Partnership members of a partnership company asset management and liquidation

A partnership company practicing asset management and liquidation must have a minimum of how many partners? Can the general director of a partnership practicing asset management and liquidation be the owner of a private enterprise?

1. A partnership company practicing asset management and liquidation must have at least how many partners?

A partnership company practicing asset management and liquidation must have a minimum number of partners based on the provisions of Article 13 of the Bankruptcy Law 2014, the content is as follows:

Enterprises managing and liquidating assets product

1. The following types of businesses are allowed to practice asset management and liquidation during the bankruptcy process:

a) Partnership companies;

b) Private enterprises.

2. Conditions for an enterprise to practice asset management and liquidation:

a) A partnership has at least two general partners who are Asset Administrators, the General Director or Director of the partnership is an Asset Administrator;

b) A private enterprise has a business owner who is an Asset Administrator and also a Director.

3. The Government regulates in detail the practice of asset management and liquidation and the state management of asset management and liquidation enterprises.

According to the above regulations, a partnership company practicing asset management and liquidation must have at least 02 partners. In which the General Director or Director of the partnership must be the Asset Administrator.

2. Can the general director of a partnership practicing asset management and liquidation be the owner of a private enterprise?

Can the general director of a partnership practicing asset management and liquidation be the owner of a private enterprise based on the provisions of Article 11 of Decree 22/2015/ND-CP, the content is as follows:

Partnership members of a partnership company names, owners of private enterprises that manage and liquidate assets

1. A general partner of an asset management and liquidation partnership who is an asset administrator may not concurrently be the owner of a private enterprise or a general partner of another asset management and liquidation partnership to practice asset management and liquidation, unless otherwise agreed by the remaining partners.

2. When changing general partners of a partnership as specified in Point a, Clause 2, Article 13 of the Bankruptcy Law or changing the owner of a private enterprise as specified in Point b, Clause 2, Article 13 of the Bankruptcy Law, no later than 10 days after making the change, the partnership or private enterprise must register to practice asset management and liquidation for the new partner or new private enterprise owner. The registration order and procedures are carried out according to the provisions of Clause 2 and Clause 3, Article 12 of this Decree. New general partners of a partnership and new private enterprise owners must comply with the regulations in Clause 1 of this Article.

According to the above regulations, the General Director of a partnership practicing asset management and liquidation is not allowed to own a private enterprise.

3. How many Asset Management Officers must a branch of a partnership company practicing asset management and liquidation have?

A branch of a partnership company practicing asset management and liquidation must have a minimum number of Asset Management Officers based on the provisions of Article 10 of Decree 22/2015/ND-CP, the content is as follows:

Enterprises manage and liquidate assets

1. Asset management and liquidation enterprises are established and operate in the form specified in Clause 1, Article 13 of the Bankruptcy Law. The establishment, organization, management and operations of asset management and liquidation enterprises comply with the provisions of law on enterprises and law on bankruptcy.

2. Branches and representative offices of asset management and liquidation enterprises are established and operate in accordance with the law on enterprises.

Asset management and liquidation enterprises shall appoint at least 01 asset administrator to practice in their enterprise to practice at their branch.

Representative offices of asset management and liquidation enterprises are not allowed to practice asset management and liquidation.

Within 07 working days from the date of issuance of the Certificate of registration of branch and representative office operations, the asset management and liquidation enterprise shall send a written notification to the Department of Justice of the province or centrally run city where the enterprise is headquartered; In case an enterprise establishes a branch or representative office in a province or centrally run city other than where the enterprise’s head office is located, the enterprise shall send a written notification to the Department of Justice where that branch or representative office is headquartered.

3. The Department of Justice prepares a list of branches and representative offices of enterprises managing and liquidating assets in the locality, publishes it on the Department of Justice’s electronic information portal and sends a report to the Ministry of Justice.

Thus, a branch of a partnership company practicing asset management and liquidation must have at least 01 Asset Manager.