Official Dispatch No. 3022/TCTHADS-NV1 dated August 15, 2017 of the General Department of Civil Judgement Enforcement on guidelines for Resolution No. 42/2017/QH14

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Official Dispatch No. 3022/TCTHADS-NV1 dated August 15, 2017 of the General Department of Civil Judgement Enforcement on guidelines for Resolution No. 42/2017/QH14
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Official number:3022/TCTHADS-NV1Signer:Hoang Sy Thanh
Type:Official DispatchExpiry date:Updating
Issuing date:15/08/2017Effect status:
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Fields:Finance - Banking
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THE MINISTRY OF JUSTICE
THE GENERAL DEPARTMENT OF CIVIL JUDGMENT ENFORCEMENT 

Official Dispatch No. 3022/TCTHADS-NV1 dated August 15, 2017 of the General Department of Civil Judgement Enforcement on guidelines for Resolution No. 42/2017/QH14
To: Directors of Departments of Civil Judgment Enforcement of provinces and central-affiliated cities
On June 21, 2017, during the 3rd session, the 14th National Assembly has passed Resolution No. 42/2017/QH14 on pilot settlement of bad debts of credit institutions (hereinafter referred to as Resolution No. 42/2017/QH14) and Directive No. 32/CT-TTg dated July 19, 2017 of Circular on initiation of Resolution No. 42/2017/QH14. With a view to apply consistently regulations of Resolution No. 42/2017/QH14, with consultation of Department 11 affiliated to the Supreme People’s Procuracy, the Legal Department affiliated to the State bank of Vietnam and the Tax Policy Department affiliated to the Ministry of Finance, General Department of Civil Judgment Enforcement provides guidelines for settlement of bad debts and collateral of credit institutions, branches of foreign banks, state-owned organization which is established by the Government to settle bad debts of credit institutions (hereinafter referred to as credit institutions) as follows:
1. Rules for application
Resolution No. 42/2017/QH14 comes into force from August 15, 2017 and implements within 5 years from the date of entry into force. Accordingly, from August 15, 2017 to expiry date of this Resolution, civil enforcement agencies shall apply regulations of Resolution No. 42/2017/QH14 to settle bad debts and dispose of collateral tied to bad debts of credit institutions.
If the settlement of bad debts or disposal of collateral tied to bad debts of credit institutions have been enforced partly or have not been enforced yet before August 15, 2017 but procedures for judgment enforcement are gone through in accordance with the Law on Civil Judgment Enforcement and its guiding documents, the judgment enforcement procedures and results still be recognized. Subsequent judgment enforcement procedures regulated by Resolution No. 42/2017/QH14 shall comply with this Resolution.
2. Guidelines for Resolution No. 42/2017/QH14 in respect of civil judgment enforcement
2.1. Rules for determining bad debts (Article 4)
Bad debt prescribed in Article 4 of Resolution No. 42/2017/QH14 refers to: Any debt which has incurred and been considered as bad debt before August 15, 2017; or any debt which has incurred before August 15 and been considered as bad debt during the effective period of the Resolution.
Consequently, the credit institution must send a report on bad debts mentioned in the court’s judgments and decisions in order for the civil enforcement agency to apply Resolution No. 42/2017/QH14 during the judgment enforcement.
2.2. Seizure of collateral (Article 7)
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