Decree No. 65/2026/NĐ-CP Providing Detailed Provisions and Measures for Implementing Certain Articles of the Law on Revitalization, Bankruptcy Concerning Trustee and Management, Liquidation of Assets

DECREE

To specify certain provisions and measures for implementing the Law on Revival and Bankruptcy,

concerning Insolvency Administrator and practice of management, liquidation of assets

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

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

In accordance with the proposal of the Minister of Justice;

The Government promulgates this Decree to specify certain provisions and measures for implementing the Law on Revival and Bankruptcy concerning Insolvency Administrator and practice of management, liquidation of assets.

CHAPTER I

GENERAL PROVISIONS

Article 1. Scope of Application

1. To specify details of paragraph 2 of Article 9 and Article 21 of the Law on Revival and Bankruptcy regarding standards, conditions for practice, issuance, revocation, and renewal of Insolvency Administrator's professional license; business management, liquidation of assets; state management over Insolvency Administrators, business management, liquidation of assets; costs of Insolvency Administrators, business management, liquidation of assets.

2. To specify measures for implementing the Law on Revival and Bankruptcy concerning annual fee collection for Insolvency Administrator's professional license.

Article 2. Applicability

This Decree applies to Insolvency Administrators, business management and liquidation of assets enterprises, state management agencies over Insolvency Administrators, business management and liquidation of assets enterprises, organizations, individuals related to the practice of management, liquidation of assets.

Article 3. Principles for practicing asset management and liquidation

1. Compliance with the Constitution and laws.

2. Adherence to the Code of Professional Ethics for Insolvency Administrators.

3. Ensuring professional independence, business integrity, truthfulness, transparency, objectivity.

4. Accountability under the law for their professional activities.

Article 4. Implementation of administrative procedures on an electronic environment

1. Entities and individuals have the right to choose to implement administrative procedures as specified in this Decree on an electronic environment, including:

a) Individuals applying for, revoking, renewing Insolvency Administrator's professional license as provided in Article 7, point (a) of paragraph 1 of Article 8, Articles 9 of this Decree;

b) Insolvency Administrators registering their practice individually, changing registration information as provided in Article 13, paragraph 1 of Article 17 of this Decree;

c) Business management and liquidation enterprises registering their practice, changing registration information as provided in Article 14, paragraph 2 of Article 17 of this Decree.

2. Entities and individuals prepare electronic files, declare forms, and submit electronic declarations according to the requirements of the online public service system as follows:

a) Filling out forms and declarations on pre-provided electronic templates; signing digital signatures on forms, electronic documents if required;

b) Uploading valid electronic documents or referencing data from the organization's electronic document management repository.

3. Entities and individuals implement administrative procedures directly through the National Public Service Portal or the National Digital Identity Application.

4. Administrative agencies utilize national databases, specialized databases, and information systems to process administrative procedures on an electronic environment without requiring entities or individuals to provide or present duplicate documents contained in such databases and information systems, provided that such information cannot be accessed or is incomplete or inaccurate.

Chapter II

MANAGEMENT OF ACCOUNTANTS, BUSINESS MANAGEMENT, AND LIQUIDATION OF ASSETS

Article 5. Standards and Conditions for Issuing the Practice Certificate of Accountant

1. A person who meets any of the following standards may be considered for issuance of the practice certificate of an Accountant:

a) A lawyer or certified public accountant who is a Vietnamese citizen; foreign lawyers or certified public accountants who are permitted to practice in Vietnam; individuals with a bachelor's degree, master's degree, or doctoral degree in one of the fields of law, economics, accounting, finance, banking and have at least five years of continuous work experience in the field of their education;

b) Has completed the training program for Accountant.

2. The following individuals are not eligible for issuance of the practice certificate of an Accountant:

a) Individuals who are under criminal investigation or have been convicted but have not yet had their criminal record expunged; individuals who are subject to administrative measures such as education in a community, village, special zone, mandatory educational institutions, or compulsory rehabilitation institutions;

b) Individuals who lack legal capacity or limited legal capacity, or have difficulties with perception and self-control;

c) Individuals who are civil servants, public officials, except where the law provides otherwise; individuals who are military officers, professional soldiers, workers, or defense personnel in units of the People's Army; individuals who are military officers, non-commissioned officers, soldiers, or workers in units of the Public Security Force;

d) Individuals who have not yet completed a three-year period from the effective date of disciplinary decision: Civil servants or public officials who were dismissed; military officers, professional soldiers, workers, or defense personnel in units of the People's Army who had their military rank or dismissal order issued; military officers, non-commissioned officers, soldiers, or workers in units of the Public Security Force who had their Public Security rank or dismissal order issued;

e) Lawyers or certified public accountants whose practice certificates have been revoked due to violations of laws and regulations, and such revocation has not yet expired for three years from the effective date of the decision.

Article 6. Training Program for Accountant

1. Individuals who are registered to participate in the training program for Accountant include:

a) Lawyers or certified public accountants who are Vietnamese citizens; foreign lawyers or certified public accountants who are permitted to practice in Vietnam;

b) Individuals with a bachelor's degree, master's degree, or doctoral degree in one of the fields of law, economics, accounting, finance, banking.

2. The duration of the training program for Accountant is three months; if the participant has at least three years of practice experience as a lawyer or certified public accountant, the training period is reduced to one and a half months.

3. The curriculum for the training program includes: Legal regulations on Accountants, management, liquidation of assets, and related legal provisions; Professional ethics standards for Accountants; knowledge and skills in managing and liquidating assets; application of information technology in the practice of managing and liquidating assets; supplementary skills for practicing asset management and liquidation.

The training institution with judicial functions, as stipulated by the Ministry of Justice, shall review and approve the curriculum for the Accountant training program and organize such courses.

4. Upon completion of the training program for Accountant, individuals are issued a certificate of training.

Article 7. Issuance of Practice Certificate

1. Individuals who meet the standards and conditions stipulated in Article 5 of this Decree have the right to apply to the People's Committee of the province or city (hereinafter referred to as the provincial people's committee) for issuance of the practice certificate of an Accountant. 2. The application documents for issuance of the practice certificate of an Accountant include the following:

a) Application form for issuance of the practice certificate of an Accountant according to Model TP-QTV-01 (for individuals who are Vietnamese citizens) or Model TP-QTV-02 (for foreign lawyers and certified public accountants permitted to practice in Vietnam), accompanied by this Decree, and two color photographs measuring 3 cm x 4 cm taken within six months prior to the submission of the application;

b) Lawyer's license for Vietnamese lawyers; lawyer's practice permit for foreign lawyers; certificate of registration as a certified public accountant for Vietnamese or foreign certified public accountants; bachelor's, master's, or doctoral degree in one of the fields of law, economics, accounting, finance, banking, accompanied by certification from the employer regarding continuous work experience of at least five years in the field of their education;

c) Certificate of training for Accountant.

The documents specified in points b and c above may be copies with originals for verification or certified copies or electronic copies from the original register or certified electronic copies from the original document.

3. Individuals applying for issuance of the practice certificate of an Accountant submit one set of application documents as stipulated in paragraph 2 of this Article, either directly or through postal services to the Department of Justice where they reside, or electronically on a designated online platform according to the provisions of Article 4 of this Decree.

4. Within three working days from receipt of a complete and valid application, the Department of Justice shall review and submit a written request to the provincial people's committee for issuance of the practice certificate of an Accountant; in case of rejection, the reasons must be stated in writing.

3. The person applying for a practicing certificate as an Accountant shall submit one set of documents as specified in Clause 2 of this Decree directly or through postal services to the Department of Justice where such person resides, or electronically on the electronic platform as provided in Article 4 of this Decree.

4. Within three working days from the date of receipt of a complete application, the Department of Justice shall examine the application and issue a written recommendation to the President of the People's Committee for issuance of the practicing certificate; in case of rejection, the reasons must be stated in writing.

Within three working days from receipt of the application document and valid dossier submitted by the Department of Justice, the Provincial People's Committee Chairman shall examine and issue a practice certificate for an Accountant as per Form TP-QTV-09 attached to this Decree; in case of refusal, a written response stating the reasons must be provided.

5. In the event that the information in the application dossier for issuing an Accountant's practice certificate is incomplete, inconsistent, or requires verification, the Department of Justice or the Provincial People's Committee may request the applicant to provide explanations, supplement information, or cooperate with relevant agencies and organizations to verify such information. The time limit specified in Clause 4 of this Article shall be calculated from the date when the Department of Justice or the Provincial People's Committee receives the supplemented, clarified, or verified information.

Article 8. Revocation of Accountant's Practice Certificate

1. An Accountant whose practice certificate has been issued may have it revoked in any of the following cases:

a) Ceases to practice as an Accountant by personal choice;

b) Is recruited, appointed, or transferred to one of the positions specified at Point c of Clause 2 of this Decree;

c) Is declared incapacitated for civil conduct, partially incapacitated for civil conduct, or has difficulties in perception and control of actions;

d) Has been convicted by a final judgment;

e) Is subject to administrative educational measures at the commune, ward, special zone level, is sent to an education detention facility, or is sent to a compulsory rehabilitation facility;

f) Practices as an Accountant without being registered with the Department of Justice in the list of Accountants managing and liquidating assets, where the business manages and liquidates assets, undergoes asset management and liquidation during a temporary suspension period;

g) Fails to register as an Accountant within 36 months from issuance or renewal of the practice certificate, or fails to participate in three consecutive annual training programs for Accountants;

h) Simultaneously practices asset management and liquidation at two or more businesses managing and liquidating assets, except where such cases are specified in Clause 1, Paragraph 1 of this Decree, or engages in both business operations as an individual while also practicing asset management and liquidation;

i) An Accountant who is a lawyer, auditor, tax consultant, or has obtained practice certificates, registration certificates, or other such documents, where these documents have expired;

k) Falls under the circumstances where issuance of an Accountant's practice certificate was not permitted at the time of issuance.

2. When there is sufficient evidence that a person who has been issued an Accountant's practice certificate falls under any of the cases specified in Points b, c, d, e, f, g, h, i and k of Paragraph 1, individuals, agencies, or organizations may submit a written request for revocation of the Accountant's practice certificate along with relevant documents to the Department of Justice where the Accountant is practicing or the last registered Department of Justice; in cases where the Accountant has not yet commenced practice, such requests should be sent to the Department of Justice where the practice certificate was issued.

An Accountant who ceases practice as per personal choice under Point a of Paragraph 1 may submit a written request for revocation of the Accountant's practice certificate using Form TP-QTV-03 attached to this Decree, directly or through postal services in accordance with the provisions of this paragraph, or electronically on an electronic platform according to the provisions of Article 4 of this Decree.

3. Within ten working days from receipt of the request for cessation of practice submitted by the Accountant under personal choice or a written request for revocation of the Accountant's practice certificate along with relevant documents, the Department of Justice shall examine and submit a written request to the Provincial People's Committee Chairman to revoke the Accountant's practice certificate; in cases where the request is rejected, reasons must be provided in writing.

Within five working days from receipt of the application document submitted by the Department of Justice, the Provincial People's Committee Chairman shall issue a decision to revoke the Accountant's practice certificate; in case of refusal to revoke the practice certificate, reasons must be provided in writing.

The decision to revoke an Accountant's practice certificate shall be sent to the person whose certificate has been revoked, the People's Court of the province or city where the Accountant is registered as an individual practitioner, or the business entity where such person has a place of business.

5. An Accountant who has had their practice certificate revoked will have their name removed from the list of Accountants and businesses managing and liquidating assets. The Accountant may not engage in practice during the period specified in the decision to revoke the practice certificate, which shall be enforceable.

Article 9. Reissuance of Certified Public Accountant Practice Certificate 1. The practice certificate for a Certified Public Accountant may be reconsidered and reissued in the following cases:

a) A person who has had their practice certificate revoked meets all the standards and conditions specified in Article 5 of this Decree, and the reason for revocation no longer exists;

b) The practice certificate is lost or damaged to the extent that it cannot be used.

2. The People's Committee at the provincial level has the authority to reissue a practice certificate for a Certified Public Accountant in cases specified in point (a) of paragraph 1 of this Article. The procedures and formalities for reissuing a practice certificate are carried out according to the provisions on issuing a practice certificate as stipulated in Article 7 of this Decree.

3. For the case specified in paragraph 1, point (b) of this Article, the reissuance of the practice certificate is conducted as follows:

a) The application file includes an application for reissuance of the Certified Public Accountant practice certificate according to Form TP-QTV-05 attached to this Decree and two color photos measuring 3 cm x 4 cm taken no more than six months before submitting the application;

b) Documentation proving that the person meets the conditions specified in paragraph 1, point (a) of this Article for reissuance of the practice certificate.

3. The reissuance of a practice certificate for cases specified in paragraph 1, point (b) of this Article is conducted as follows:

a) The application file includes an application for reissuance of the Certified Public Accountant practice certificate according to Form TP-QTV-05 attached to this Decree and two color photos measuring 3 cm x 4 cm taken no more than six months before submitting the application; the practice certificate in cases where the practice certificate is damaged and cannot be used;

b) The applicant prepares one set of the prescribed files as specified in point (a) of this paragraph, submits it directly or through postal services to the Department of Justice where the practice certificate was issued or submits it online on an electronic platform according to the provisions in Article 4 of this Decree;

c) Within three working days from the date of receipt of a complete application file, the Department of Justice shall examine and issue a written request to the head of the provincial People's Committee for reissuance of the practice certificate to the applicant; if the request is refused, it must be communicated in writing with reasons stated;

d) Within three working days from the date of receipt of the Department of Justice’s request and a complete application file, the head of the provincial People's Committee shall examine and reissue the practice certificate to the applicant; if refusal to reissue is made, it must be communicated in writing with reasons stated.

Article 10. Management and Liquidation of Assets

1. A business engaged in the management and liquidation of assets may be granted a license and operate according to the form of a general partnership or an individual enterprise.

2. The name of a business engaged in the management and liquidation of assets includes the phrase “General Partnership for Management and Liquidation of Assets” or “Individual Enterprise for Management and Liquidation of Assets,” followed by the proprietary name chosen by the general partners or decided upon by the owner of an individual enterprise.

3. Branches and representative offices of a business engaged in the management and liquidation of assets are established and operate according to the provisions of the law on enterprises.

A business engaged in the management and liquidation of assets shall appoint at least one Certified Public Accountant to practice within its own enterprise for operations at branches.

The representative office of a business engaged in the management and liquidation of assets is not permitted to engage in the management or liquidation of assets.

Within seven working days from the date of issuance of the registration certificate for a branch or representative office, the business engaged in the management and liquidation of assets shall notify the Department of Justice at its principal place of business; if the branch or representative office is established in a province or city different from the principal place of business, the business shall notify the Departments of Justice at both the principal place of business and the location of the branch or representative office.

Within seven working days from the date of issuance of the business registration certificate for the branch or representative office, the enterprise managing, liquidating assets shall notify the Department of Justice where the principal place of business is located; in the event that the enterprise establishes a branch or representative office in a different province or city from its principal place of business, it shall notify the Department of Justice at both the principal place of business and the location of the branch or representative office.

Article 11. General Partner of a General Partnership Managing and Liquidating Assets; Individual Business Owner Managing and Liquidating Assets

1. A general partnership engaged in managing and liquidating assets shall have at least two general partners who are Treasurers; the Managing Director or Director of the general partnership is also a Treasurer.

A general partner serving as a Treasurer of a general partnership managing and liquidating assets may not simultaneously manage and liquidate assets for an individual business owner, nor serve as a general partner in another general partnership engaged in managing and liquidating assets, except with the consent of the remaining general partners.

2. An individual business owner engaged in managing and liquidating assets has the owner as Treasurer and Director.

3. Upon any change to the general partners of a general partnership managing and liquidating assets or the owner of an individual business engaged in managing and liquidating assets, such changes must be registered with the relevant authorities within seven working days from the date of the change. The registration process shall follow the procedures set forth in Clauses 2, 3, and 4 of Article 14 of this Decree. New general partners of a general partnership and new owners of individual businesses engaged in managing and liquidating assets must comply with the provisions of Clause 1 of this Article.

Chapter III

MANAGING AND LIQUIDATING ASSETS

Article 12. Forms of Practice for Treasurers

1. The forms of practice for a Treasurer include:

a) Practicing individually;

b) Practicing within an asset management and liquidation business through the establishment or participation in establishing such a business, or working under a contract with an asset management and liquidation business.

2. At any given time, a person holding a practice certificate as a Treasurer may only register to practice managing and liquidating assets according to one of the forms specified in Clause 1 of this Article.

3. A Treasurer practicing individually shall declare and pay taxes in accordance with tax laws.

Article 13. Registration for Individual Practice in Managing and Liquidating Assets

1. The registration documents for individual practice in managing and liquidating assets include the following:

a) An application form for individual practice in managing and liquidating assets, as per Model TP-QTV-06 attached to this Decree;

b) A copy certified with original or an electronic copy from the original register or an electronically certified copy of the certificate of practice as a Treasurer.

2. A Treasurer practicing individually shall submit one set of registration documents in accordance with the provisions of Clause 1 of this Article, either directly to the Department of Justice where they wish to practice or through postal services or online on the electronic platform according to the provisions of Article 4 of this Decree.

3. Within five working days from the receipt of a complete application, the Department of Justice shall examine and include the Treasurer's name in the list of Treasurers and businesses engaged in managing and liquidating assets at the locality as per Model TP-QTV-08 attached to this Decree; if rejected, they must provide written reasons.

If the information in the application for individual practice in managing and liquidating assets is incomplete, inconsistent, or requires verification, the Department of Justice may request the applicant to explain, supplement information, or cooperate with relevant agencies to verify the information. The time limit specified herein shall be calculated from the date the Department of Justice receives the additional explanations, clarifications, or verified information.

A Treasurer practicing individually may commence practice in managing and liquidating assets as of the date their name is included in the list of Treasurers and businesses engaged in managing and liquidating assets at the locality.

If a Treasurer practicing individually terminates their practice in managing and liquidating assets, they must notify the relevant Department of Justice three working days before the intended termination. Within three working days from receipt of the notification, the Department of Justice shall examine and decide to remove the Treasurer's name from the list of Treasurers and businesses engaged in managing and liquidating assets at the locality.

5. The following individuals are not permitted to register for individual practice in managing and liquidating assets:

a) Those who are under investigation or being considered for disbarment as per the provisions of Article 8 of this Decree;

b) Those who have been banned from practicing asset management and liquidation due to a final judgment by a court.

6. Lawyers and auditors may simultaneously practice managing and liquidating assets in accordance with the laws on rehabilitation and bankruptcy.

Article 14. Registration for Managing and Liquidating Assets of Enterprises

1. An enterprise that meets the conditions specified in Clause 1, Clause 2 of Article 11 of this Decree may register to practice managing and liquidating assets, concurrently registering its practice with managing and liquidating assets for practicing asset administrators within its enterprise. A person falling under the circumstances specified in Clause 5 of Article 13 of this Decree shall not be registered to practice managing and liquidating assets within an enterprise that manages and liquidates assets.

2. The application documents for registering to practice managing and liquidating assets of an enterprise include the following documents:

a) Application form for registration to practice managing and liquidating assets in accordance with Model TP-QTV-07 attached to this Decree;

b) Copy certified by original or electronic copy from the original book or certified electronic copy from the original document of practicing asset administrators whose names are registered at the enterprise;

c) Copy of registration certificate (the enterprise must submit such a copy in cases where the information about the business registration certificate cannot be obtained on the national database of business registration or where the obtained information is incomplete or inaccurate).

3. An enterprise registering to practice managing and liquidating assets shall prepare one set of application documents as prescribed in Clause 2 of this Article, submit them directly or through postal services to the Department of Justice at the location of the enterprise's headquarters or electronically on the electronic environment according to the provisions of Article 4 of this Decree.

4. Within five working days from the date of receipt of a complete application, the Department of Justice shall examine and enter the name of the enterprise into the list of asset administrators, enterprises practicing managing and liquidating assets in the locality as per Model TP-QTV-08 attached to this Decree, notify such enterprise in writing; if necessary, it may request the enterprise to submit additional documents or provide further information or cooperate with relevant agencies and organizations for verification. The period prescribed herein shall be calculated from the date of receipt by the Department of Justice of the supplementary, clarified, or verified information.

If during the prescribed period, the Department of Justice finds that the application documents are incomplete, inconsistent, or require verification concerning members in partnership, general manager, or managing director of a joint stock company (if applicable), or other persons practicing managing and liquidating assets within a joint stock company (if applicable), or individual business owners, other persons practicing managing and liquidating assets within an individual enterprise (if applicable), the Department of Justice shall request the enterprise to submit additional documents, provide further information, or cooperate with relevant agencies and organizations for verification. The period prescribed in this clause shall be calculated from the date of receipt by the Department of Justice of the supplementary, clarified, or verified information.

5. An enterprise managing and liquidating assets may practice managing and liquidating assets from the date it is entered into the list of asset administrators, enterprises practicing managing and liquidating assets in the locality.

In case an enterprise managing and liquidating assets ceases its operations or stops practicing managing and liquidating assets, it shall notify the Department of Justice in writing at least three working days before the intended cessation date. Within three working days from the receipt of the notification, the Department of Justice shall examine and decide to remove the name of such enterprise from the list of asset administrators, enterprises practicing managing and liquidating assets.

Article 15. Responsibilities of a Liquidator in Professional Practice Activities

1. Comply with the professional management and liquidation principles stipulated in Article 3 of this Decree and shall not engage in the following acts:

a) Renting, lending, or allowing individuals or organizations to use their Liquidator's Practice Certificate for professional practice activities;

b) Colluding or conspiring with enterprises or cooperatives that have lost their ability to pay debts to distort matters related to professional management and liquidation activities;

c) Suggesting, agreeing, or accepting money, property, or other benefits from parties involved in the rehabilitation, bankruptcy, or exploitation of the Liquidator's name, enterprise management, or liquidation of assets for personal gain at the expense of individuals or organizations beyond the costs stipulated by law;

d) Abusing their duties and powers to collude with individuals or organizations for personal gain;

e) Disclosing information about enterprises or cooperatives that have lost their ability to pay debts during professional practice activities, except where such disclosure is agreed in writing by the enterprise or cooperative or otherwise provided for by law.

2. Sign reports and documents on the results of exercising rights and obligations under the laws on rehabilitation and bankruptcy.

3. Report to the Administrative Authority regarding the liquidation management and asset liquidation activities during the execution of the decision declaring an enterprise or cooperative bankrupt.

4. The Liquidator, when practicing as an individual, shall report their liquidation management and asset liquidation activities to the Department of Justice where they are registered for practice in accordance with the guidelines issued by the Ministry of Justice.

5. Participate in annual business training programs for Liquidators as stipulated in Clause 3, Article 6 of this Decree, with a minimum duration of one working day per year (eight hours).

A Liquidator may be deemed to have completed the required business training if they belong to any of the following cases:

a) Being a member of a drafting committee or an expert review board for legal documents related to rehabilitation, bankruptcy, management, or liquidation;

b) Participating in teaching, serving as a report writer in various training programs, seminars, symposiums, and engaging in the dissemination of laws through mass media on rehabilitation, bankruptcy, or management, liquidation activities;

c) Participating in scientific research projects at the ministry level related to rehabilitation, bankruptcy, or management, liquidation activities.

6. Fulfill all duties and powers as prescribed by the Law on Rehabilitation and Bankruptcy, this Decree, and other regulations under relevant laws.

Article 16. Responsibilities of an Enterprise Managing and Liquidating Assets in Professional Practice Activities

1. Manage the practice activities of a Liquidator within the enterprise.

2. Bear legal responsibility for the professional activities conducted by a Liquidator as assigned under this Decree.

3. The legal representative of an enterprise managing and liquidating assets shall be responsible for reviewing and signing documents executed by a Liquidator in their own enterprise.

4. Report to the Administrative Authority regarding the liquidation management and asset liquidation activities during the execution of the decision declaring an enterprise or cooperative bankrupt.

5. Report to the Department of Justice where they are registered for practice on their liquidation management and asset liquidation activities in accordance with the guidelines issued by the Ministry of Justice.

6. Shall not engage in the following acts:

a) Acts prescribed at Points b, c, d, and e of Clause 1, Article 15 of this Decree;

b) Allowing individuals or organizations to use their business name or business registration certificate for professional practice activities.

7. Fulfill all duties and powers as prescribed by the Law on Rehabilitation and Bankruptcy, this Decree, and other regulations under relevant laws.

Article 17. Amendment of Registration Information for Insolvency Practitioners and Insolvency Management Enterprises

1. Where there is a change in the business address recorded in the registration application for insolvency management and liquidation, within five working days from the date of such change, an individual insolvency practitioner shall submit a written request to amend the registration information for insolvency management and liquidation directly or through postal services to the Department of Justice where the insolvency practitioner is registered, or electronically on the electronic platform as prescribed in Article 4 of this Decree.

Within three working days from the date of receipt of the request from the insolvency practitioner, the Department of Justice shall amend the business address information of the insolvency practitioner in the list of insolvency practitioners and insolvency management enterprises in the locality.

2. Where there is a change in the name, principal office, representative office, branch, legal representative, or list of practicing insolvency practitioners within an insolvency management enterprise, within five working days from the date such changes are recorded in the business registration file as prescribed by the Enterprise Law, the insolvency management and liquidation enterprise shall submit a written request to amend the registration information for insolvency management and liquidation directly or through postal services to the Department of Justice where the enterprise is registered, or electronically on the electronic platform as prescribed in Article 4 of this Decree.

Within three working days from the date of receipt of the submission from the enterprise, the Department of Justice shall amend the information regarding the name, principal office, representative office, branch, legal representative, and list of practicing insolvency practitioners within the enterprise in the list of insolvency practitioners and insolvency management enterprises in the locality.

In the event that an insolvency management and liquidation enterprise supplements a new practicing insolvency practitioner, the enterprise must register the new practitioner. The registration process for the newly added insolvency practitioner shall be conducted in accordance with the provisions set forth in Clauses 1, 2, 3, and 4 of Article 14 of this Decree.

Article 18. Suspension of Practice for Insolvency Practitioners and Insolvency Management Enterprises

1. An insolvency practitioner shall be suspended from practicing insolvency management and liquidation if any of the following circumstances apply:

a) The practitioner is under criminal investigation;

b) The practitioner is subject to administrative sanctions;

c) The insolvency practitioner, who is also a lawyer, has had their right to practice law revoked or been administratively disciplined with a suspension of membership in the Bar Association as prescribed by the Lawyer Law;

d) The insolvency practitioner, who is also an auditor, has had their audit registration certificate revoked, been suspended from practicing auditing; or the insolvency practitioner, who is also an auditor, has had their auditor certification revoked according to the law.

2. An insolvency management and liquidation enterprise shall be suspended from practicing insolvency management and liquidation in any of the following circumstances:

a) A general partnership changes its partners or a sole proprietorship changes its owner without meeting the conditions specified in Clause 1, Subclause 2 of Article 11 of this Decree;

b) A partner of a general partnership who manages and liquidates assets is suspended from practicing insolvency management and liquidation as provided in Clause 1 hereof, leading to the partnership not meeting the conditions specified in Clause 1 of Article 11 of this Decree; or an owner of a sole proprietorship who manages and liquidates assets is suspended from practicing insolvency management and liquidation as provided in Clause 1 hereof, leading to the sole proprietorship not meeting the conditions specified in Subclause 2 of Article 11 of this Decree;

c) The enterprise must temporarily cease operations under the law.

3. The duration of suspension from practicing insolvency management and liquidation for cases provided in sub-clauses a, b of Clause 1 and Clause 2 of this Article shall not exceed twelve months. In case the reason for the suspension has expired but the grounds for suspension still exist, the period of suspension may be extended by no more than twelve months.

The duration of suspension from practicing insolvency management and liquidation for cases provided in sub-clauses c, d of Clause 1 of this Article shall be implemented according to the administrative penalty decision or disciplinary action decision of the competent authority or the Bar Association.

4. An insolvency practitioner or an insolvency management and liquidation enterprise may have the suspension from practicing insolvency management and liquidation lifted before its expiration in any of the following circumstances:

a) A decision to terminate investigation, terminate the case, or a judgment with legal effect by the court declaring no criminal liability for the insolvency practitioner as provided in sub-clause a of Clause 1 of this Article;

b) The insolvency practitioner is no longer subject to administrative sanctions as prescribed by the Administrative Violation Handling Law as provided in sub-clause b of Clause 1 of this Article;

c) A general partnership or sole proprietorship meets the conditions specified in Clause 1, Subclause 2 of Article 11 of this Decree.

5. The Department of Justice has the authority to suspend, extend, or lift the suspension of practice for insolvency management and liquidation activities for an insolvency practitioner or an insolvency management and liquidation enterprise.

6. Decisions on suspending, extending, and lifting the suspension of practice for insolvency management and liquidation shall be sent to the insolvency practitioner or insolvency management and liquidation enterprise, the People's Court in the locality where the insolvency practitioner practices as an individual with a business address, or the location of the enterprise where the suspended insolvency practitioner is practicing.

7. In cases where an insolvency practitioner or an insolvency management and liquidation enterprise is participating in the reconciliation or supplementary determination of practice for insolvency management and liquidation, the insolvency practitioner or insolvency management and liquidation enterprise shall notify the competent authority of such decision regarding the supplementary determination of practice for insolvency management and liquidation.

Article 19. Notification of Participation in Reorganization and Bankruptcy Proceedings by Liquidation Trustee or Manager, Asset Liquidator

1. Within seven working days from the date of receipt of the judge's order resolving the reorganization and bankruptcy proceedings, a liquidation trustee practicing as an individual shall submit a notification to the judge participating in the reorganization and bankruptcy proceedings, specifying their name, registration number, and issuance date of the liquidation trustee practice certificate; if they refuse to participate in the reorganization and bankruptcy proceedings, the liquidation trustee must notify the judge in writing.

2. Within seven working days from the date of receipt of the judge's order resolving the reorganization and bankruptcy proceedings, the manager or asset liquidator shall submit a notification to the judge appointing a liquidation trustee to represent the company in participating in the reorganization and bankruptcy proceedings, specifying their name, registration number, and issuance date of the liquidation trustee practice certificate; if they refuse to participate in the reorganization and bankruptcy proceedings, the manager or asset liquidator must notify the judge in writing.

3. In the event that a liquidation trustee appointed by the manager or asset liquidator is temporarily suspended from practicing according to Article 18 of this Decree, within three working days from the date of temporary suspension, the manager or asset liquidator shall appoint another liquidation trustee to practice in their place.

If the manager or asset liquidator cannot appoint a substitute liquidation trustee, they must notify the judge resolving the reorganization and bankruptcy proceedings to designate an alternative liquidation trustee or manager or asset liquidator.

Article 20. Change of Liquidation Trustee, Manager, or Asset Liquidator

1. A liquidation trustee, manager, or asset liquidator currently participating in the reorganization and bankruptcy proceedings may be changed by the judge under the following circumstances:

a) As provided in paragraph 2 of Article 11 of the Law on Reorganization and Bankruptcy;

b) Due to temporary suspension from practicing according to Article 18 of this Decree.

2. The initial advance expenses and payments for the liquidation trustee, manager, or asset liquidator shall be handled as follows:

a) In cases where the change is made in accordance with points a, b, c, and d of paragraph 2 of Article 11 of the Law on Reorganization and Bankruptcy, the liquidation trustee, manager, or asset liquidator must return all advance expenses;

b) In cases where the change is made in accordance with point d of paragraph 2 of Article 11 of the Law on Reorganization and Bankruptcy or point b of this paragraph, the liquidation trustee, manager, or asset liquidator may be compensated for the corresponding work performed.

3. The decision to change the liquidation trustee, manager, or asset liquidator must specify the handling of advance expenses and be immediately sent to the liquidation trustee, manager, or asset liquidator, as well as those participating in the reorganization and bankruptcy proceedings.

4. Within three working days from the date of the decision to change, the liquidation trustee, manager, or asset liquidator whose position is changed must hand over all completed work to the new liquidation trustee, manager, or asset liquidator; if no new liquidation trustee, manager, or asset liquidator has been appointed by that time, the handover shall be completed within three working days from the date of the decision appointing a new liquidation trustee, manager, or asset liquidator.

5. A liquidation trustee, manager, or asset liquidator who fails to comply with the provisions of paragraph 4 may be subject to administrative penalties depending on the nature and severity of the violation, or criminal prosecution if there is damage, in which case they must compensate according to the law.

Article 21. Costs of Liquidator, Management Company, and Asset Liquidation in Rehabilitation and Bankruptcy 1. The costs of the liquidator, management company, and asset liquidation include the remuneration for the liquidator, management company, and asset liquidation as well as other expenses. Such costs are to be paid from the value of the enterprise's assets, cooperative's assets or from the state budget in accordance with the provisions of the Law on Rehabilitation and Bankruptcy.

2. The remuneration is calculated based on the following criteria:

a) The time the liquidator uses to perform his duties;

b) The effort of the liquidator in performing his duties;

c) The results achieved by the liquidator in performing his duties.

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

a) Based on the time worked by the liquidator;

b) A lump sum remuneration;

c) A percentage of the total value of the enterprise's assets, cooperative's assets after recovery or liquidation as determined after recovery or liquidation.

4. The specific level of remuneration is as follows:

a) In cases where the People's Court issues a decision to suspend the rehabilitation procedure in accordance with paragraph 1 of Article 37 of the Law on Rehabilitation and Bankruptcy, the remuneration is determined based on the examination and application of the criteria specified in paragraph 2 and the method prescribed in points (a) and (b) of this article;

b) In cases where the People's Court issues a decision to suspend the bankruptcy procedure in accordance with point (a) of paragraph 5 of Article 63 and paragraph 1 of Article 64 of the Law on Rehabilitation and Bankruptcy, the remuneration is determined through mutual agreement between the judge and the liquidator, management company, or asset liquidation entity based on the examination and application of the criteria specified in paragraph 2 and the method prescribed in this article;

c) In cases where the People's Court issues a decision to declare an enterprise or cooperative bankrupt in accordance with points (a), (b), and (d) of paragraph 1 of Article 65 of the Law on Rehabilitation and Bankruptcy, the remuneration is determined as follows:

Table

e) In cases where measures are taken to recover assets or transfer assets as provided in paragraph 4 of Article 76 of the Law on Rehabilitation and Bankruptcy, the remuneration stipulated in point (b) of paragraph 4 of this article is determined after deducting the enforcement costs according to the provisions of the law on the execution of civil judgments. The liquidator or management company for asset liquidation submits a written request to the judge for determination of the remuneration. The bailiff implements the payment of remuneration to the liquidator in accordance with the judge's decision;

f) The remuneration in cases as provided in this paragraph is guaranteed to be at least 1.5 months' salary for each month of participation by the liquidator, management company, or asset liquidation entity; if the number of days of participation does not reach one month, it is calculated as 1.5 months' salary divided by 30 and multiplied by the number of days participated.

5. In cases where there are different agreements between participants in the rehabilitation or bankruptcy procedure or the creditors' meeting with the liquidator or management company for asset liquidation regarding the remuneration as provided in paragraph 4 of this article, such agreement shall be applied.

6. In cases of bankruptcy of a credit institution as provided in Article 72 of the Law on Rehabilitation and Bankruptcy, the remuneration of the liquidator, management company, or asset liquidation entity is determined according to the provisions at points (a) and (b) of paragraph 4 of this article.

7. Other expenses of the liquidator, management company, or asset liquidation entity include travel and accommodation fees, rental costs for premises, personnel costs when the liquidator works outside the scope of calculation in a city where the enterprise is located; office supplies, postal services, and other reasonable expenses related to the implementation of asset management and liquidation activities.

8. Within five working days from the date the liquidator submits a written request with supporting documents (or an itemized list) for actual incurred costs (if any), the judge must examine and issue a decision on payment; in cases where only part or all of the expenses are not accepted, the judge must provide a written response specifying the reasons.

9. In cases of bankruptcy of a credit institution as provided in Article 72 of the Law on Rehabilitation and Bankruptcy, the remuneration for the liquidator, management company, or asset liquidation entity is determined according to the provisions at points (a) and (b) of paragraph 4 of this article.

10. The settlement of other expenses of the liquidator, management company, or asset liquidation entity shall be carried out in accordance with legal provisions.

Within five working days from the date of submission by the Accountant of a written application accompanied by actual expenditure documents (or a list thereof) if applicable, the Judge must examine and issue a decision on payment; in case of partial or full rejection of the expenses, the reasons must be stated in writing.

The settlement and liquidation of other expenses of the Accountant, enterprise managing, liquidating assets shall be carried out in accordance with the provisions of the law.

8. The judge shall conduct the bankruptcy proceedings based on each specific case to determine the provisional advance of expenses for the liquidation trustee, managing company, or asset liquidator but not lower than ten months' salary. The liquidation trustee, managing company, or asset liquidator receives the provisional advance for the implementation of liquidation and settlement in accordance with the provisions of financial and accounting laws.

During the performance of their duties, if additional expenses are incurred that are necessary, or other supplementary services to resolve the case, the liquidation trustee, managing company, or asset liquidator may propose to the judge to supplement the provisional advance. Within five working days from receipt of the proposal, the judge shall examine and decide on the matter of supplementing the provisional advance; if not accepted, a written response must be provided with clear reasons.

Chapter IV

STATE MANAGEMENT OF THE LIQUIDATION TRUSTEE,

MANAGING AND LIQUIDATING COMPANIES

Article 22. Responsibilities of the Ministry of Justice and Relevant Ministries and Authorities

1. The Ministry of Justice is an agency assisting the Government in implementing unified state management over liquidation trustees, managing companies, and asset liquidators, as well as their practice of managing and liquidating assets throughout the country. Its responsibilities and powers include:

a) Issuing or submitting to competent state agencies for issuance legal documents regulating liquidation trustees, managing companies, and asset liquidators, as well as their professional practices;

b) Establishing ethical standards for liquidation trustees;

c) Inspecting, handling complaints and reports, and taking measures against violations by liquidation trustees, managing companies, and asset liquidators in the practice of managing and liquidating assets within its jurisdiction;

d) Implementing measures to support the development of the profession of managing and liquidating assets as authorized;

d) Engaging in international cooperation on liquidation trustees and their professional practices as authorized;

e) Performing other tasks and powers as provided by law.

2. Ministries and authorities, within their respective jurisdictions, shall cooperate with the Ministry of Justice in managing state affairs related to liquidation trustees, managing companies, and asset liquidators, as well as their professional practices.

Article 23. Responsibilities of Provincial People's Committees

1. The provincial people's committee is responsible for implementing state management over liquidation trustees, managing companies, and asset liquidators, as well as their professional practices within its jurisdiction. Its responsibilities and powers include:

a) Organizing registration of the practice of managing and liquidating assets and overseeing liquidation trustees, managing companies, and asset liquidators within its jurisdiction;

b) Issuing, revoking, or renewing certificates for liquidation trustees;

c) Inspecting, conducting audits, handling complaints and reports, and taking measures against violations by liquidation trustees, managing companies, and asset liquidators in their professional practices within its jurisdiction as authorized;

d) Reporting to the Ministry of Justice on the status of liquidation trustees, managing companies, and asset liquidators, as well as their professional practices within its jurisdiction on a regular annual basis or upon request;

d) Implementing measures to support the development of the profession of managing and liquidating assets within its jurisdiction;

e) Other tasks and powers as provided by law.

2. The Department of Justice assists the provincial people's committee in performing state management functions over liquidation trustees, managing companies, and their professional practices as specified in paragraph 1 of this Article. Its responsibilities and powers include:

a) Registering the practice of liquidation trustees and managing companies within its jurisdiction;

b) Temporarily suspending, extending, or canceling temporary suspension of the practice of managing and liquidating assets for liquidation trustees and managing companies; removing liquidation trustees and managing companies from the list of practicing liquidation trustees and managing companies;

c) Reviewing, compiling statistics, and reporting data on liquidation trustees, managing companies, and their professional practices within its jurisdiction; identifying cases requiring revocation of practice certificates for liquidation trustees according to regulations;

d) Inspecting and taking measures against violations by liquidation trustees, managing companies, and their professional practices within its jurisdiction as authorized;

d) Handling complaints and reports regarding liquidation trustees, managing companies, and their professional practices within its jurisdiction as authorized;

e) Reporting to the provincial people's committee and the Ministry of Justice on the status of liquidation trustees, managing companies, and their professional practices within its jurisdiction on a regular annual basis and upon request from competent authorities;

g) Compiling and publishing lists of liquidation trustees and managing companies practicing within its own jurisdiction according to Model TP-QTV-08 attached to this Decree; posting the list of liquidation trustees, managing companies whose practice has been temporarily suspended, extended, or canceled on the Department of Justice's electronic information portal;

h) Updating the lists of liquidation trustees and managing companies practicing within its jurisdiction, as well as relevant information according to paragraphs 5 of Article 8, paragraph 4 of Article 13, paragraph 5 of Article 14, and paragraphs 1 and 2 of Article 17 of this Decree into the supplementary judicial management software of the Ministry of Justice when such software is operational;

i) Other tasks and powers as provided by law.

Article 24. Handling of Violations Concerning Infringement of the Rights and Legitimate Interests of a Receiver, Management Company, or Liquidator

Any person who infringes upon the rights and legitimate interests of a receiver, management company, or liquidator, or obstructs such entities from performing their functions shall be subject to disciplinary action, administrative penalty for violation of administration, or criminal prosecution; if damage is caused, they must compensate in accordance with the provisions of the law.

Article 25. Handling of Violations Concerning Illegal Practice of Management and Liquidation

1. A person who practices management or liquidation without meeting the qualifications for such practice shall be subject to administrative penalty for violation of administration, or criminal prosecution depending on the nature and extent of the violation; if damage is caused, they must compensate in accordance with the provisions of the law.

2. An organization that practices management or liquidation without meeting the qualifications for such practice shall be subject to administrative penalty for violation of administration, or criminal prosecution depending on the nature and extent of the violation; if damage is caused, they must compensate in accordance with the provisions of the law.

Article 26. Complaints and Reporting

1. A receiver, management company, or liquidator has the right to lodge a complaint against decisions or administrative actions of enforcement agencies and other agencies when there is a basis for believing that such decisions or actions infringe upon their rights and legitimate interests. The resolution of complaints shall be in accordance with the provisions on complaints and the law on enforcement.

2. An individual has the right to report to competent state authorities any violations of laws concerning recovery, bankruptcy, and the Code of Professional Ethics for Receivers. The resolution of reports shall be in accordance with the provisions on reporting.

Chapter V

CONDITIONS OF IMPLEMENTATION

Article 27. Transitional Provisions

1. Receiver qualification certificates issued by the Minister of Justice and the People's Committee before the effective date of this Decree shall continue to be valid; the certificate holder is responsible for practicing management and liquidation in accordance with the provisions of this Decree.

2. Administrative procedure applications as provided under Articles 7, 8, 9, 13, 14, and 17 of this Decree that have been received by competent authorities or stamped with postal cancellation before the effective date of this Decree shall be processed in accordance with the provisions of Decree No. 22/2015/NĐ-CP as amended by Decrees Nos. 112/2025/NĐ-CP and 18/2026/NĐ-CP.

3. In cases where a Judge appoints a receiver, management company, or liquidator to conduct the appointed bankruptcy proceedings under the Enterprise Recovery and Bankruptcy Law No. 51/2014/QH13 and the bankruptcy case has not been concluded, the costs of such entities shall be implemented in accordance with this Decree, except where the bankruptcy case as provided at points (a) and (b) of paragraph 1 of Article 88 of the Enterprise Recovery and Bankruptcy Law has appointed a receiver, in which case the costs of such entities shall be implemented in accordance with the provisions of Decree No. 22/2015/NĐ-CP as amended by Decrees Nos. 112/2025/NĐ-CP and 18/2026/NĐ-CP.

Article 28. Enforceability

1. This Decree shall take effect from March 1, 2026, except as provided in Clause 2 hereof.

2. Point b of Clause 1 and Point c of Clause 2 of this Decree shall have effect from March 1, 2027; Clause 5 of Article 15 of this Decree shall have effect from January 1, 2027.

3. This Decree shall replace Decree No. 22/2015/NĐ-CP which details the implementation of certain provisions of the Enterprise Bankruptcy Law concerning Liquidators and Practice Management, as amended by Decree No. 112/2025/NĐ-CP and Decree No. 18/2026/NĐ-CP.

4. The following provisions are repealed:

a) Article 3 of Decree No. 112/2025/NĐ-CP which amends and supplements certain articles of decrees in the field of public law;

b) Article 7 of Decree No. 18/2026/NĐ-CP which amends and supplements some decrees to reduce and simplify administrative procedures and business licensing conditions under the jurisdiction of the Ministry of Justice.