Decree No. 22/2015/NĐ-CP provides detailed regulations on certain provisions of the Bankruptcy Law concerning Judicial Trustees and the practice of managing and liquidating assets.

DECREE

Detailed Implementation Decree on Certain Provisions of the Bankruptcy Law concerning Judicial Trustees

 and Engaging in the Management and Liquidation of Assets The Government issues this Detailed Implementation Decree on certain provisions of the Bankruptcy Law concerning Judicial Trustees and engaging in the management and liquidation of assets.

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Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the Bankruptcy Law dated June 19, 2014;

At the proposal of the Minister of Justice,

1. This Decree provides detailed implementation for certain provisions of the Bankruptcy Law concerning Judicial Trustees, asset management and liquidation enterprises, engaging in the management and liquidation of assets, judicial trustee fees, asset management and liquidation enterprise fees, and state administration over judicial trustees and asset management and liquidation enterprises.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

2. This Decree applies to judicial trustees, asset management and liquidation enterprises, state administrative agencies overseeing judicial trustees and asset management and liquidation enterprises, and other organizations and individuals related to the practice of managing and liquidating assets.

Article 2. Principles of Engaging in Asset Management and Liquidation

2. Adhere to the Code of Professional Ethics for Judicial Trustees.

1. Compliance with the Constitution and laws.

3. Ensure professional independence, honesty, transparency, and objectivity.

4. Be responsible under the law for their professional activities.

Article 3. Prohibited Conduct for Judicial Trustees and Asset Management and Liquidation Enterprises

1. Prohibited conduct for judicial trustees:

a) Renting, lending, or allowing other individuals or organizations to use their judicial trustee practice certificates to engage in asset management and liquidation.

b) Suggesting or accepting any monetary or material benefits from participants in bankruptcy proceedings or using the judicial trustee's name to gain benefits from individuals or organizations outside the judicial trustee fees prescribed by law.

c) Exploiting duties and powers to collude with individuals or organizations for personal gain.

d) Disclosing information about organizations or activities of insolvent businesses that the judicial trustee becomes aware of during their practice, except where the business or cooperative has given written consent or where the law provides otherwise.

đ) Other acts contrary to the law and the Code of Professional Ethics for Judicial Trustees.

2. Prohibited conduct for asset management and liquidation enterprises:

a) Colluding or coordinating with insolvent businesses to distort contents related to the practice of managing and liquidating assets.

b) Suggesting or accepting any monetary or material benefits from participants in bankruptcy proceedings or exploiting the enterprise's duties and powers to gain benefits from individuals or organizations outside the asset management and liquidation enterprise fees prescribed by law.

c) Allowing other individuals or organizations to use the enterprise's name or business registration certificate to engage in asset management and liquidation.

d) Disclosing information about organizations or activities of insolvent businesses that the enterprise becomes aware of during its practice, except where the business or cooperative has given written consent or where the law provides otherwise.

đ) Other acts contrary to the law.

JUDICIAL TRUSTEES

Chapter II
QUẢN TÀI VIÊN

Article 4. Issuance of Practicing Certificate for Management and Liquidation Practitioners

1. Persons falling under Clause 1, Article 12 of the Bankruptcy Law who wish to practice management and liquidation shall submit an application for issuance of a Practicing Certificate for Management and Liquidation Practitioner. The application includes:

a) An Application Form for Issuance of Practicing Certificate for Management and Liquidation Practitioner according to Model TP-QTV-01 issued together with this Decree;

b) A copy of the Lawyer's Card for lawyers; a copy of the Certified Public Accountant's Certificate for certified public accountants; a copy of the bachelor's degree in law, economics, accounting, finance, or banking for persons holding a bachelor's degree in law, economics, accounting, finance, or banking;

c) Documents proving at least five years of experience in the field of study, confirmed by the agency or organization where persons holding a bachelor's degree in law, economics, accounting, finance, or banking work;

d) Two color photographs measuring 3cm x 4cm.

In case of necessity, the Ministry of Justice may require applicants for issuance of Practicing Certificate for Management and Liquidation Practitioner to submit a Criminal Record Sheet.

2. Foreign lawyers who have been granted a License to Practice Law in Vietnam in accordance with the laws on foreign lawyers, and foreign certified public accountants in accordance with the laws on foreign certified public accountants, who wish to practice management and liquidation shall submit an application for issuance of Practicing Certificate for Management and Liquidation Practitioner. The application includes:

a) An Application Form for Issuance of Practicing Certificate for Management and Liquidation Practitioner according to Model TP-QTV-02 issued together with this Decree;

b) A copy of the License to Practice Law in Vietnam for foreign lawyers issued by the Ministry of Justice; a copy of the Certified Public Accountant's Certificate for foreign certified public accountants issued by the Ministry of Finance;

c) A summary of personal history (self-declaration).

d) Two color photographs measuring 3cm x 4cm.

3. Applicants for issuance of Practicing Certificate for Management and Liquidation Practitioner shall send one set of application documents via postal service or directly to the Ministry of Justice and pay the prescribed fee.

In case applicants for issuance of Practicing Certificate for Management and Liquidation Practitioner submit their applications directly to the Ministry of Justice, they must present the original documents specified in Point b, Clause 1 and Point b, Clause 2 of this Article for verification.

In case applicants for issuance of Practicing Certificate for Management and Liquidation Practitioner send their applications through postal service to the Ministry of Justice upon request, they must present the original documents specified in Point b, Clause 1 and Point b, Clause 2 of this Article.

Within twenty days from the date of receipt of complete and valid applications, the Ministry of Justice shall be responsible for issuing Practicing Certificates for Management and Liquidation Practitioners to applicants according to Model TP-QTV-08 issued together with this Decree; in case of refusal, reasons must be notified in writing.

Persons refused issuance of Practicing Certificate for Management and Liquidation Practitioner have the right to lodge complaints or initiate lawsuits in accordance with the law.

4. Persons falling under any of the following circumstances shall not be issued a Practicing Certificate for Management and Liquidation Practitioner:

a) Not meeting the conditions for practicing Management and Liquidation Practitioner as stipulated in Point a and Point b, Clause 2, Article 12 of the Bankruptcy Law;

b) Circumstances stipulated in Article 14 of the Bankruptcy Law.

Article 5. Reissuance of Practicing Certificate for Management and Liquidation Practitioner

1. Persons who have been issued a Practicing Certificate for Management and Liquidation Practitioner and whose certificate has been lost or damaged beyond repair may apply for reissuance of the Practicing Certificate for Management and Liquidation Practitioner.

2. Applications for reissuance of Practicing Certificate for Management and Liquidation Practitioner include:

a) An Application Form for Reissuance of Practicing Certificate for Management and Liquidation Practitioner according to Model TP-QTV-03 issued together with this Decree;

b) Two color photographs measuring 3cm x 4cm.

3. Applicants for reissuance of Practicing Certificate for Management and Liquidation Practitioner shall send one set of application documents via postal service or directly to the Ministry of Justice and pay the prescribed reissue fee. Within fifteen days from the date of receipt of complete and valid applications, the Ministry of Justice shall be responsible for reissuing the Practicing Certificate for Management and Liquidation Practitioner to applicants.

Article 6. Revocation of the Professional Certificate for Judicial Administrator

1. The Minister of Justice decides to revoke the professional certificate for Judicial Administrator if the person who has been issued the professional certificate for Judicial Administrator falls under any of the circumstances stipulated in Clause 1 of Article 15 of the Bankruptcy Law.

2. When discovering or having grounds to believe that the person who has been issued the professional certificate for Judicial Administrator falls under any of the circumstances stipulated in Clause 1 of Article 15 of the Bankruptcy Law, individuals, agencies, or organizations shall submit a written request to the Minister of Justice to revoke the professional certificate for Judicial Administrator of such person.

3. Within thirty days from the date of receipt of the written request to revoke the professional certificate for Judicial Administrator, the Minister of Justice shall examine and decide on the revocation of the professional certificate for Judicial Administrator. The person whose professional certificate for Judicial Administrator is revoked has the right to lodge complaints or initiate lawsuits in accordance with the provisions of the law.

The decision to revoke the professional certificate for Judicial Administrator shall be sent to the person whose certificate is revoked, the People's Court, the Department of Justice of the province or centrally-administered city where the Judicial Administrator conducts business as an individual or manages and liquidates assets of enterprises, and shall be published on the Ministry of Justice’s electronic portal.

4. A Judicial Administrator whose professional certificate for Judicial Administrator is revoked shall be removed from the list of Judicial Administrators and enterprises managing and liquidating assets.

Article 7. Obligations of Judicial Administrator in Professional Activities

1. To comply with the principles of managing and liquidating assets as prescribed in Article 2 of this Decree.

2. To bear responsibility for their professional activities in accordance with the provisions of the law on bankruptcy.

3. To sign reports and documents regarding the results of exercising rights and fulfilling obligations in accordance with the provisions of the law on bankruptcy.

4. To purchase professional liability insurance in accordance with the provisions of the law when conducting business as an individual.

5. To report to the Department of Justice of the province or centrally-administered city where they have registered their business about their activities in managing and liquidating assets in accordance with the guidelines of the Ministry of Justice.

6. Other obligations as prescribed by the Bankruptcy Law and related laws.

Chapter III
PROFESSIONAL ACTIVITIES IN MANAGING AND LIQUIDATING ASSETS

Article 8. Forms of Professional Activities of Judicial Administrator

1. The forms of professional activities of Judicial Administrator include:

a) Conducting business as an individual;

b) Conducting business within an enterprise managing and liquidating assets through establishing or participating in establishing or working under a contract for an enterprise managing and liquidating assets.

2. At the same time, a person holding a professional certificate for Judicial Administrator may only register to conduct business in managing and liquidating assets at one enterprise managing and liquidating assets or register to conduct business as an individual.

3. A Judicial Administrator conducting business as an individual must register and pay taxes according to the tax law.

Article 9. Registration to Conduct Business in Managing and Liquidating Assets as an Individual

1. A person holding a professional certificate for Judicial Administrator registers to conduct business in managing and liquidating assets as an individual at the Department of Justice of the province or centrally-administered city where they reside.

The person registering to conduct business in managing and liquidating assets as an individual must have a business address.

2. The person requesting to register to conduct business in managing and liquidating assets as an individual sends one set of application documents via postal service or directly to the Department of Justice and pays the registration fee as prescribed by law. The application includes:

a) An application form for registration to conduct business in managing and liquidating assets as an individual according to Model TP-QTV-04 promulgated together with this Decree;

b) A copy of the professional certificate for Judicial Administrator.

In case of necessity, the Department of Justice may require the person requesting to register to conduct business in managing and liquidating assets as an individual to submit a Criminal Record Certificate.

If the person requesting to register to conduct business in managing and liquidating assets as an individual submits the application documents directly to the Department of Justice, they must present the original documents specified in Point b of Clause 2 of this Article for verification.

If the person requesting to register to conduct business in managing and liquidating assets as an individual sends the application documents via postal service to the Department of Justice upon request, they must present the original documents specified in Point b of Clause 2 of this Article.

3. Within seven working days from the date of receiving complete and valid application documents, the Department of Justice shall decide to record the name of the applicant in the list of Judicial Administrators and enterprises conducting business in managing and liquidating assets and notify them in writing; in case of refusal, the reasons must be notified in writing. The person refused has the right to lodge complaints or initiate lawsuits in accordance with the provisions of the law.

Within three working days from the date of deciding to record the name of the applicant in the list of Judicial Administrators and enterprises conducting business in managing and liquidating assets, the Department of Justice shall send the list of Judicial Administrators and enterprises conducting business in managing and liquidating assets to the Ministry of Justice.

The document recording the name in the list of Judicial Administrators and enterprises managing and liquidating assets serves as proof of the professional qualifications of Judicial Administrators conducting business as individuals.

4. The person requesting to register to conduct business in managing and liquidating assets shall be allowed to conduct business from the date they are recorded in the list of Judicial Administrators and enterprises conducting business in managing and liquidating assets by the Department of Justice. Judicial Administrators can conduct business in managing and liquidating assets throughout the territory of Vietnam.

If a Judicial Administrator conducting business as an individual ceases to conduct business in managing and liquidating assets, they must submit a written notice to the Department of Justice. The Department of Justice shall decide to remove the name of such Judicial Administrator from the list of Judicial Administrators and enterprises conducting business in managing and liquidating assets and report to the Ministry of Justice.

5. The following persons are not allowed to register to conduct business in managing and liquidating assets as an individual:

a) Not meeting the conditions stipulated in Article 12 of the Bankruptcy Law;

b) Falling under any of the circumstances stipulated in Article 14 of the Bankruptcy Law;

c) Persons currently prohibited from conducting business in managing and liquidating assets pursuant to a court judgment or decision that has taken effect.

6. Lawyers and auditors may simultaneously conduct business in managing and liquidating assets in accordance with the provisions of the law on bankruptcy.

Article 10. Business managing and liquidating assets

1. Businesses managing and liquidating assets shall be established and operate in accordance with the form prescribed in Clause 1, Article 13 of the Bankruptcy Law. The establishment, organization, management, and operation of businesses managing and liquidating assets shall comply with the provisions of the Enterprise Law and the Bankruptcy Law.

2. Branches and representative offices of businesses managing and liquidating assets shall be established and operate in accordance with the provisions of the Enterprise Law.

Businesses managing and liquidating assets shall appoint at least one practicing Liquidator within their own business at the branch.

Representative offices of businesses managing and liquidating assets shall not engage in the practice of managing and liquidating assets.

Within seven working days from the date of issuance of the Certificate of Registration for Branches and Representative Offices, the business managing and liquidating assets shall send a notification letter to the Department of Justice of the province or centrally administered city where the main office of the business is located; in case the business establishes branches or representative offices in a province or centrally administered city different from the location of its main office, the business shall send a notification letter to the Department of Justice where the branch or representative office is located.

3. The Department of Justice shall compile a list of branches and representative offices of businesses managing and liquidating assets in the locality, publish it on the Department of Justice's electronic portal, and report to the Ministry of Justice.

Article 11. General partners of limited liability companies and individual business owners managing and liquidating assets

1. A general partner of a limited liability company managing and liquidating assets who is a Liquidator shall not simultaneously act as the owner of an individual business or a general partner of another limited liability company engaged in managing and liquidating assets, except with the consent of the remaining general partners.

2. When changing a general partner of a limited liability company as stipulated in Point a, Clause 2, Article 13 of the Bankruptcy Law or changing the owner of an individual business as stipulated in Point b, Clause 2, Article 13 of the Bankruptcy Law, the limited liability company or individual business must register the new general partner or new owner for the practice of managing and liquidating assets no later than ten days after the change. The procedures and formalities for registration shall be carried out in accordance with Clause 2 and Clause 3, Article 12 of this Decree. The new general partner of the limited liability company or the new owner of the individual business must comply with the provisions of Clause 1 of this Article.

Article 12. Registration for the practice of managing and liquidating assets for businesses managing and liquidating assets

1. After being issued a Business Registration Certificate, a business managing and liquidating assets that meets the conditions prescribed in Clause 2, Article 13 of the Bankruptcy Law shall register for the practice of managing and liquidating assets with the Department of Justice of the province or centrally administered city where the business has its main office.

A business managing and liquidating assets shall register for the practice of managing and liquidating assets for Liquidators practicing within their own business. Persons falling under Clause 5, Article 9 of this Decree shall not be registered for the practice of managing and liquidating assets in a business managing and liquidating assets.

2. A business managing and liquidating assets shall submit one set of application documents for registration for the practice of managing and liquidating assets through postal service or directly to the Department of Justice and pay the registration fee as prescribed by law. The documents include:

a) An application for registration for the practice of managing and liquidating assets according to Form TP-QTV-05 promulgated together with this Decree;

b) A copy of the Enterprise Registration Certificate;

c) Copies of the certificates of practice of Liquidators of the general partners, Managing Director or General Manager of the limited liability company as stipulated in Point a, Clause 2, Article 13 of the Bankruptcy Law; copies of the certificates of practice of Liquidators of other persons practicing managing and liquidating assets in the limited liability company (if any); copies of the certificates of practice of Liquidators of the owner of the individual business as stipulated in Point b, Clause 2, Article 13 of the Bankruptcy Law; copies of the certificates of practice of Liquidators of other persons practicing managing and liquidating assets in the individual business (if any).

In cases deemed necessary, the Department of Justice may require the business applying for registration for the practice of managing and liquidating assets to submit a Criminal Record Certificate of the persons specified in Point c, Clause 2 of this Article.

If the business submits the application documents for registration for the practice of managing and liquidating assets directly to the Department of Justice, it must present the original documents specified in Points b and c, Clause 2 of this Article for verification.

If the business sends the application documents for registration for the practice of managing and liquidating assets through postal service to the Department of Justice upon request, it must present the original documents specified in Points b and c, Clause 2 of this Article.

3. Within seven working days from the date of receiving complete and valid documents, the Department of Justice shall decide to record the name of the business in the list of Liquidators and businesses practicing managing and liquidating assets and notify the business in writing; in case of refusal, the reasons must be notified in writing. The business refused has the right to appeal or file a lawsuit in accordance with the law.

Within three working days from the date of deciding to record the name of the business in the list of Liquidators and businesses practicing managing and liquidating assets, the Department of Justice shall send the list of Liquidators and businesses practicing managing and liquidating assets to the Ministry of Justice.

4. A business managing and liquidating assets shall be allowed to practice managing and liquidating assets from the date it is recorded in the list of Liquidators and businesses practicing managing and liquidating assets by the Department of Justice. In case a business managing and liquidating assets ceases operations or stops practicing managing and liquidating assets, it must send a notification letter to the Department of Justice. The Department of Justice shall decide to remove the name of the business from the list of Liquidators and businesses practicing managing and liquidating assets and report to the Ministry of Justice.

Article 13. Obligations of enterprises managing and liquidating assets in their professional activities

1. Manage judicial asset managers practicing within the enterprise.

2. Bear legal responsibility for the professional activities of judicial asset managers appointed by the enterprise as stipulated in Clause 2 and Clause 3 of Article 16 of this Decree.

3. The legal representative of the enterprise managing and liquidating assets shall be responsible for reviewing and signing documents prepared by judicial asset managers practicing within their own enterprise.

4. Purchase professional liability insurance for judicial asset managers practicing within the enterprise in accordance with the provisions of the law.

5. To report to the Department of Justice of the province or centrally-administered city where they have registered their business about their activities in managing and liquidating assets in accordance with the guidelines of the Ministry of Justice.

6. Other obligations as prescribed by law.

Article 14. Establishment and Publication of Lists of Judicial Asset Managers and Enterprises Practicing Asset Management and Liquidation

1. The Department of Justice shall establish and publish lists of judicial asset managers and enterprises practicing asset management and liquidation at the local level according to Model TP-QTV-06 issued together with this Decree. The list of judicial asset managers and enterprises practicing asset management and liquidation shall be posted on the Department of Justice's electronic portal and reported to the Ministry of Justice.

2. The Ministry of Justice shall establish and publish lists of judicial asset managers and enterprises practicing asset management and liquidation nationwide according to Model TP-QTV-07 issued together with this Decree. The list of judicial asset managers and enterprises practicing asset management and liquidation shall be posted on the Ministry of Justice's electronic portal.

Article 15. Changes to Registration Information of Judicial Asset Managers and Enterprises Practicing Asset Management and Liquidation

1. When there is a change in the business address in the registration dossier for asset management and liquidation, within seven days from the date of the change, the judicial asset manager practicing as an individual shall submit a written request to adjust the registration information for asset management and liquidation through postal service or directly to the Department of Justice of the province or centrally-administered city where the judicial asset manager has registered to practice.

Within three working days from the date of receipt of the written request from the judicial asset manager, the Department of Justice shall update the business address information of the judicial asset manager in the list of judicial asset managers and enterprises practicing asset management and liquidation.

2. When there is a change in the name, headquarters address, representative office address, branch address, legal representative, or list of judicial asset managers practicing within the enterprise managing and liquidating assets, within seven working days from the date such changes are recorded in the enterprise registration dossier in accordance with the law on enterprises, the enterprise managing and liquidating assets shall submit a written request to adjust the registration information for asset management and liquidation through postal service or directly to the Department of Justice of the province or centrally-administered city where the enterprise has registered to practice.

Within three working days from the date of receipt of the enterprise's document, the Department of Justice shall update the information on the name, headquarters address, representative office address, branch address, legal representative, or list of judicial asset managers practicing within the enterprise in the list of judicial asset managers and enterprises practicing asset management and liquidation.

In the case where the enterprise managing and liquidating assets supplements judicial asset managers practicing within the enterprise, the enterprise must register the practice for the person being supplemented. The procedures and formalities for registering those persons to be added to the list of judicial asset managers practicing within the enterprise shall be carried out in accordance with Clause 2 and Clause 3 of Article 12 of this Decree.

3. Within three working days from the date of the change in registration information as stipulated in Clause 1 and Clause 2 of this Article, the Department of Justice shall report to the Ministry of Justice about the change.

Article 16. Notification of Participation in Bankruptcy Proceedings by Judicial Administrator, Business Managing and Liquidating Assets

1. Within seven working days from the date of receiving the appointment document issued by the Judge to conduct bankruptcy proceedings, the individual judicial administrator shall send a notification of participation in the bankruptcy case to the Judge, specifying the name, number, and issuance date of the professional certificate for the judicial administrator; if refusing to participate in the bankruptcy case, the judicial administrator must notify in writing.

2. Within seven working days from the date of receiving the appointment document issued by the Judge to conduct bankruptcy proceedings, the business managing and liquidating assets shall send a document appointing a judicial administrator practicing within the business to represent the business in participating in the bankruptcy case to the Judge, specifying the name, number, and issuance date of the professional certificate for the appointed judicial administrator or judicial administrators; if refusing to participate in the bankruptcy case, the business must notify in writing.

3. In the event that the judicial administrator appointed by the business managing and liquidating assets according to Clause 2 of this Article is temporarily suspended from practicing asset management and liquidation according to Article 20 of this Decree, within three working days from the date the appointed judicial administrator is temporarily suspended from practice, the business managing and liquidating assets shall appoint another judicial administrator practicing within the business to replace him/her.

If the business managing and liquidating assets cannot appoint another judicial administrator practicing within the business to replace him/her, it shall notify the Judge conducting the bankruptcy proceedings in writing to appoint another judicial administrator or another business managing and liquidating assets.

Article 17. Reporting Obligations of Judicial Administrators, Businesses Managing and Liquidating Assets towards Enforcement Officers; Proposals for Changing Judicial Administrators, Businesses Managing and Liquidating Assets

1. When organizing the valuation of assets as prescribed in Article 122 of the Bankruptcy Law, selling assets as prescribed in Article 124 of the Bankruptcy Law, the judicial administrator, business managing and liquidating assets shall report to the enforcement officer in the following cases:

a) The selection of appraisal organizations, auction organizations to sign asset valuation contracts, auction contracts;

b) Changes in appraisal organizations, auction organizations;

c) Failure to select an appraisal organization, auction organization;

d) Unsuccessful auction of assets.

The form of reporting shall be implemented according to Clause 2 of Article 49 of the Bankruptcy Law.

2. Upon receipt of the report on the selection, change of appraisal organizations by the judicial administrator, business managing and liquidating assets as stipulated in Points a and b of Clause 1 of this Article, if discovering that the judicial administrator, business managing and liquidating assets have violated the provisions of the law on bankruptcy, the law on asset valuation leading to inaccurate asset valuation results, the enforcement officer shall require the judicial administrator, business managing and liquidating assets to revalue the assets, except in cases where the judicial administrator, business managing and liquidating assets are changed according to Clause 1 and Clause 2 of Article 18 of this Decree.

Within three working days from the date of receiving the report of the judicial administrator, business managing and liquidating assets as stipulated in Point c of Clause 1 of this Article, the enforcement officer shall decide on the selection of appraisal organizations, auction organizations.

Within three working days from the date of receiving the report of the judicial administrator, business managing and liquidating assets as stipulated in Point d of Clause 1 of this Article, the enforcement officer shall decide on the liquidation of assets.

3. In the event that the enforcement officer discovers that the judicial administrator, business managing and liquidating assets have violated rights and obligations as prescribed by the law on bankruptcy, the Code of Ethics for Judicial Administrators, the enforcement officer shall propose the Judge to change the judicial administrator, business managing and liquidating assets.

Article 18. Changing the Administrator, Management and Liquidation Enterprise

1. The Administrator, Management and Liquidation Enterprise may be decided to be changed by the Judge if they fall under one of the cases prescribed in Clause 1 of Article 46 of the Bankruptcy Law.

2. The Administrator, Management and Liquidation Enterprise shall be changed by the Judge if they fall under the case of being temporarily suspended from practicing management and liquidation activities as provided for in Article 20 of this Decree.

3. In the case where the Administrator, Management and Liquidation Enterprise is changed according to Clause 1 of this Article, the refund of advance payment, the payment of costs for the Administrator, Management and Liquidation Enterprise, and the handover of work shall be carried out in accordance with Clause 6, Clause 7, and Clause 8 of Article 46 of the Bankruptcy Law.

In the case where the Administrator, Management and Liquidation Enterprise is changed according to Clause 2 of this Article, the Administrator, Management and Liquidation Enterprise must return the entire advance payment for the costs of the Administrator, Management and Liquidation Enterprise. The Administrator, Management and Liquidation Enterprise will be paid costs corresponding to the portion of work already performed. The Administrator, Management and Liquidation Enterprise shall carry out the handover of work in accordance with Clause 7 and Clause 8 of Article 46 of the Bankruptcy Law.

Article 19. Cases Where the Administrator, Management and Liquidation Enterprise Must Refuse to Carry Out Management and Liquidation Activities

The Administrator, Management and Liquidation Enterprise must refuse to carry out management and liquidation activities in the following cases:

1. Being related to a business or cooperative that has lost its ability to pay as prescribed by the law on businesses.

2. When there is evidence that the Judge conducting bankruptcy proceedings, or the civil enforcement agency requests actions contrary to the provisions of the law, principles of practice in management and liquidation activities, or not in line with the Code of Professional Ethics for Administrators.

3. Other cases as prescribed by law.

Article 20. Temporary Suspension of Practice for the Administrator, Management and Liquidation Enterprise

1. The Administrator shall be temporarily suspended from practice if they fall under one of the following cases:

a) Currently under criminal investigation;

b) Currently subject to administrative measures;

c) The Administrator who is a lawyer has had their license to practice as a lawyer revoked according to the law on handling administrative violations in the field of justice or has been disciplined with temporary suspension of membership in the Bar Association according to the law on lawyers;

d) The Administrator who is an auditing practitioner has had their registration certificate for auditing revoked or has been suspended from auditing according to the law on handling administrative violations in the field of independent auditing; the Administrator who is an auditor has had their auditor certification revoked according to the law.

2. The Management and Liquidation Enterprise shall be temporarily suspended from managing and liquidating assets in the following cases:

a) A partnership changes its general partners without ensuring the conditions stipulated in Point a, Clause 2, Article 13 of the Bankruptcy Law; a sole proprietorship changes its owner without ensuring the conditions stipulated in Point b, Clause 2, Article 13 of the Bankruptcy Law;

b) A general partner of a partnership is temporarily suspended from managing and liquidating assets as prescribed in Clause 1 of this Article, leading the partnership not to meet the conditions stipulated in Point a, Clause 2, Article 13 of the Bankruptcy Law; the owner of a sole proprietorship is temporarily suspended from managing and liquidating assets as prescribed in Clause 1 of this Article, leading the sole proprietorship not to meet the conditions stipulated in Point b, Clause 2, Article 13 of the Bankruptcy Law.

3. The period of temporary suspension of practice for managing and liquidating assets for the cases prescribed in Point a, Point b, Clause 1 and Clause 2 of this Article shall not exceed twelve months. If the period of temporary suspension mentioned above has expired but the reason for suspending the practice of managing and liquidating assets still exists, the period of temporary suspension may be extended, each time not exceeding twelve months.

The period of temporary suspension of practice for managing and liquidating assets for the case prescribed in Point c, Clause 1 of this Article shall be implemented according to the decision on administrative penalty of the competent authority or the disciplinary decision of the Bar Council.

The period of temporary suspension of practice for managing and liquidating assets for the case prescribed in Point d, Clause 1 of this Article shall be implemented according to the decision on administrative penalty of the competent authority.

4. The Administrator, Management and Liquidation Enterprise may have the decision on temporary suspension of practice for managing and liquidating assets revoked before the deadline in the following cases:

a) There is a decision to terminate investigation, terminate the case, or a judgment that has taken effect of the Court declaring the Administrator innocent as prescribed in Point a, Clause 1 of this Article;

b) The Administrator is no longer subject to administrative measures according to the law on handling administrative violations prescribed in Point b, Clause 1 of this Article;

c) A partnership meets the conditions stipulated in Point a, Clause 2, Article 13 of the Bankruptcy Law; a sole proprietorship meets the conditions stipulated in Point b, Clause 2, Article 13 of the Bankruptcy Law as prescribed in Clause 2 of this Article.

5. The Department of Justice has the authority to temporarily suspend, extend, and revoke the temporary suspension of the practice of managing and liquidating assets for the Administrator, Management and Liquidation Enterprise.

6. The decision on temporary suspension, extension, and revocation of the temporary suspension of practice for managing and liquidating assets shall be sent to the Administrator, Management and Liquidation Enterprise, the People's Court of the province or centrally-administered city where the Administrator practices individually with a business address or where the Management and Liquidation Enterprise that the Administrator is temporarily suspended from practicing is headquartered, the Ministry of Justice, and published on the electronic portal of the Department of Justice.

Article 21. Costs of the Administrator, Management Enterprise, and Asset Liquidation

1. The costs of the Administrator, management enterprise, and asset liquidation shall be paid from the value of the assets of the business or cooperative that has lost its ability to pay debts. These costs include the remuneration of the Administrator, management enterprise, and asset liquidation, as well as other expenses.

2. Remuneration is calculated based on the following grounds:

a) The time the Administrator uses to perform tasks;

b) The effort of the Administrator in performing tasks;

c) The results of the Administrator's performance of tasks.

3. Remuneration is calculated based on one or more of the following methods:

a) Working hours of the Administrator;

b) A fixed remuneration amount;

c) A percentage of the total value of the assets of the business or cooperative declared bankrupt after liquidation.

4. The level of remuneration is determined specifically as follows:

a) In cases where the People's Court issues a decision to suspend the bankruptcy proceedings pursuant to Article 86 of the Bankruptcy Law, the level of remuneration is agreed upon by the Judge conducting the bankruptcy proceedings and the Administrator, management enterprise, and asset liquidation based on considering and applying the grounds stipulated in Clause 2 and the method prescribed in Clause 3 of this Article;

b) In cases where the business or cooperative is declared bankrupt pursuant to Clause 3 of Article 80, Clause 4 of Article 83, and Clause 7 of Article 91 of the Bankruptcy Law, the level of remuneration is determined as follows:

c) In cases where the business or cooperative is declared bankrupt pursuant to Point b or Point c of Clause 1 of Article 95 of the Bankruptcy Law, the remuneration includes the level of remuneration determined according to each case specified in Point b of Clause 4 of this Article plus the remuneration for supervising the business operations during the period when the business or cooperative is implementing the business recovery plan. The remuneration for supervising business operations is agreed upon by the Judge and the Administrator, management enterprise, and asset liquidation based on the grounds stipulated in Clause 2 and the method prescribed in Clause 3 of this Article;

d) In cases where the business or cooperative falls under the situation of having completed the business recovery plan pursuant to Point a of Clause 1 of Article 95 of the Bankruptcy Law, the level of remuneration is agreed upon by the Judge conducting the bankruptcy proceedings and the Administrator, management enterprise, and asset liquidation based on the grounds stipulated in Clause 2 and the method prescribed in Clause 3 of this Article.

5. In cases where the Creditors' Meeting and the Administrator or the management enterprise and asset liquidation have a different agreement regarding the remuneration level prescribed in Clause 4 of this Article, the remuneration level shall be applied according to such agreement.

6. In cases of bankruptcy of credit institutions pursuant to Chapter VIII of the Bankruptcy Law, the remuneration of the Administrator, management enterprise, and asset liquidation is determined according to the provisions of Point a and Point b of Clause 4 of this Article.

7. Other expenses of the Administrator, management enterprise, and asset liquidation include travel expenses, accommodation expenses, and other reasonable expenses for the implementation of asset management and liquidation activities. The settlement and finalization of other expenses of the Administrator, management enterprise, and asset liquidation are carried out in accordance with current laws.

8. The Judge conducting the bankruptcy proceedings decides on the provisional payment of the Administrator's, management enterprise, and asset liquidation costs based on each specific case. The Administrator, management enterprise, and asset liquidation receive the provisional payment and carry out the settlement and finalization in accordance with financial and accounting laws.

Chapter IV
ADMINISTRATION OF THE ADMINISTRATOR, ENTERPRISE

 MANAGEMENT AND ASSET LIQUIDATION

Article 22. Responsibilities of the Ministry of Justice

The Ministry of Justice is the agency assisting the Government in uniformly managing the state administration of the Administrator, management enterprise, and asset liquidation and the practice of asset management and liquidation nationwide, with the following responsibilities and powers:

1. Drafting and submitting to competent state agencies for issuance, or issuing within its authority, detailed regulations and guidance on the implementation of laws concerning the Administrator, management enterprise, and asset liquidation and the practice of asset management and liquidation.

2. Issuing, revoking, and reissuing certificates of practice for the Administrator.

3. Issuing ethical guidelines for the Administrator, sample documents, and papers in the field of asset management and liquidation.

4. Establishing, publishing, and managing a list of Administrators and enterprises practicing asset management and liquidation nationwide; building a database on Administrators and management enterprises and asset liquidation.

5. Inspecting and auditing the practice of asset management and liquidation.

6. Implementing measures to support the development of the asset management and liquidation profession.

7. International cooperation on the Administrator and the practice of asset management and liquidation.

8. Resolving complaints and handling violations related to the practice of asset management and liquidation.

9. Perform other tasks and exercise other powers as prescribed by law.

Article 23. Responsibilities of Ministries and Ministerial-Level Agencies

1. Within their respective tasks and powers, Ministries and ministerial-level agencies shall be responsible for coordinating with the Ministry of Justice in state management activities concerning judicial administrators, asset management enterprises, and asset liquidation businesses and professions.

2. The Minister of Finance shall stipulate the procedures for collecting, managing, and utilizing fees for issuing and reissuing certificates of practice for judicial administrators; registration fees for practicing asset management and liquidation professions.

Article 24. Responsibilities of Provincial People's Committees and Municipal People's Committees under Central Government Direct Control

1. Provincial People's Committees and Municipal People's Committees under Central Government Direct Control shall implement state management over judicial administrators, asset management enterprises, and asset liquidation businesses and professions within their localities, with the following duties and powers:

a) Organizing the registration of asset management and liquidation practices and managing judicial administrators, asset management enterprises, and asset liquidation businesses within the locality;

b) Inspecting, auditing, and handling violations by judicial administrators, asset management enterprises, and asset liquidation businesses and their professional activities within the locality according to their authority;

c) Resolving complaints and denunciations regarding judicial administrators, asset management enterprises, and asset liquidation businesses and their professional activities according to their authority;

d) Annually reporting to the Ministry of Justice on judicial administrators, asset management enterprises, and asset liquidation businesses and their professional activities within the locality;

e) Implementing measures to support the development of asset management and liquidation professions within the locality;

f) Other duties and powers as prescribed by law.

2. Departments of Justice shall assist Provincial People's Committees and Municipal People's Committees under Central Government Direct Control in implementing state management functions over judicial administrators, asset management enterprises, and asset liquidation businesses and their professional activities within the locality, with the following duties and powers:

a) Registering practices, publishing lists of judicial administrators, and asset management and liquidation enterprises practicing within the locality;

b) Temporarily suspending, extending, or revoking temporary suspension of asset management and liquidation practices for judicial administrators and asset management and liquidation enterprises; removing judicial administrators and asset management and liquidation enterprises from the list of judicial administrators and asset management and liquidation enterprises;

c) Reviewing, compiling statistics, and reporting data on judicial administrators, asset management enterprises, and asset liquidation businesses and their professional activities within the locality; reviewing and identifying cases requiring the recovery of judicial administrator practice certificates within the locality and recommending the Minister of Justice to recover such certificates according to regulations;

d) Inspecting, auditing, and handling violations by judicial administrators, asset management enterprises, and asset liquidation businesses and their professional activities within the locality according to their authority;

e) Resolving complaints and denunciations regarding judicial administrators, asset management enterprises, and asset liquidation businesses and their professional activities according to their authority;

f) Reporting to Provincial People's Committees and Municipal People's Committees under Central Government Direct Control and the Ministry of Justice on judicial administrators, asset management enterprises, and asset liquidation businesses and their professional activities within the locality annually and upon request of competent authorities.

g) Other tasks and powers as prescribed by law.

Article 25. Handling of violations against acts infringing upon the rights and legitimate interests of the Administrator, enterprise managing and liquidating assets

A person who commits acts infringing upon the rights and legitimate interests of the Administrator, enterprise managing and liquidating assets, or obstructing the Administrator, enterprise managing and liquidating assets in performing their duties shall be subject to disciplinary action or criminal responsibility depending on the nature and degree of violation; if damage is caused, compensation must be provided according to the provisions of the law.

Article 26. Handling of violations by individuals and organizations engaging in illegal management and liquidation of assets

1\. An individual who engages in the management and liquidation of assets without meeting the required conditions shall be compelled to cease such unlawful conduct, and shall be subject to a fine under the law on administrative offenses or criminal responsibility; if damage is caused, compensation must be provided according to the provisions of the law.

2\. An organization that engages in the management and liquidation of assets without meeting the required conditions shall be compelled to cease such unlawful conduct, and shall be subject to administrative sanctions under the law on administrative offenses; if damage is caused, compensation must be provided according to the provisions of the law.

Article 27. Complaints and reports

1\. The Administrator, enterprise managing and liquidating assets has the right to lodge complaints with the civil enforcement agency and other agencies and organizations regarding decisions and administrative actions that infringe upon the rights and legitimate interests of the Administrator, enterprise managing and liquidating assets. The resolution of complaints shall follow the provisions of the law on complaints and the law on civil enforcement.

2\. Individuals have the right to report to competent state authorities about violations of the law on bankruptcy and the Code of Professional Ethics for Administrators. The resolution of reports shall follow the provisions of the law on reports.

Chapter V
IMPLEMENTING PROVISIONS

Article 28. Transitional Provisions

1\. For requests for commencement of bankruptcy proceedings which were accepted by the People's Court before January 1, 2015, and where a Management and Liquidation Organization was established in accordance with Bankruptcy Law No. 21/2004/QH11, if by January 1, 2015, the Management and Liquidation Organization has not completed its tasks and powers, then the Management and Liquidation Organization shall continue to perform its tasks and powers in relation to that bankruptcy case.

In the event that the Judge conducting the bankruptcy proceeding appoints an Administrator, enterprise managing and liquidating assets in accordance with Bankruptcy Law No. 51/2014/QH13 and this Decree for the aforementioned request for commencement of bankruptcy proceedings, the Management and Liquidation Organization shall cease operations and be dissolved in accordance with Bankruptcy Law No. 21/2004/QH11. The Administrator, enterprise managing and liquidating assets shall continue to perform the task of managing and liquidating assets in relation to that bankruptcy case, except for the part of work already performed by the Management and Liquidation Organization within the scope of its tasks and powers as stipulated by Bankruptcy Law No. 21/2004/QH11. The results of the work performed by the Management and Liquidation Organization shall be recognized and utilized according to the provisions of Bankruptcy Law No. 51/2014/QH13.

2\. For requests for commencement of bankruptcy proceedings which were accepted by the People's Court before January 1, 2015, but where a Management and Liquidation Organization had not been established in accordance with Bankruptcy Law No. 21/2004/QH11, by January 1, 2015, the Judge conducting the bankruptcy proceeding shall appoint an Administrator, enterprise managing and liquidating assets in accordance with Bankruptcy Law No. 51/2014/QH13 and this Decree.

Article 29. Effective Date

1\. This Decree takes effect from April 6, 2015.

2\. Abolish the provisions concerning the Management and Liquidation Organization in the following legal normative documents:

a\. Clause 3, Article 1, Clause 2, Article 2, Article 11, and Chapter III of Decree No. 67/2006/NĐ-CP dated July 11, 2006 of the Government guiding the application of the Bankruptcy Law to special enterprises and the operation of the Management and Liquidation Organization.

b\. Article 6, Article 7, Clause 1, Article 17, Clause 3, Article 27, Clause 3, Article 31, and Clauses 2 and 3, Article 40 of Decree No. 05/2010/NĐ-CP dated January 18, 2010 of the Government on the application of the Bankruptcy Law to credit institutions.

Article 30. Responsibility for Implementation

1\. Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairpersons of provincial and centrally-administered city People's Committees shall be responsible for implementing this Decree.

2\. The Minister of Justice shall be responsible for guiding the implementation of this Decree./