Improving legal provisions on asset management officer and management officer enterprise

Abstract

The Law on Bankruptcy is applied to the bankruptcy process of every enterprise and cooperative based in the territory of Vietnam. It is an important legal framework for an insolvent enterprise or insolvent cooperative to withdraw in an orderly and equitable manner from the market. On June 19, 2014, Law on Bankruptcy No. 51/2014/QH13 was passed by the National Assembly and took effect on January 1, 2015. This law contains various substantive changes compared to the 2004 Law on Bankruptcy. Notably, the asset management and liquidation team has been replaced by the asset management officers. The asset liquidation and management enterprises have helped the court solve the bankruptcy settlement process and to make it more effective. Through the process of legal enforcement, however, the regime of asset management officers, and asset liquidation and management enterprises has some limitations and shortcomings that need to be reviewed and addressed for further improvements. In this paper, the research team focuses on analyzing some limitations and shortcomings of asset management officers and asset liquidation and management enterprises. Based on this paper’s findings, some legal solutions were proposed to perfect Vietnam’s provisions for bankruptcy.