Decree No. 64/2026/NĐ-CP Providing Detailed Provisions and Measures for Implementing Certain Articles of the Law on Insolvency Concerning the Execution of a Decision Declaring a Company or Cooperative Bankrupt

 DECREE

Detailed provisions for certain articles and measures to implement the Law on Revival and Bankruptcy concerning the execution of decisions declaring enterprises and cooperatives bankrupt Regarding the implementation of decisions declaring enterprises and cooperatives bankrupt 

Based on Decree No. 63/2025/QH15 on Government Organization;

Based on Decree No. 142/2025/QH15 on Revival and Bankruptcy;

Based on Decree No. 106/2025/QH15 on Execution of Civil Judgments;

In accordance with the proposal by the Minister of Justice;

The Government promulgates this Decree Providing detailed provisions for certain articles and measures to implement the Law on Revival and Bankruptcy concerning the execution of decisions declaring enterprises and cooperatives bankruptCHAPTER I. 

GENERAL PROVISIONS

Article 1. Scope of Application 

This Decree provides detailed provisions for Article 76, Article 77, and certain measures to organize and guide the implementation of the Law on Revival and Bankruptcy concerning the execution of decisions declaring enterprises and cooperatives bankrupt (hereinafter referred to as bankruptcy declaration decision).

Article 2.

Responsibilities of entities, organizations, and individuals in executing a bankruptcy declaration decision The State Treasury, credit institutions, foreign branches of banks, social insurance agencies, property registration authorities, pledge registration authorities, business registration authorities, tax authorities, public security organs, specialized agencies under provincial people's committees, commune people's committees, and related entities, organizations, and individuals shall be responsible for implementing execution decisions, documents, requests, and recommendations from the civil judgment enforcement authority, liquidator, enterprise managing and liquidating entity in organizing the implementation of a bankruptcy declaration decision according to legal provisions.  

Article 3.

Execution of judgments where an enterprise or cooperative is declared bankrupt In cases where an enterprise or cooperative is declared bankrupt, it shall be considered as the party subject to execution in accordance with other effective decisions. The civil judgment enforcement authority continues to organize the execution according to legal provisions. The liquidator, managing and liquidating entity are informed of the results of the execution by the enforcement officer to coordinate and facilitate the bankruptcy court's preliminary execution of the liquidation process to determine the distribution plan for recovered assets.

CHAPTER

 II PROCEDURES FOR EXECUTING DECISIONS DECLARING BANKRUPTCY

Section 1 

GENERAL PROVISIONS

Article 4. 

Issuance of execution decision for bankruptcy declaration decisions 1. The head of the civil judgment enforcement authority issues an execution decision for each bankruptcy declaration decision.

2. The procedure for issuing an execution decision for a bankruptcy declaration decision is carried out in accordance with legal provisions on the execution of civil judgments.

Article 5. Request

for liquidator, managing and liquidating entity to organize the execution of the bankruptcy declaration decision 1. The document requesting the liquidator, managing and liquidating entity to organize the execution of the bankruptcy declaration decision as provided in point a) clause 3 Article 76 of the Law on Revival and Bankruptcy has the following main contents:a) Number, date, month, year, name of the issuing authority;

b) Name of the enforcement officer requesting;

c) Name of the liquidator, managing and liquidating entity executing the bankruptcy declaration decision;

d) Name, address, principal place of business, enterprise registration number of the enterprise or cooperative declared bankrupt;

d) Content of the request.

2. In case the liquidator, managing and liquidating entity refuses to organize the execution of the bankruptcy declaration decision as provided in paragraph 2 Article 11 of the Law on Revival and Bankruptcy, within three working days from the date of receipt of the document from the enforcement officer, the liquidator, managing and liquidating entity must issue a refusal document to the people's court for resolution and the civil judgment enforcement authority, stating the reasons.

Within three working days from the date of receipt of the document from the liquidator, managing and liquidating entity, the judge issues a decision changing or refuses to change the liquidator, managing and liquidating entity but must state the reasons and notify and send such decision and document to the civil judgment enforcement authority. The liquidator, managing and liquidating entity shall implement the changed decision or the refusal document of the judge.

2. In the event that a liquidator, business entity managing or liquidating assets refuses to carry out the decision declaring bankruptcy in accordance with paragraph 2 of Article 11 of the Enterprise Rehabilitation and Bankruptcy Law, within three working days from the receipt of the enforcement officer's document, the liquidator, business entity managing or liquidating assets shall submit a written refusal to the People's Court for resolution and the execution authority, stating the reasons.

Within three working days from the receipt of the liquidator's, business entity managing or liquidating assets' document, the judge shall issue a decision changing such appointment or refuse to change it, but must state the reasons and notify and send such decision and document to the execution authority. The liquidator, business entity managing or liquidating assets shall implement the judge's decision or the refusal to change it.

Article 6. Notification, sending documents, decisions on implementation of the decision declaring bankruptcy

1. The liquidator, managing company, or asset liquidation entity shall issue a document or decision on implementing the decision declaring bankruptcy and notify such document or decision to the court, procuratorate, enforcement agency of civil judgments, and parties involved in the bankruptcy proceedings for them to exercise their rights and fulfill their obligations as provided in such document or decision.

The notification period for sending documents or decisions is three working days from the date of issuance. The procedure for notifying and sending shall be carried out in accordance with the Law on Bankruptcy and the law on enforcement of civil judgments.

2. The procedure for notifying and sending documents or decisions on implementing the decision declaring bankruptcy is conducted by the enforcement agency, execution officer in accordance with the law on enforcement of civil judgments.

Article 7. Verification of Conditions for Implementation of Decision Declaring Bankruptcy

1. Within nine days from the date of receiving the request document as provided in Paragraph 5 of this Decree, the liquidator, managing company, or asset liquidation entity shall verify the conditions for implementing the decision declaring bankruptcy of a business entity or cooperative that has been declared bankrupt; of the debtor, guarantor, and other relevant parties according to the decision declaring bankruptcy.

The debtor, guarantor, and other relevant parties according to the decision declaring bankruptcy are responsible for truthfully disclosing all information about their assets, income, and conditions for implementing the decision declaring bankruptcy and shall bear responsibility for such disclosures.

2. The liquidator, managing company, or asset liquidation entity is responsible for verifying the conditions for implementing the decision declaring bankruptcy in accordance with the law on enforcement of civil judgments; any incurred costs must be settled according to regulations and are considered bankruptcy expenses.

Article 8. Depositing Money into the Account of the Enforcement Agency

1. Within fifteen days from the date of receiving the decision for enforcing the decision declaring bankruptcy, the execution officer shall submit a document requesting the court to transfer any remaining funds that the court has collected from the bank account designated by the court into the bank account designated by the enforcement agency for processing in accordance with regulations. Within seven days from the receipt of the request document, the court is responsible for transferring the collected funds to the enforcement agency.

2. In case a business entity or cooperative that has been declared bankrupt has paid rent in advance as provided in Paragraph 2 of Article 79 of the Law on Bankruptcy, within seven days from receiving the request document from the execution officer regarding organizing the implementation of the decision declaring bankruptcy, the liquidator, managing company, or asset liquidation entity shall submit a document and set a deadline for the owner of the assets to transfer funds according to the provisions in Paragraph 3 hereof.

3. The purchaser, recipient of assets; the owner of the assets for the business entity or cooperative that has been declared bankrupt to rent; other entities, organizations, and individuals must transfer money into the bank account designated by the enforcement agency and notify the liquidator, managing company, or asset liquidation entity.

4. The costs associated with transferring funds when the liquidator, managing company, or asset liquidation entity, court, enforcement agency, execution officer send the collected amounts to the bank account designated by the enforcement agency are paid from the value of the assets of the bankrupt business entity or cooperative at the time of fund transfer.

Article 9. Delegation of Execution of Decision on Bankruptcy Declaration

1. The People's Court shall delegate the execution and handle the disposal of assets to enforce the decision declaring bankruptcy in accordance with the provisions of the law on enforcement of civil judgments.

2. In cases where the entire decision declaring bankruptcy is delegated to a single people’s court for execution, such people’s court receiving the delegation shall open an account at a bank to deposit any funds recovered from the enterprise or cooperative declared bankrupt and shall make payments in accordance with the provisions of Article 11 of this Decree. If the delegating authority has already opened an account, after receipt of the notification of delegation, any funds in that account (if any) shall be transferred to the new account of the receiving authority for processing according to regulations; the account opened by the delegating authority shall be canceled.

3. In cases where execution is delegated for a specific debt with collateral as per the decision declaring bankruptcy to the people’s court in the location of the asset or delegation of handling assets to enforce the decision declaring bankruptcy, within three working days from receipt of funds, the enforcement officer receiving the delegation shall transfer the received funds into the account of the delegating enforcement authority and notify the delegating authority for implementing the asset distribution plan as per the decision declaring bankruptcy. The responsibility of the enforcement authority receiving the delegation is completed upon completion of the execution of the decision declaring bankruptcy concerning the delegated content, and the funds are transferred to the delegating authority.

Article 10. Procedure for Returning Leased or Borrowed Property When an Enterprise or Cooperative Is Declared Bankrupt

1. The People’s Court shall accept a request for return of property and supporting documents proving ownership, lease, or borrowing contracts from the owner of the property to the enterprise or cooperative that has leased or borrowed such property in accordance with paragraph 1 of Article 79 of the Enterprise and Cooperative Bankruptcy Law. Within three working days from receipt of the request and the specified documents, the Enforcement Officer shall notify and transfer them to the Liquidator, the managing company, for liquidation.

In cases where the owner of the property has submitted a request before the enforcement decision declaring bankruptcy is issued, the request for return of leased or borrowed property shall be included in the request for the Liquidator, the managing company, to liquidate the property as per Article 5 of this Decree.

2. Within seven days from receipt of the documents and papers specified in paragraph 1 of this article or from the date when the lessor has paid the rent corresponding to the remaining lease period, the Liquidator, managing company, shall carry out the return of property to the owner and report in writing to the Enforcement Officer.

Article 11. Payment of Money and Collection of Fees for Execution of Decision on Bankruptcy Declaration

1. Within ten days from receipt of funds by the People’s Court or upon delivery of assets to the buyer, the Enforcement Officer shall make payment in accordance with the decision declaring bankruptcy. The payment procedure is carried out in accordance with the provisions of the law on enforcement of civil judgments.

2. Costs incurred during the execution of the decision declaring bankruptcy are bankruptcy costs and shall be paid in accordance with the Enterprise and Cooperative Bankruptcy Law. The content, amount, advance payment, repayment, budgeting, implementation, and final accounting of such costs during the execution of the decision declaring bankruptcy are carried out in accordance with the provisions of the law on enforcement of civil judgments.

3. The person subject to enforcement under the decision declaring bankruptcy shall pay the enforcement fee in accordance with the provisions of the law on enforcement.

For funds, assets used to compensate for the person subject to enforcement by the Liquidator, managing company, liquidating the property and selling any remaining assets of the enterprise or cooperative where the Enforcement Officer has not issued a decision for compulsory execution, such funds are not collected as an enforcement fee.

Article 12. Response to Prosecution Suggestions and Proposals in the Execution of a Decision for Bankruptcy Declaration

1. The response and implementation of prosecution suggestions and proposals by the People's Procuratorate regarding decisions or actions of the Head of the Enforcement Authority, Enforcement Officer in executing a decision for bankruptcy declaration shall be carried out in accordance with the provisions of the law on enforcement of civil judgments.

2. The liquidator, business entity managing, liquidating assets shall respond to prosecution suggestions and proposals from the People's Procuratorate with jurisdiction over their decisions or actions within fifteen days from the date of receipt of such suggestions and proposals, simultaneously reporting back to the Enforcement Officer on the response to these suggestions and proposals.

Section 2

ASSESSMENT, SALE OF ASSETS AND APPLICATION OF COMPULSORY MEASURES 

Article 13. Asset Valuation

1. Within ten days from the date of receipt of the enforcement authority's request for execution of a bankruptcy declaration document, the liquidator, business entity managing or liquidating assets shall select and enter into a service contract with an asset valuation company to conduct asset valuation; in the case of assets subject to seizure by the enforcement authority, the period is five working days from the completion of the seizure.

The selection and signing of a service contract with an asset valuation company shall be carried out in accordance with the provisions of the law on enforcement of civil judgments.

2. Within three working days from the date of receipt of the enforcement authority's request for execution of a bankruptcy declaration, the liquidator, business entity managing or liquidating assets must determine the value of the assets as specified in Clause 3 of Article 77 of the Enterprise Revitalization and Bankruptcy Law. In case it is necessary, the liquidator, business entity managing or liquidating assets may hire an asset valuation company for advisory services or seek the opinion of relevant specialized agencies regarding the assets and determine their value within fifteen days from the date of receipt of the enforcement authority's request for execution of a bankruptcy declaration.

3. In cases where the Judge decides to sell the assets of a business entity, cooperative that has lost its ability to pay after initiating the bankruptcy proceedings in order to cover bankruptcy costs as provided in Clause 5 of Article 20 of the Enterprise Revitalization and Bankruptcy Law but is unable to sell subsequently, the Judge may issue a decision declaring bankruptcy. In such cases, the liquidator, business entity managing or liquidating assets shall organize the sale of the assets according to the provisions of this Decree at the price immediately preceding the declaration of bankruptcy. If the valuation certificate has expired before the sale, the liquidator, business entity managing or liquidating assets shall conduct asset valuation in accordance with the provisions of Clauses 1 and 2 herein.

4. Within five working days from the date of confirmation that an asset has no value and cannot be sold as provided in Clause 6 of Article 77 of the Enterprise Revitalization and Bankruptcy Law, the liquidator shall propose to the Judge that such asset is no longer a part of the business entity or cooperative declared bankrupt. The Judge's document serves as the basis for the enforcement authority to issue an amended decision on enforcement and request the liquidator to organize its execution.

Article 14. Revaluation of Assets

1. The enforcement officer shall decide on the revaluation of assets in accordance with paragraph 4 of Article 77 of the Law on Insolvency and Bankruptcy when any of the following circumstances apply:

a) There is sufficient evidence to determine that the liquidator, business entity managing or liquidating assets, or asset valuation firm has committed serious violations leading to inaccuracies in the asset valuation results;

b) There is a conclusion from an authority or person with jurisdiction regarding the fact that the liquidator, business entity managing or liquidating assets, or asset valuation firm has committed serious violations leading to inaccuracies in the asset valuation results.

2. The revaluation shall be conducted within five working days from the date of the grounds specified in paragraph 1 of this Article. The procedure for revaluation is carried out in accordance with the provisions of Article 13 of this Decree.

3. The starting price for the first auction is the valuation result as provided in Article 13 of this Decree. In case of a revaluation, the results of such revaluation shall be used as the starting price for the first auction.

4. Where a revaluation is conducted in accordance with paragraph 1 of this Article, the cost of the revaluation shall be borne by the liquidator, business entity managing or liquidating assets and deducted from the remuneration of the liquidator, business entity managing or liquidating assets.

Article 15. Sale of Assets

1. The liquidator, business entity managing or liquidating assets shall carry out the procedures and formalities for the sale through public auction to enforce the decision declaring bankruptcy in accordance with the provisions of the law on enforcement of civil judgments.

The enforcement officer may request the liquidator, business entity managing or liquidating assets to request a valuation agency, asset auction committee, or auctioneer to suspend or stop organizing an auction and the auction process for assets when there is sufficient evidence in accordance with the provisions of the law on enforcement of civil judgments. The liquidator, business entity managing or liquidating assets shall immediately comply with such requests; if they fail to do so, they shall bear responsibility and compensate according to the provisions of the law if any damage is caused.

The advance payment as provided in paragraphs 5 and 6 of Article 39 of the Law on Asset Auctions shall be deposited into a bank account designated by the civil enforcement authority for the business entity or cooperative declared bankrupt to fulfill its obligations.

2. Within five working days from the date of determining the valuation, the liquidator, business entity managing or liquidating assets shall organize the sale without auction procedures for assets specified in paragraph 3 of Article 77 of the Law on Insolvency and Bankruptcy; for assets that are at risk of destruction or significant reduction in value, the liquidator, business entity managing or liquidating assets must organize the sale within 24 hours.

The sale of assets shall be recorded in a memorandum with signatures from the liquidator, business entity managing or liquidating assets, the buyer, and any witness (if applicable).

Article 16. Delivery of Assets and Documents to the Buyer

1. The liquidator, business entity managing or liquidating assets shall carry out the delivery of assets and documents to the buyer and recipient of assets for the enforcement of the decision declaring bankruptcy.

2. Within thirty days from the date when the buyer or recipient has paid in full or delivered the assets and documents as per the decision declaring bankruptcy, if the party concerned, holder, manager, or user of the assets or documents resists, obstructs, or fails to voluntarily deliver the assets or documents, the liquidator, business entity managing or liquidating assets shall submit a written request to the enforcement officer to apply for compulsory measures in accordance with Article 17 of this Decree.

3. Any organization, entity, or individual currently holding, managing, or using the assets or documents has the responsibility to comply with the requests of the enforcement officer and the liquidator, business entity managing or liquidating assets regarding the delivery of assets or documents to the buyer or recipient.

If any organization, entity, or individual obstructs or interferes in violation of the law leading to a delay in delivering the assets or documents causing damage, they shall compensate according to the provisions of the law.

Article 17. Application of Compulsory Measures

1. In the case where the liquidator, managing company, or liquidating company has notified, requested, persuaded, and urged the person holding, managing, or using the assets or documents; the debtor; the guarantor according to a decision declaring bankruptcy or other persons with obligations who do not voluntarily comply despite having sufficient grounds for applying compulsory measures, the liquidator, managing company, or liquidating company may submit a request in writing to the enforcement officer to apply such compulsory measures in accordance with the Civil Enforcement Law.

The request for application of compulsory measures must specify the subject, the person against whom the measure is applied, the necessity and grounds for applying the compulsory measure, and attach documents verifying the conditions for executing the bankruptcy decision, relevant documents. The liquidator, managing company, or liquidating company shall be responsible for the information and documents provided to the civil enforcement authority.

Within 10 days from the receipt of the request from the liquidator, managing company, or liquidating company, the enforcement officer shall issue a decision on compulsory execution or request additional documentation or other actions from the liquidator, managing company, or liquidating company as necessary for issuing such a decision.

The liquidator, managing company, or liquidating company shall supplement documents and perform any other actions required by the enforcement officer.

2. The enforcement officer shall organize compulsory measures in accordance with the law on civil enforcement. The liquidator, managing company, or liquidating company shall participate and cooperate with the enforcement officer during the organization of such measures.

In cases where a seizure measure is applied, after completing the seizure process, the liquidator, managing company, or liquidating company shall carry out valuation and sale of the assets in accordance with Article 77 of the Bankruptcy Law, Articles 13, 14, and 15 of this Decree.

3. The liquidator, managing company, or liquidating company shall be responsible before the law for their requests to apply compulsory measures. In case such a request is incorrect and causes damage, they must compensate in accordance with the provisions of the law.

Section 3

SUPERVISION OF THE ACTIVITIES OF THE LIQUIDATOR,

MANAGING COMPANY, AND LIQUIDATING COMPANY 

Article 18. Time and Form of Supervision

1. The enforcement officer shall supervise the activities of the liquidator, managing company, or liquidating company in executing a bankruptcy decision after receiving the request as specified in Article 5 of this Decree.

2. The enforcement officer shall supervise through reports from the liquidator, managing company, or liquidating company. Reports may be submitted directly or by written communication sent via postal service or electronic means according to the law on civil enforcement. Reports must include relevant documents and records related to executing the bankruptcy decision; in case of non-submission or submission of false, incomplete content, or lack of supporting documentation, the liquidator, managing company, or liquidating company shall bear legal responsibility.

Article 19. Content of Supervision

1. The supervisor shall supervise the activities of the liquidator, management company, and asset disposal entity when they perform their duties and powers in executing a decision declaring bankruptcy as provided for in the Law on Bankruptcy Recovery and Insolvency. Supervision is carried out as follows for specific cases:

a) Before selecting or changing an appraisal firm, auction organization, liquidator, management company, or asset disposal entity, such entities report to the supervisor. The content of the report specifies the assets to be appraised or auctioned; the name and address of the appraisal firm or auction organization; the reasons for selection. If there is a change in the appraisal firm or auction organization, the reason for the change must also be stated;

b) In cases where no appraisal firm or auction organization can be selected, the liquidator, management company, or asset disposal entity immediately reports to the supervisor. The content of the report specifies the assets to be appraised or auctioned; the selection process; and the reasons for not selecting an appraisal firm or auction organization;

c) Before determining the value of an asset, the liquidator, management company, or asset disposal entity reports to the supervisor. The content of the report specifies the asset to be valued; the reasons for valuing the asset.

Where the liquidator, management company, or asset disposal entity engages an appraisal firm for advisory services or seeks the opinion of a specialized agency, they immediately report to the supervisor upon receiving such opinions and advice. The content of the report specifies the opinions of the appraisal firm and the specialized agency, as well as the price selected by the liquidator, management company, or asset disposal entity;

d) After an auction fails to conclude, the liquidator, management company, or asset disposal entity reports in writing to the supervisor. The content of the report specifies the assets put up for auction; the name and address of the organization conducting the auction; the process of the auction; and the reasons why the auction did not succeed;

e) Before selling an asset without going through an auction, the liquidator, management company, or asset disposal entity reports in writing to the supervisor. The content of the report specifies the assets being sold without auction, the basis for not conducting an auction, and the value of the asset;

f) After successfully selling an asset, the liquidator, management company, or asset disposal entity reports in writing to the supervisor about the sale results. If some assets are not fully sold in one transaction, when a portion is sold, the liquidator, management company, or asset disposal entity reports to the supervisor regarding that portion. The content of the report specifies the date, month, and year of the sale; the form of the sale; the assets sold, the amount received from the sale; and the unsold assets;

g) When executing a decision declaring bankruptcy involving foreign elements, the liquidator, management company, or asset disposal entity reports to the supervisor. If judicial assistance is required, the liquidator, management company, or asset disposal entity requests the supervisor to implement the request for judicial assistance in accordance with the laws on judicial assistance and enforcement of civil judgments.

In cases where assets need to be handled abroad, the liquidator, management company, or asset disposal entity requests recognition and enforcement of the bankruptcy judgment by a Vietnamese court abroad and reports to the supervisor about the results of such request for recognition and enforcement.

2. When conducting supervision, the supervisor has the right to require the liquidator, management company, or asset disposal entity to provide documents, explain matters, cease unlawful behavior, rectify consequences, and perform tasks and procedures as prescribed by law to enforce a decision declaring bankruptcy. If such requirements are not met or only partially fulfilled, the liquidator, management company, or asset disposal entity shall bear legal responsibility.

Where there is grounds under Clause 2 of Article 11 of the Law on Bankruptcy Recovery and Insolvency or where it can be determined that the liquidator, management company, or asset disposal entity has violated procedural rules for enforcing a decision declaring bankruptcy, as well as professional ethics standards for liquidators, depending on the severity of the violation, the supervisor may issue a written recommendation to the court to replace the liquidator, management company, or asset disposal entity, or recommend relevant authorities to handle the matter in accordance with the law.

 Chapter III

CONDITIONS OF IMPLEMENTATION 

Article 20. Entry into force and transitional provisions

1. This Decree shall enter into force as of March 1, 2026.

2. Where an enforcement authority is organizing the execution of a decision declaring bankruptcy prior to the entry into force of this Decree and has not yet completed such execution, the organization of the execution shall be carried out in accordance with the provisions of Law on Bankruptcy No. 51/2014/QH13, Decree No. 22/2015/NĐ-CP dated February 16, 2015 of the Government detailing the implementation of certain provisions of the Law on Bankruptcy concerning the Administrator and practice of managing, liquidating assets, which has been amended and supplemented by Decree No. 112/2025/NĐ-CP and Circular Joint Instruction No. 07/2018/TTLT-BTP-VKSNDTC-TANDTC dated June 12, 2018 of the Ministry of Justice, Supreme People's Court, and Supreme People's Procuratorate on cooperation in executing decisions of the Court resolving bankruptcy.