Decree 64/2026/ND-CP detailing Law on Recovery and Bankruptcy regarding enforcement of decisions declaring enterprises and cooperatives bankrupt

DECREE

Detailing a number of articles of, and providing measures for implementation of, the Law on Recovery and Bankruptcy regarding the enforcement of decisions declaring enterprises and cooperatives bankrupt

Pursuant to the Law on Organization of the Government No. 63/2025/QH15;

Pursuant to the Law on Recovery and Bankruptcy No. 142/2025/QH15;

Pursuant to Law on Enforcement of Civil Judgments No. 106/2025/QH15;

At the proposal of the Minister of Justice;

The Government hereby promulgates the Decree detailing a number of articles of, and providing measures for implementation of, the Law on Recovery and Bankruptcy regarding the enforcement of decisions declaring enterprises and cooperatives bankrupt.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree details Article 76, Article 77, and a number of measures for organizing and guiding the implementation of the Law on Recovery and Bankruptcy regarding the enforcement of decisions declaring enterprises and cooperatives bankrupt (hereinafter referred to as bankruptcy declaration decisions).

Article 2. Responsibilities of agencies, organizations, and individuals in enforcing bankruptcy declaration decisions

The State Treasury, credit institutions, foreign bank branches, social insurance agencies, asset registration agencies, security interest registration agencies, enterprise registration agencies, tax offices, Police agencies, specialized agencies under provincial-level People’s Committees, commune-level People’s Committees, and relevant agencies, organizations, and individuals shall implement enforcement decisions, documents, requests, and proposals of civil judgment enforcement agencies, enforcers, asset management officers, and asset management and liquidation firms during the process of organizing the enforcement of bankruptcy declaration decisions in accordance with the law.

Article 3. Enforcement of judgments where bankrupt enterprises or cooperatives are judgment creditors

Where the bankrupt enterprise or cooperative is the judgment creditor under other legally effective judgments or decisions, the civil judgment enforcement agency shall continue organizing enforcement in accordance with the law. The enforcer shall notify the enforcement results to the asset management officer and the asset management and liquidation firm for coordination and to the judge conducting bankruptcy proceedings in order to formulate a plan for the distribution of the recovered assets.

Chapter II

PROCEDURES FOR ENFORCEMENT OF BANKRUPTCY DECLARATION DECISIONS

Section 1

GENERAL PROCEDURES

Article 4. Issuance of decisions on enforcement of the bankruptcy declaration decision

1. The head of the civil judgment enforcement agency shall issue one decision on enforcement of the bankruptcy declaration decision for each bankruptcy declaration decision.

2. The procedures for issuance of decisions on enforcement of the bankruptcy declaration decision shall comply with the law on civil judgment enforcement.

Article 5. Request for asset management officers and asset management and liquidation firms to organize enforcement of bankruptcy declaration decisions

1. A written request to an asset management officer or an asset management and liquidation firm as prescribed at Point a Clause 3 Article 76 of the Law on Recovery and Bankruptcy shall contain the following principal information:

a) Number, day, month, year, and name of the issuing agency;

b) Name of the requesting enforcer;

c) Name of the asset management officer or asset management and liquidation firm enforcing the bankruptcy declaration decision;

d) Name, address, head office, and enterprise or cooperative code of the enterprise or cooperative declared bankrupt;

dd) Content of the request.

2. Where an asset management officer or an asset management and liquidation firm refuses to organize enforcement of the bankruptcy declaration decision as prescribed in Clause 2 Article 11 of the Law on Recovery and Bankruptcy, within 3 working days from the date of receipt of the document from the enforcer, the asset management officer or the asset management and liquidation firm shall issue a written refusal and send it to the People’s Court resolving the case and the civil judgment enforcement agency, clearly stating the reasons.

Within 3 working days from the date of receipt of the document from the asset management officer or the asset management and liquidation firm, the judge shall issue a decision on replacement or a written refusal of replacement of the asset management officer or the asset management and liquidation firm, clearly stating the reasons, and shall notify and send such decision or document to the civil judgment enforcement agency. The asset management officer or the asset management and liquidation firm shall comply with the judge’s decision on replacement or written refusal of replacement.

Article 6. Notification and sending of documents and decisions on enforcement of bankruptcy declaration decisions

1. Where an asset management officer or an asset management and liquidation firm issues documents or decisions on enforcement of bankruptcy declaration decisions, such documents or decisions shall be notified to the Court, the Procuracy, the civil judgment enforcement agency, and bankruptcy procedure participants so that they may exercise their rights and perform their obligations in accordance with the contents of such documents or decisions.

The time limit for notification and sending of documents and decisions is 3 working days from the date of issuance of such documents or decisions. The procedures for notification and sending shall comply with the Law on Recovery and Bankruptcy and the law on civil judgment enforcement.

2. The notification and sending of documents and decisions on enforcement of bankruptcy declaration decisions issued by the civil judgment enforcement agency or an enforcer shall comply with the law on civil judgment enforcement.

Article 7. Verification of conditions for enforcement of bankruptcy declaration decisions

1. Within 9 days from the date of receipt of the written request of the enforcer prescribed in Article 5 of this Decree, the asset management officer or the asset management and liquidation firm shall verify the conditions for enforcement of the bankruptcy declaration decision of the enterprise or cooperative declared bankrupt; of the debtor and the person holding secured assets under the bankruptcy declaration decision; and of other related persons.

The debtor and the person holding secured assets under the bankruptcy declaration decision shall truthfully declare and provide complete information on assets, income, and conditions for enforcement of the bankruptcy declaration decision and shall bear responsibility for their declarations.

2. The asset management officer or the asset management and liquidation firm shall conduct verification of conditions for enforcement of the bankruptcy declaration decision in accordance with the law on civil judgment enforcement; where expenses arise, such expenses shall be paid in accordance with regulations and shall be determined as bankruptcy expenses.

Article 8. Payment to the civil judgment enforcement agency’s account

1. Within 15 days from the date of receipt of the decision on enforcement of the bankruptcy declaration decision, the enforcer shall send a written request to the Court to transfer the remaining amount collected by the Court from the bank account designated by the Court into the bank account designated by the civil judgment enforcement agency for handling in accordance with regulations. Within 7 days from the date of receipt of the written request, the Court shall transfer the collected amount to the civil judgment enforcement agency.

2. Where the enterprise or cooperative declared bankrupt has prepaid rental in accordance with Clause 2 Article 79 of the Law on Recovery and Bankruptcy, within 7 days from the date of receipt of the written request of the enforcer regarding the organization of enforcement of the bankruptcy declaration decision, the asset management officer or the asset management and liquidation firm shall issue a written request and set a time limit for the owner of the property leased to the enterprise or cooperative to transfer the money in accordance with Clause 3 of this Article.

3. The purchaser, the recipient of assets; the owner of assets leased to the enterprise or cooperative declared bankrupt; and other agencies, organizations, and individuals shall transfer money into the bank account designated by the civil judgment enforcement agency and notify the asset management officer or the asset management and liquidation firm.

4. Transfer costs incurred when the asset management officer, the asset management and liquidation firm, the Court, the civil judgment enforcement agency, or the enforcer transfers collected amounts into the bank account designated by the civil judgment enforcement agency shall be paid from the value of assets of the bankrupt enterprise or cooperative at the time of the transfer.

Article 9. Entrustment of bankruptcy declaration decision enforcement

1. The civil judgment enforcement agency shall carry out entrustment of judgment enforcement and entrustment of asset handling for enforcement of the bankruptcy declaration decision in accordance with the law on civil judgment enforcement.

2. Where enforcement of the entire bankruptcy declaration decision is entrusted to a single civil judgment enforcement agency, the entrusted civil judgment enforcement agency shall open a bank account to deposit the amounts recovered from the enterprise or cooperative declared bankrupt and shall carry out payment in accordance with Article 11 of this Decree. Where the entrusting agency has already opened an account, after receiving the notice of acceptance of entrustment, the money in such account (if any) shall be transferred to the new account of the entrusted agency for handling in accordance with regulations; the account previously opened by the entrusting agency shall be closed.

3. In case where entrustment of judgment enforcement is made with respect to a specific obligation to be enforced secured by assets under the bankruptcy declaration decision to the civil judgment enforcement agency where the assets are located, or where entrustment of asset handling is made for enforcement of the bankruptcy declaration decision, within 3 working days from the date of collection of the money, the entrusted civil judgment enforcement agency shall transfer the collected amount into the account of the entrusting civil judgment enforcement agency and notify the entrusting agency so that it may implement the plan for distribution of assets in accordance with the bankruptcy declaration decision. The responsibility of the entrusted civil judgment enforcement agency shall be completed after completion of enforcement of the bankruptcy declaration decision with respect to the entrusted contents and the transfer of money to the entrusting agency.

Article 10. Procedures for returning leased or borrowed assets where enterprises or cooperatives are declared bankrupt

1. The civil judgment enforcement agency shall receive the written request for return of assets and documents evidencing ownership rights and lease or lending contracts of the owner of assets leased or lent to the enterprise or cooperative in accordance with Clause 1 Article 79 of the Law on Recovery and Bankruptcy. Within 3 working days from the date of receipt of the written request and the documents prescribed in this Clause, the enforcer shall notify and forward them to the asset management officer or the asset management and liquidation firm.

Where the owner of assets submits a written request before the issuance of the decision on enforcement of the bankruptcy declaration decision, the request for return of leased or borrowed assets shall be included in the written request to the asset management officer or the asset management and liquidation firm prescribed in Article 5 of this Decree.

2. Within 7 days from the date of receipt of the documents prescribed in Clause 1 of this Article, or from the date on which the lessor has paid the rental amount corresponding to the remaining lease term, the asset management officer or the asset management and liquidation firm shall return the assets to the owner and report in writing to the enforcer.

Article 11. Payment and collection of enforcement fees for enforcement of bankruptcy declaration decisions

1. Within 10 days from the date on which the civil judgment enforcement agency receives the money or from the date of delivery of assets to the purchaser or recipient of assets, the enforcer shall carry out payment in accordance with the bankruptcy declaration decision. Payment procedures shall comply with the law on civil judgment enforcement.

2. Expenses arising in the course of enforcement of the bankruptcy declaration decision shall constitute bankruptcy expenses and shall be paid in accordance with the Law on Recovery and Bankruptcy. The contents of expenditure, levels of expenditure, procedures for advance payment, reimbursement of advances, preparation of estimates, execution and settlement of expenses arising in the course of enforcement of the bankruptcy declaration decision shall comply with the law on civil judgment enforcement.

3. The judgment creditor under the bankruptcy declaration decision shall pay enforcement fees in accordance with the law on judgment enforcement fees.

For amounts of money or assets paid to the judgment creditor which are collected by the asset management officer or the asset management and liquidation firm from the sale of the remaining assets of the enterprise or cooperative and for which the enforcer does not issue a coercive enforcement decision, the civil judgment enforcement agency shall not collect enforcement fees.

Article 12. Responses to protests and recommendations of the People’s Procuracy in enforcement of bankruptcy declaration decisions

1. The response to and implementation of protests and recommendations of the People’s Procuracy with respect to decisions or acts of the head of the civil judgment enforcement agency or enforcer in the enforcement of bankruptcy declaration decisions shall comply with the law on civil judgment enforcement.

2. The asset management officer or asset management and liquidation firm shall respond to protests and recommendations of the competent People’s Procuracy regarding its/his/her decisions or acts within 15 days from the date of receipt of such protests or recommendations, and shall concurrently report the response to the enforcer.

Section 2

VALUATION, SALE OF ASSETS, AND APPLICATION OF COERCIVE MEASURES

Article 13. Asset valuation

1. Within 10 days from the date of receipt of the written request of the enforcer for organization of enforcement of the bankruptcy declaration decision, the asset management officer or asset management and liquidation firm shall select and sign a service contract with a valuation enterprise to conduct asset valuation; for assets subject to distraint under the enforcer’s decision, the time limit shall be 5 working days from the date of completion of the distraint of assets.

The selection of and signing of the service contract with the valuation enterprise shall comply with the law on civil judgment enforcement.

2. Within 3 working days from the date of receipt of the enforcer's written request for organization of enforcement of the bankruptcy declaration decision, the asset management officer or asset management and liquidation firm shall determine the value of the assets prescribed in Clause 3 Article 77 of the Law on Recovery and Bankruptcy. Where necessary, the asset management officer or asset management and liquidation firm may hire a valuation enterprise for consultation or seek opinions from specialized agencies relating to the assets and determine the value of the assets within 15 days from the date of receipt of the enforcer's written request for organization of enforcement of the bankruptcy declaration decision.

3. Where the judge decides on the sale of assets of an insolvent enterprise or cooperative after the commencement of bankruptcy procedures in order to ensure bankruptcy expenses in accordance with Clause 5 Article 20 of the Law on Recovery and Bankruptcy, but such assets cannot be sold and thereafter the judge issues the bankruptcy declaration decision, the asset management officer or asset management and liquidation firm shall organize the sale of the assets in accordance with Article 15 of this Decree at the selling price immediately preceding the bankruptcy declaration decision. Where the valuation certificate has expired before the sale of the assets, the asset management officer or asset management and liquidation firm shall conduct asset valuation in accordance with Clauses 1 and 2 of this Article.

4. Within 5 working days from the date on which there are grounds to determine that the valued assets have no value and cannot be sold in accordance with Clause 6 Article 77 of the Law on Recovery and Bankruptcy, the asset management officer shall propose to the judge that such assets be determined no longer to be assets of the enterprise or cooperative declared bankrupt. The document of the judge shall serve as the basis for the civil judgment enforcement agency to issue a decision amending or supplementing the judgment enforcement decision and requesting the asset management officer to organize enforcement.

Article 14. Asset revaluation

1. The enforcer shall decide on the revaluation of assets in accordance with Clause 4 Article 77 of the Law on Recovery and Bankruptcy in any of the following cases:

a) There are grounds to determine that the asset management officer, asset management and liquidation firm, or the valuation enterprise has committed a serious violation leading to distortion of the asset valuation results;

b) There is a conclusion of a competent agency or person determining that the asset management officer, asset management and liquidation firm, or the valuation enterprise has committed a serious violation leading to distortion of the asset valuation results.

2. The revaluation shall be conducted within 5 working days from the date on which the grounds prescribed in this Article arise. The procedures for revaluation shall comply with Article 13 of this Decree.

3. The reserve price for the first auction shall be the price according to the valuation results prescribed in Article 13 of this Decree. Where revaluation is conducted, the revaluation result shall be used as the reserve price for the first auction.

4. Where revaluation is conducted in accordance with this Article, the costs of revaluation of assets shall be borne by the asset management officer or asset management and liquidation firm and shall be deducted from the remuneration of the asset management officer or asset management and liquidation firm.

Article 15. Sale of assets

1. The asset management officer or asset management and liquidation firm shall carry out the order and procedures for auction of assets in order to enforce the bankruptcy declaration decision in accordance with the law on civil judgment enforcement.

The enforcer has the right to request the asset management officer or asset management and liquidation firm to request the auction practice organization, asset auction council, or auctioneer to temporarily suspend or terminate the organization of the auction or auction session where there are grounds as prescribed by the law on civil judgment enforcement. The asset management officer or asset management and liquidation firm shall immediately comply with the enforcer’s request; where such request is not complied with, it/he/she shall bear responsibility, and where damage is caused, compensation shall be made in accordance with law.

The deposit amount prescribed in Clause 5 and Clause 6 Article 39 of the Law on Property Auction shall be paid into the bank account designated by the civil judgment enforcement agency for the performance of obligations of the enterprise or cooperative declared bankrupt.

2. Within 5 working days from the date of obtaining the valuation result, the asset management officer or asset management and liquidation firm shall organize the sale without auction procedures for assets prescribed in Clause 3 Article 77 of the Law on Recovery and Bankruptcy. For assets at risk of destruction or significant decrease in value, the asset management officer or asset management and liquidation firm shall organize the sale within 24 hours.

The sale of assets must be recorded in minutes bearing the signatures of the asset management officer or asset management and liquidation firm, the purchaser of assets, and the witness (if any).

Article 16. Delivery of assets and documents to purchasers or recipients of assets

1. The asset management officer or asset management and liquidation firm shall deliver assets and documents to the purchaser or recipient of assets or documents for the enforcement of the bankruptcy declaration decision.

2. Upon expiration of 30 days from the date on which the purchaser or recipient has fully paid the amount or upon expiration of the time limit for delivery of assets or documents according to the bankruptcy declaration decision, where the concerned parties or persons holding, managing, or using the assets or documents resist, obstruct, or fail to voluntarily deliver the assets or documents, the asset management officer or asset management and liquidation firm shall submit a written request to the enforcer to apply coercive measures in accordance with Article 17 of this Decree.

3. Agencies, organizations, or individuals currently holding, managing, or using assets or documents shall comply with the requests of the enforcer, asset management officer, or the asset management and liquidation firm in delivering the assets or documents to the purchaser or recipient of assets.

Any agency, organization, or individual that obstructs or unlawfully interferes with the delivery of assets or documents resulting in delayed delivery and causing damage shall provide compensation in accordance with law.

Article 17. Application of coercive measures

1. Where the asset management officer or asset management and liquidation firm has notified, requested, mobilized, and persuaded but the person holding, managing, or using assets or documents; debtor; person having secured assets under the bankruptcy declaration decision; or other obligated persons fails to voluntarily perform and there are sufficient grounds for application of coercive measures, the asset management officer or asset management and liquidation firm shall submit a written request to the enforcer for application of coercive measures in accordance with the Law on Civil Judgment Enforcement.

The written request for application of coercive measures must clearly specify the subject, the person against whom the coercive measure is applied, the necessity and grounds for application of coercive measure, and must be accompanied by documents showing the results of verification of conditions for enforcement of the bankruptcy declaration decision and other relevant documents. The asset management officer or asset management and liquidation firm shall bear responsibility for the information and documents provided to the civil judgment enforcement agency.

Within 10 days from the date of receipt of the written request from the asset management officer or asset management and liquidation firm, the enforcer shall issue a decision on coercive enforcement or issue a written request requiring the asset management officer or asset management and liquidation firm to supplement documents or perform other tasks as the basis for issuance of the coercive enforcement decision.

The asset management officer or asset management and liquidation firm shall supplement documents and perform other tasks as requested by the enforcer.

2. The enforcer shall organize coercive enforcement in accordance with the law on civil judgment enforcement. The asset management officer or asset management and liquidation firm shall participate in and coordinate with the enforcer during the organization of coercive enforcement.

Where the coercive measure of distraint of assets is applied, after completion of the distraint, the asset management officer or asset management and liquidation firm shall conduct asset valuation and sale in accordance with Article 77 of the Law on Recovery and Bankruptcy and Articles 13, 14, and 15 of this Decree.

3. The asset management officer or asset management and liquidation firm shall bear responsibility before law for their request for application of coercive measures. Where the request for application of coercive measures of the asset management officer or asset management and liquidation firm is incorrect and causes damage, compensation shall be provided in accordance with law.

Section 3

SUPERVISION OF ACTIVITIES OF ASSET MANAGEMENT OFFICERS, AND ASSET MANAGEMENT AND LIQUIDATION FIRMS

Article 18. Time and forms of supervision

1. The enforcer shall supervise the activities of asset management officers and asset management and liquidation firms in the enforcement of the bankruptcy declaration decision after the enforcer’s written request as prescribed in Article 5 of this Decree.

2. The enforcer shall conduct supervision through reports of asset management officers and asset management and liquidation firms. Reporting shall be conducted directly or in written form sent via postal service or in the digital environment in accordance with the law on civil judgment enforcement. Reports must be accompanied by dossiers and documents related to the organization of enforcement of the bankruptcy declaration decision; in case an asset management officer or an asset management and liquidation firm fails to report or provides reports that are untruthful or incomplete in content and dossiers and documents, such asset management officer or asset management and liquidation firm shall bear responsibility before the law.

Article 19. Contents of supervision

1. The enforcer shall supervise the activities of asset management officers and asset management and liquidation firms when performing their duties and powers in the enforcement of the bankruptcy declaration decision in accordance with the Law on Recovery and Bankruptcy. Supervision in certain specific cases shall be conducted as follows:

a) Before selecting or replacing a valuation enterprise or an asset auction practice organization, an asset management officer or an asset management and liquidation firm shall report to the enforcer. The report must clearly state the assets subject to valuation or auction; the name and address of the valuation enterprise or asset auction practice organization; and the reason for the selection. In case of replacement of the valuation enterprise or asset auction practice organization, the report must clearly state the reason for such replacement;

b) In case of failure to select a valuation enterprise or an asset auction practice organization, an asset management officer or an asset management and liquidation firm must immediately report to the enforcer. The report must clearly state the assets subject to valuation or asset auction; the selection process; and the reasons for failure to select a valuation enterprise or an asset auction practice organization;

c) Before determining the value of assets, an asset management officer or an asset management and liquidation firm shall report to the enforcer. The report must clearly state the assets subject to value determination and the reasons for such value determination.

In case an asset management officer or an asset management and liquidation firm hires a valuation enterprise for consultation or seeks opinions from a specialized agency, immediately after receiving such consultation or opinions, the asset management officer or asset management and liquidation firm must immediately report the results to the enforcer. The report must clearly state the opinions of the valuation enterprise or specialized agency and the price selected by the asset management officer or asset management and liquidation firm;

d) After an unsuccessful auction of assets, an asset management officer or an asset management and liquidation firm shall submit a written report to the enforcer. The report must clearly state the assets subject to auction; name and address of the asset auction practice organization; process of asset auction; and reasons for unsuccessful auction of assets;

dd) Before selling assets without an auction procedure, an asset management officer or asset management and liquidation firm shall submit a written report to the enforcer. The report must clearly state the assets sold without an auction procedure, the grounds for not conducting the auction, and the asset price;

e) After selling assets, an asset management officer or asset management and liquidation firm shall submit a written report to the enforcer on the results of the sale of assets. For assets that cannot be fully sold in a single sale, when any portion of the assets is sold, the asset management officer or asset management and liquidation firm shall report that portion to the enforcer. The report must clearly state the date of asset sale; form of sale; the assets sold and amount obtained; and the assets not yet sold;

g) Where the enforcement of the bankruptcy declaration decision involves foreign elements, an asset management officer or asset management and liquidation firm shall report to the enforcer. In case judicial assistance is required, the asset management officer or asset management and liquidation firm shall request the enforcer to carry out the request for judicial assistance in accordance with the law on judicial assistance and the law on civil judgment enforcement.

In case it is necessary to handle assets located abroad, the asset management officer or asset management and liquidation firm shall request recognition and enforcement of the bankruptcy declaration decision of the Vietnamese Court abroad and report to the enforcer on the results of such request for recognition and enforcement.

2. When conducting supervision, the enforcer has the right to request an asset management officer or asset management and liquidation firm to provide dossiers and documents; provide explanations; cease violations; remedy consequences; and perform tasks and procedures in accordance with the law to enforce the bankruptcy declaration decision. In case of failure to comply or incomplete compliance with the requests of the enforcer, the asset management officer or asset management and liquidation firm shall bear responsibility before the law.

In case of existence of grounds as prescribed in Clause 2 Article 11 of the Law on Recovery and Bankruptcy or grounds to determine that an asset management officer or asset management and liquidation firm has committed acts violating procedures for organizing the enforcement of bankruptcy declaration decision or Code of Professional Ethics of asset management officers, depending on the violation severity, the enforcer shall issue a written request to the Court for replacement of the asset management officer or asset management and liquidation firm or propose that the competent person handle in accordance with law.

Chapter III

IMPLEMENTATION PROVISIONS

Article 20. Effect and transitional provisions

1. This Decree takes effect from March 1, 2026.

2. In case a civil judgment enforcement agency is organizing enforcement of a bankruptcy declaration decision before the effective date of this Decree and such enforcement has not yet been completed, the organization of enforcement shall comply with the Law on Bankruptcy No. 51/2014/QH13, the Government's Decree No. 22/2015/ND-CP dated February 16, 2015, detailing a number of articles of the Law on Bankruptcy regarding asset management officers and asset management and liquidation practice, as amended and supplemented under Decree No. 112/2025/ND-CP, and Joint Circular No. 07/2018/TTLT-BTP-VKSNDTC-TANDTC dated June 12, 2018, of the Ministry of Justice, the People’s Supreme Procuracy and the Supreme People’s Court, on cooperation in enforcement of court’s decision on bankruptcy settlement.