescribed by law.

2. Ministries and ministerial-level agencies shall, within their respective tasks and powers, be responsible for cooperating with the Ministry of Justice in state management of asset management officers, asset management and liquidation enterprises, and practicing of management and liquidation of assets.

1. The People’s Committee of province performs state management of asset management officers and asset management and liquidation enterprises and practicing of management and liquidation within its province and has the following tasks and powers:

a) Organize registration of practicing management and liquidation of assets, and manage asset management officers and asset management and liquidation enterprises within its province;

b) Issue, revoke and re-issue the asset management officer’s practicing certificate;

c) Conduct examination and inspection, resolve complaints or denunciations and impose penalties for violations against regulations on asset management officers, asset management and liquidation enterprises, and practicing of management and liquidation of assets within its province and under its jurisdiction;

d) Report to the Ministry of Justice on asset management officers, asset management and liquidation enterprises, and practicing of management and liquidation of assets within its province on an annual basis or upon request;

dd) Take measures to support the development of management and liquidation of assets within its province;

e) Perform other tasks and powers as prescribed in law.

2. The Department of Justice shall assist the People’s Committee of province in performing state management of asset management officers and asset management and liquidation enterprises and practicing of management and liquidation of assets within its province and has the following tasks and powers:

a) Register local asset management officers'/asset management and liquidation enterprises’ practicing of management and liquidation of assets;

b) Suspend asset management officers and asset management and liquidation enterprises from practicing management and liquidation of assets, extend and cancel such suspension; remove asset management officers and asset management and liquidation enterprises from the list of asset management officers/asset management and liquidation enterprises;

c) Conduct review, compile statistics, and report data on asset management officers, asset management and liquidation enterprises, and practicing of management and liquidation of assets within its province; identify cases where asset management officers’ practicing certificates are required to be revoked in accordance with regulations;

d) Conduct inspection and impose penalties for violations against regulations on asset management officers, asset management and liquidation enterprises, and practicing of management and liquidation of assets within its province and under its jurisdiction;

dd) Resolve complaints about or denunciations of asset management officers, asset management and liquidation enterprises, and practicing of management and liquidation of assets within its jurisdiction;

e) Report to the People’s Committee of province, the Ministry of Justice on asset management officers, asset management and liquidation enterprises, and practicing of management and liquidation of assets within its province on an annual basis or at the request of the competent authority;

g) Compile and publish the list of asset management officers and asset management and liquidation enterprises within its province, using Form No. TP-QTV-08 issued together this Decree; post, on the web portal of the Department of Justice, the list of asset management officers/asset management and liquidation enterprises suspended from practicing management and liquidation of assets, extension and cancellation of such suspension, and the list of asset management officers who have their practicing certificates revoked;

h) Update the list of asset management officers/asset management and liquidation enterprises, and information prescribed in clause 5 Article 8, clause 4 Article 13, clause 5 Article 14, and clause 1 and clause 2 Article 17 of this Decree, to the judicial assistance management software of the Ministry of Justice when the software is put into operation;

i) Perform other tasks and powers as prescribed in law.

Any person who infringes upon legitimate rights and interests of the asset management officer/asset management and liquidation enterprise or hinders them from practicing management and liquidation of assets shall, depending on the nature and severity of the infringement/hindrance, be disciplined or face an administrative penalty or criminal prosecution; if any damage is caused, they must pay compensation in accordance with the law.

1. Any individual who is not eligible to practice management and liquidation of assets but still practices management and liquidation of assets in any form shall, depending on the nature and severity of the act, face an administrative penalty or criminal prosecution; if any damage is caused, they must pay compensation in accordance with the law.

2. Any organization that is not eligible to practice management and liquidation of assets but still practices management and liquidation of assets in any form shall, depending on the nature and severity of the act, face an administrative penalty; if any damage is caused, they must pay compensation in accordance with the law.

1. The asset management officer or asset management and liquidation enterprise is entitled to lodge complaints against any administrative decision or act issued/committed by a civil judgment-enforcing agency and other agencies or organizations, provided that there are grounds to believe that such decision or act infringes upon their legitimate rights and interests. The resolution of complaints shall comply with regulations of the law on complaints and the law on judgment enforcement.

2. Individuals are entitled to denounce violations against law on bankruptcy and rehabilitation and the code of professional ethics for asset management officers to competent state agencies. The resolution of denunciations shall comply with regulations of the law on denunciations.

1. The asset management officer’s practicing certificate issued by the Minister of Justice or the Chairperson of People's Committee province before the effective date of this Decree shall remain valid; the certificate holder shall be responsible for and practice management and liquidation of assets in accordance with regulations of this Decree.

2. Any application for administrative procedures as prescribed in Articles 7, 8, 9, 13, 14, and 17 of this Decree that has been received by the competent authority or postmarked before the effective date of this Decree shall be processed in accordance with the Decree No. 22/2015/ND-CP amended by the Decree No. 112/2025/ND-CP and the Decree No. 18/2026/ND-CP.

3. In case where a Judge implementing bankruptcy procedures has appointed an asset management officer or an asset management and liquidation enterprise in accordance with the Law on Bankruptcy No. 51/2014/QH13, and the bankruptcy case remains unsettled, the payment to such asset management officer or an asset management and liquidation enterprise shall comply with regulations of this Decree, except for the bankruptcy cases specified in points a and b, clause 1, Article 88 of the Law on Bankruptcy and Rehabilitation where the asset management officer has already been appointed; in these cases, the payment to the asset management officer/asset management and liquidation enterprise shall comply with the Decree No. 22/2015/ND-CP amended by the Decree No. 112/2025/ND-CP and the Decree No. 18/2026/ND-CP.

1. This Decree comes into force from March 01, 2026, except for clause 2 of this Article.

2. Point b, clause 1, Article 5 and point c, clause 2, Article 7 of this Decree comes into force from March 01, 2027; clause 5, Article 15 of this Decree comes into force from January 01, 2027.

3. This Decree replaces the Decree No. 22/2015/ND-CP amended by the Decree No. 112/2025/ND-CP and the Decree No. 18/2026/ND-CP.

4. The following regulations shall be annulled:

a) Article 3 of the Decree No. 112/2025/ND-CP, amended by Decrees on juridical assistance;

b) Article 7 of the Decree No. 18/2026/ND-CP amended by some Decrees on reduction and simplification of administrative procedures and business conditions under the management of the Ministry of Justice.