The Government issued Decree No. 64/2026/ND-CP dated February 28, 2026 detailing a number of articles and measures to implement the Law on Rehabilitation and Bankruptcy on […]
Regulations on procedures for implementing decisions declaring enterprises and cooperatives bankrupt.
This Decree stipulates in detail Articles 76, 77 and a number of measures to organize and guide the implementation of Recovery and Bankruptcy Lawon implementing decisions declaring enterprises and cooperatives bankrupt, including: procedures for implementing decisions declaring bankruptcy; valuation, sale of assets and application of enforcement measures; Supervise the activities of asset administrators and asset management and liquidation enterprises.
Article 76 regulates the authority and procedures for implementing decisions declaring enterprises and cooperatives bankrupt as follows:
1. The authority and procedures for implementing decisions declaring enterprises and cooperatives bankrupt are implemented according to the provisions of Chapter VI. In cases where this Chapter does not provide for it, the provisions of law on enforcement of civil judgments shall apply.
2. Within 03 working days from the date of receiving the decision declaring the enterprise or cooperative bankrupt, the civil judgment enforcement agency is responsible for proactively issuing an enforcement decision and assigning an Executor to be in charge of the case.
3. After being assigned by the Head of the civil judgment enforcement agency, the Executioner shall perform the following tasks:
a) Within 02 working days from the date of assignment, the Executor shall request in writing the Asset Management Officer or asset management and liquidation enterprise to organize the enforcement of the decision to declare the enterprise or cooperative bankrupt.
The written request for the Asset Management Officer or asset management and liquidation enterprise to organize the implementation of the decision declaring the enterprise or cooperative bankrupt must be sent to the Court, Procuracy, and participants in the bankruptcy procedure;
b) Carry out procedures to open an account at a bank in the name of a civil judgment enforcement agency with authority to execute the decision declaring bankruptcy to deposit recovered funds from bankrupt enterprises and cooperatives;
c) Supervise asset administrators and asset management and liquidation enterprises to implement decisions declaring enterprises and cooperatives bankrupt;
d) Apply coercive measures to recover and hand over assets as prescribed in Clause 4 of this Article. The order and procedures for enforcement are carried out in accordance with the law on enforcement of civil judgments.
4. In case it is deemed necessary to take coercive measures, the asset administrator or asset management and liquidation enterprise shall request the civil judgment enforcement agency to take coercive measures to recover and hand over assets in accordance with the law on civil judgment enforcement.
5. The Government regulates this Article in detail.
Regarding procedures for implementing decisions to declare bankruptcy, the Decree stipulates that the Head of the civil judgment enforcement agency shall issue an enforcement decision for each decision to declare bankruptcy.
The procedure for making a decision to execute a decision to declare bankruptcy is carried out in accordance with the provisions of law on enforcement of civil judgments.
The Decree stipulating documents requesting administrators and enterprises to manage and liquidate assets specified in Point a, Clause 3, Article 76 of the Law on Rehabilitation and Bankruptcy has the following main contents:
a) Number, date, month, year, name of the agency issuing the document;
b) Name of the requesting Executor;
c) Name of the Asset Management Officer, asset management and liquidation enterprise implementing the decision to declare bankruptcy;
d) Name, address, head office, code of the enterprise or cooperative declared bankrupt;
d) Request content.
In case the Executor or asset management and liquidation enterprise refuses to organize the execution of the decision to declare bankruptcy according to the provisions of Clause 2, Article 11 of the Law on Rehabilitation and Bankruptcy, within 03 working days from the date of receiving the document from the Executor, the Asset Management and Asset Liquidation Enterprise must send a written refusal to the People's Court handling the case and the civil judgment enforcement agency, clearly stating the reason.
Within 03 working days from the date of receiving the document from the Asset Management or asset management and liquidation enterprise, the Judge shall issue a decision to change or issue a written refusal to change the Asset Management or asset management and liquidation enterprise but must clearly state the reason and notify and send that decision and document to the civil judgment enforcement agency. The administrator and asset management and liquidation enterprise must implement the judge's decision to change or the judge's written refusal to change.
The asset administrator, asset management and liquidation enterprise that issues documents and decisions on implementing the decision to declare bankruptcy must notify such documents and decisions to the Court, Procuracy, civil judgment enforcement agency and participants in bankruptcy procedures to exercise rights and obligations according to the content of that document and decision.
The time limit for notification, sending of documents and decisions is 03 working days from the date of issuance of the document or decision. Notification and sending procedures comply with the provisions of the Law on Rehabilitation and Bankruptcy and the law on enforcement of civil judgments.
Notification and sending of documents and decisions on enforcement of bankruptcy declaration decisions issued by civil judgment enforcement agencies and enforcers shall comply with the provisions of law on civil judgment enforcement.
Within 09 days from the date of receiving the Executor's written request, the Asset Management Officer and the asset management and liquidation enterprise shall verify the conditions for implementing the decision to declare bankruptcy of the declared enterprise or cooperative; of the debtor, the person whose assets are secured under the decision to declare bankruptcy of another related person.
The debtor and the person whose assets are secured under the decision to declare bankruptcy are responsible for truthfully declaring and providing full information about assets, income, and conditions for implementing the decision to declare bankruptcy and must be responsible for their declaration.
The asset administrator and asset management and liquidation enterprise are responsible for verifying the conditions for implementing the decision to declare bankruptcy according to the provisions of the law on civil judgment enforcement. In case costs arise, they must be paid according to regulations and are determined as bankruptcy costs.
Within 15 days from the date of receiving the decision to implement the decision to declare bankruptcy, the Executor shall request in writing the Court to transfer the remaining amount of money collected by the Court from the bank account designated by the Court to the bank account designated by the civil judgment enforcement agency for handling according to regulations.
Within 07 days from the date of receiving the written request, the Court is responsible for transferring the proceeds to the civil judgment enforcement agency.
In case an enterprise or cooperative declared bankrupt has paid rent in advance as prescribed in Clause 2, Article 79 of the Law on Rehabilitation and Bankruptcy, within 07 days from the date of receiving the Executor's written request to organize the implementation of the decision to declare bankruptcy, the Asset Management Officer or the asset management and liquidation enterprise shall make a written request and set a time limit for the owner of the leased asset to the enterprise or cooperative to transfer money according to regulations.
Buyer, recipient of property; Owners of assets leased to businesses or cooperatives declared bankrupt and other agencies, organizations and individuals must transfer money to the bank account designated by the civil judgment enforcement agency and notify the Asset Management Officer or asset management and liquidation enterprise.
Fund transfer costs when the Asset Administrator, asset management and liquidation enterprise, Court, civil judgment enforcement agency, and Executor deposit proceeds into the bank account designated by the civil judgment enforcement agency are paid from the value of assets of the bankrupt enterprise or cooperative at the time of making the money transfer.
The civil judgment enforcement agency entrusts the execution of judgments and entrusts the handling of assets to enforce the decision to declare bankruptcy according to the provisions of law on enforcement of civil judgments.
In case the entire decision to declare bankruptcy is entrusted to only one civil judgment enforcement agency, the entrusted civil judgment enforcement agency will open an account at a bank to deposit the money recovered from the enterprise or cooperative declared bankrupt and make payments according to regulations.
In case the entrusting agency has opened an account, after receiving notice of entrustment, the amount in the account (if any) will be transferred to the new account of the entrusting agency for processing according to regulations; The account opened by the trust agency is cancelled.
In case of entrusting the execution of a judgment for a specific debt with collateral assets according to the decision declaring bankruptcy to the civil judgment enforcement agency where the assets are located or entrusting the handling of assets to enforce the decision declaring bankruptcy, within 03 working days from the date of collection of money, the civil judgment enforcement agency receiving the entrustment must transfer the proceeds to the account of the entrusted civil judgment enforcement agency and notify the entrusting agency for implementation. Present a plan to divide assets according to the decision to declare bankruptcy.
The responsibility of the entrusted civil judgment enforcement agency is completed after completing the execution of the decision to declare bankruptcy for the entrusted content and transferring money to the entrusted agency.
The civil judgment enforcement agency receives written requests to return assets and documents proving ownership, lease or loan contracts from owners of assets leased or borrowed to businesses or cooperatives according to the provisions of Clause 1, Article 79 of the Law on Rehabilitation and Bankruptcy. Within 03 working days from the date of receiving the written request and prescribed documents, the Executor shall notify and transfer it to the Asset Administrator and asset management and liquidation enterprise.
In case the asset owner makes a written request before the decision to implement the decision to declare bankruptcy, the request to return the leased or loaned assets shall be included in the written request to the Asset Management Officer or the asset management and liquidation enterprise specified in this Decree.
Within 07 days from the date of receipt of the prescribed documents or papers or from the date the lessor has paid the rental amount corresponding to the remaining rental period, the Asset Administrator or asset management and liquidation enterprise shall return the asset to the owner and report in writing to the Executor.
Within 10 days from the date the civil judgment enforcement agency receives the money or from the date the property is delivered to the buyer or recipient, the Executor shall make payment according to the decision to declare bankruptcy. Payment procedures are carried out in accordance with the law on enforcement of civil judgments.
Costs incurred in the process of implementing the decision to declare bankruptcy are bankruptcy costs paid in accordance with the provisions of the Law on Rehabilitation and Bankruptcy. The content of expenses, level of expenses, procedures for advances, advance refunds, making estimates, compliance and settlement of expenses incurred in the process of implementing the decision to declare bankruptcy shall comply with the provisions of law on enforcement of civil judgments.
The person whose judgment is executed in the decision declaring bankruptcy must pay judgment enforcement fees in accordance with the law on judgment enforcement fees.
For the amount of money and assets paid to the judgment creditor managed by the Executor or enterprise, or the liquidation of assets obtained from the sale of remaining assets of the enterprise or cooperative, but the Executor does not issue an enforcement decision, the civil judgment enforcement agency will not collect a judgment enforcement fee.
This Decree takes effect from March 1, 2026.
In case the civil judgment enforcement agency is organizing the execution of the decision to declare bankruptcy before the effective date of this Decree but has not yet completed the implementation, the organization of enforcement shall be carried out in accordance with the provisions of Bankruptcy Law No. 51/2014/QH13, Decree No. 22/2015/ND-CPdated December 16, 2015 of the Government detailing the implementation of a number of articles of the Law on LawAssets on Asset Management and practice of asset management and liquidation, amended and supplemented by Decree No. 112/2025/ND-CP, Joint Circular No. 07/2018/TTLT-BTP-VKSNDTC-TANDTC dated June 12, 2018 of the Ministry of Justice, the Supreme People's Court, and the Supreme People's Procuracy regulating coordination in implementing decisions of the Bankruptcy Court.
Procedures
