How to sell assets when businesses and cooperatives go bankrupt?

Legal Consulting Office of Lao Dong Newspaper answers:

Article 15 of Decree 64/2026/ND-CP detailing a number of articles and measures to implement the Law on Recovery and Bankruptcy on the enforcement of decisions declaring businesses and cooperatives bankrupt (effective from March 1, 2026), stipulates the sale of assets as follows:

1. Fund managers and enterprises managing and liquidating assets shall carry out the order and procedures for auctioning assets to enforce the decision to declare bankruptcy in accordance with the law on civil judgment enforcement.

The Judgment Enforcer has the right to request the Attorney, asset management and liquidation enterprise to request the auction practice organization, the Property Auction Council, and the Auctioneer to temporarily suspend or stop the organization of auctions and property auctions when grounds are found according to the provisions of law on civil judgment enforcement. The Attorney, asset management and liquidation enterprise is responsible for immediately implementing the Judgment Enforcer's request, in case of non-compliance, they must be held responsible, and if damages are caused, they must be compensated according to the provisions of law.

The deposit amount according to the provisions of Clauses 5 and 6, Article 39 of the Law on Auction of Assets shall be deposited into a bank account designated by the civil judgment enforcement agency to fulfill the obligations of enterprises and cooperatives declared bankrupt.

2. Within 05 working days from the date of having the price determination results, asset administrators and enterprises managing and liquidating assets must organize sales without auction procedures for assets specified in Clause 3, Article 77 of the Law on Recovery and Bankruptcy; for assets at risk of destruction or significant decrease in value, asset administrators and enterprises managing and liquidating assets must organize sales within 24 hours.

The sale of assets must be made in minutes, signed by the Attorney, the asset management and liquidation enterprise, the asset buyer and the witness (if any).

Thus, from March 1, 2026, the sale of assets when businesses and cooperatives go bankrupt is regulated as above.