Circular No. 81/TC-CN guiding the implementation of Decision No. 330/HÐBT dated October 23, 1991 of the Council of Ministers on the dissolution of state-owned enterprises.

CIRCULAR OF THE MINISTRY OF FINANCE

Guidelines for Implementing Decision

Decision No. 330/HĐBT dated October 23, 1991 of the Council of Ministers on the dissolution of state-owned enterprises.

I. Implementing Decision No. 315/HĐBT dated September 1, 1990 of the Council of Ministers on rectifying and reorganizing production and business operations in the state-owned economy sector. The Ministry of Finance issued Circular No. 64/TC-CN dated November 13, 1990 to guide financial handling when dissolving state-owned enterprises. This circular guides the implementation of Decision No. 330/HĐBT dated October 23, 1991 of the Council of Ministers, supplementing and amending Decision No. 315 mentioned above, with provisions regarding the use of funds obtained from liquidating assets, recovering various types of debts and enterprise funds (if any surplus remains)... when dissolving state-owned enterprises according to the following procedures:

1. Paying wages and social insurance contributions that the enterprise still owes to its employees.

2. Providing severance pay to employees of the enterprise (in accordance with Decision No. 176/HĐBT dated October 9, 1989).

3. Repaying debts to economic organizations and individuals who have lent money to the enterprise with collateral.

4. Repaying debts to other economic organizations.

5. Repaying principal loans from banks.

6. Repaying debts and returning state capital, including amounts still required to be paid to the state budget, and state capital provided by the state budget. Fixed capital and working capital from self-supplemented sources are all owned by the entire people; enterprises may not divide such self-supplemented capital but must remit it to the state budget (if there is any surplus after processing according to the above procedures).

If the proceeds from asset liquidation and debt recovery... are insufficient to cover the costs, priority will be given to settling items (1 and 2), while items (3, 4, and 5) can be deferred and handled on a case-by-case basis. Item (6) is exempted from payment to the state budget.

In cases where debts need to be set aside during the dissolution of enterprises, the transfer of work positions or retirement for the General Director, Deputy General Directors involved, the Chief Accountant, and those related to the debts shall not be processed until the resolution is completed.

Financial authorities shall examine and decide on cases requiring exemption from payment to the state budget as stipulated above. According to the Council of Ministers' decision, the Central Committee for Comprehensive Debt Settlement directs the Committees for Debt Settlement at ministries, localities to coordinate with the competent authorities and state agencies such as the Ministry of Finance and the State Bank of Vietnam to implement debt settlement according to the above regulations.

II. This circular takes effect from the date of issuance. Provisions in Circular No. 54/TC-CN dated November 13, 1990 that conflict with this circular are abolished. Other provisions that do not conflict with this circular remain in effect./.