If my law practice certificate is revoked, can I continue to practice as an asset manager?

1. What are the obligations of an asset administrator when practicing?

According to the provisions of Article 7 of Decree 22/2015/ND-CP, the obligations of an asset administrator when practicing include:

– Comply with the principles of asset management and liquidation, specifically:

+ Comply with the Constitution and laws law.

+ Comply with the Code of Professional Ethics for Asset Administrators.

+ Ensure professional independence, honesty, transparency, objectivity.

+ Be responsible before the law for professional practice activities.

– Be responsible for your professional activities in accordance with the law about bankruptcy.

– Sign reports and documents on the results of exercising your rights and obligations according to the provisions of law on bankruptcy.

– Buy professional liability insurance according to the provisions of law in cases where the Administrator practices as an individual.

– Report to the Department of Justice of the province or centrally run city where you register to practice on your activities. Practice asset management and liquidation according to the guidance of the Ministry of Justice.

– Other obligations according to the provisions of the Bankruptcy Law and relevant laws.

2. What are the prohibited acts for asset administrators?

According to the provisions of Clause 1, Article 3 of Decree 22/2015/ND-CP, prohibited acts for asset administrators include:

– Leasing, lending or letting other individuals or organizations use their asset administrator practice certificates to practice asset management and liquidation. assets;

– Suggesting or receiving any money or material benefits from a person participating in bankruptcy proceedings or taking advantage of the name of the Asset Administrator to gain benefits from individuals or organizations in addition to the expenses the Administrator receives in accordance with the law;

– Taking advantage of duties and powers to collude with individuals and organizations for personal gain;

– Disclosing information about the organization and operations of insolvent enterprises and cooperatives that the Asset Administrator learns about while practicing, unless otherwise agreed in writing by the enterprise or cooperative or otherwise prescribed by law;

– Other acts contrary to the provisions of law and the Code of Professional Conduct member.

3. If my law practice certificate is revoked, can I continue to practice as an administrator?

According to Clause 1, Article 12 of the 2014 Bankruptcy Law, the conditions for practicing as an administrator are stipulated as follows:

“1. The following people are granted certificates to practice as administrators:

a) Law Professor;

b) Auditor;

c) People with bachelor’s degrees in law, economics, accounting, finance, banking and have 05 years or more experience in the field of training.

2. Conditions to practice as an Asset Administrator:

a) Have full civil act capacity enough;

b) Have good moral qualities, a sense of responsibility, integrity, honesty, objectivity;

c) Have a certificate to practice as an asset administrator.”

Accordingly, lawyers are one of the subjects who are granted a certificate to practice as an asset administrator and can practice this profession when meeting the conditions in Clause 2, Article 12 of the Law on Demolition. 2014.

In case their law practice certificate is revoked, they are no longer lawyers. Therefore, the conditions for being granted a certificate to practice as an asset administrator are no longer available.

At the same time, according to point c, Clause 1, Article 15 of the Bankruptcy Law 2014, the regulations on revocation of the certificate to practice as an asset administrator are as follows:

“1. A person who has been granted a certificate to practice as an asset administrator and falls into one of the following cases will have his or her certificate to practice as an asset administrator revoked. officer:

a) Being an officer, professional soldier, defense worker in an agency or unit of the People’s Army; professional officer or non-commissioned officer in an agency or unit of the People’s Public Security;

b) Convicted and the sentence has taken effect;

lawyers, auditors;

d) Changed according to the provisions of Points a and b, Clause 1, Article 46 of this Law in two or more bankruptcy cases.”

Thus, based on the above regulations, a person who has been granted a certificate to practice as an administrator but has his/her certificate to practice as a lawyer revoked will also have his/her certificate to practice as an administrator revoked. Therefore, once their certificate to practice as an asset administrator has been revoked, they no longer meet the conditions to practice as an asset administrator. Therefore, they cannot continue to practice as administrators.

4. How does the law regulate the revocation of the practicing certificate of an asset administrator?

Pursuant to Article 6 of Decree 22/2015/ND-CP, the revocation of the practicing certificate of an asset administrator is stipulated as follows:

“Article 6. Revocation of the practicing certificate of an asset administrator

1. The Minister of Justice decides intends to revoke the asset administrator practice certificate if the person who has been granted the asset administrator practice certificate falls into one of the cases specified in Clause 1, Article 15 of the Bankruptcy Law.

2. When discovering or having grounds to believe that the person who has been granted the asset administrator practice certificate falls into one of the cases specified in Clause 1, Article 15 of the Bankruptcy Law, the individual, agency or organization shall request in writing the Minister of Justice to revoke it. The person’s practicing certificate as an asset administrator.

3. Within 30 days from the date of receipt of the written request to revoke the practicing certificate as an asset administrator, the Minister of Justice shall consider and decide to revoke the practicing certificate as an asset administrator. The person whose practicing certificate as an asset administrator has been revoked has the right to complain and sue according to the provisions of law.

Decision to revoke the practicing certificate as an asset administrator. The administrator’s certificate is sent to the person whose practicing certificate is revoked, the People’s Court, the Department of Justice of the province or centrally run city where the Executor’s practicing certificate as an individual has a transaction address or where the asset management and liquidation enterprise where the person whose practicing certificate is revoked is located and is posted on the Ministry of Justice’s electronic information portal.

4. The Receiver whose practicing certificate is revoked will be removed from the list of Executors members and enterprises practicing asset management and liquidation.”

Thus, the revocation of the asset administrator practice certificate is carried out according to the above regulations.