Valuation of assets when enforcing decisions to declare bankruptcy of enterprises

Legal Consulting Office of Lao Dong Newspaper answers:

Article 13 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 valuation of assets as follows:

1. Within 10 days from the date of receiving the written request to organize the enforcement of the bankruptcy declaration decision of the Judgment Enforcement Officer, Bailiff, the asset management and liquidation enterprise selects and signs a service contract with the valuation enterprise to appraise the asset; for assets that the Judgment Enforcement Officer issues a distraint decision, the deadline is 05 working days from the date of completion of the distraint of the asset.

The selection and signing of service contracts with valuation enterprises is carried out in accordance with the provisions of law on civil judgment enforcement.

2. Within 03 working days from the date of receipt of the document requesting the enforcement of the bankruptcy declaration decision of the Judgment Enforcement Officer, the Attorney, asset management and liquidation enterprise must determine the price for the asset specified in Clause 3, Article 77 of the Law on Recovery and Bankruptcy. If necessary, the Attorney, asset management and liquidation enterprise hire a valuation enterprise to advise or consult the opinions of specialized agencies related to the asset and determine the asset price within 15 days from the date of receipt of the document requesting the enforcement of the bankruptcy declaration decision of the Judgment Enforcement Officer.

3. In case the Judge decides that the sale of assets of enterprises and cooperatives that are insolvent after opening bankruptcy proceedings to ensure bankruptcy costs according to the provisions of Clause 5, Article 20 of the Law on Recovery and Bankruptcy but cannot be sold, then the Judge issues a decision to declare bankruptcy, the asset administrator, enterprise managing and liquidating assets shall organize the sale of assets according to the provisions of Article 15 of this Decree at the selling price immediately preceding the decision to declare bankruptcy. In case the valuation certificate has expired before the sale of assets, the asset administrator, enterprise managing and liquidating assets shall carry out the valuation of assets according to the provisions of Clauses 1 and 2 of this Article.

4. Within 05 working days from the date of having a basis to determine that the valued asset is worthless, unsellable as prescribed in Clause 6, Article 77 of the Law on Recovery and Bankruptcy, the Bailiff proposes to the Judge to determine that the asset is no longer the asset of the enterprise or cooperative declared bankrupt. The Judge's document is the basis for the civil judgment enforcement agency to issue a decision to amend and supplement the decision on judgment enforcement and request the Bailiff to organize enforcement.

Thus, from March 1, 2026, the valuation of assets when enforcing the enterprise bankruptcy declaration decision is carried out as above.