If the supplier has been dissolved, will the payment account be closed?

The company wants to pay the supplier but the supplier has dissolved, what documents are needed to do so?What activities will a supplier that has decided to dissolve be prohibited from performing?

1. If the supplier is dissolved, will the payment account be closed?

According to Point c, Clause 1, Article 18 of Circular 23/2014/TT-NHNN, amended by Clause 13, Article 1 of Circular 02/2019/TT-NHNN, regulations on closing payment accounts are as follows:

Close payment account

1. Payment service providers close customers’ payment accounts in the following cases:

a) There is a written request to close the payment account of the account holder and the account holder has fully fulfilled the obligations related to the payment account. In case the account owner is a person under 15 years old, a person with limited civil act capacity, a person who has lost civil act capacity, or a person with difficulty in cognition and behavioral control, the account closure will be carried out at the request of the guardian or legal representative of the account owner;

b) The individual’s payment account owner dies, is declared dead, is missing or has lost civil act capacity;

c) The organization with the payment account terminates its operation according to the provisions of law;

d) The account owner violates the commitments or agreements in the contract on opening and using a payment account with the payment service provider;

d) Other cases as prescribed by law.

2. Time limit for closing a payment account due to not maintaining a sufficient minimum balance and not having transactions for a long time; The time limit for notifying the account holder before closing the payment account and other specific issues related to closing the payment account in this case are specified by the payment service provider and publicly announced to customers.

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Accordingly, if the supplier is dissolved, its payment account will be closed.

2. If a company wants to pay a supplier but has dissolved, what documents are needed to do so?

If a company wants to pay a supplier but has been dissolved, what documents do it need to do so? In Clause 6, Article 208 of the 2020 Enterprise Law, it is stipulated as follows:

The order and procedures for business dissolution career

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6. After paying the business dissolution costs and debts, the remaining amount is divided to the private business owner, members, shareholders or company owners according to the ratio of ownership of contributed capital and shares;

7. The legal representative of the enterprise sends the enterprise dissolution documents to the Business Registration Authority within 05 working days from the date of payment of all debts of the enterprise;

8. After 180 days from the date of receipt of the resolution or decision on dissolution as prescribed in Clause 3 of this Article, without receiving comments on the dissolution from the enterprise or written objections from relevant parties or within 05 working days from the date of receiving the dissolution dossier, the Business Registration Authority updates the legal status of the enterprise on the National Business Registration Database;

9. The Government regulates in detail the order and procedures for business dissolution.

Thus, when the supplier has completed the business dissolution procedures, the supplier’s payment account has been closed so she cannot transfer money to the supplier’s account.

If the supplier has completed the dissolution procedures, the remaining assets will be divided between the private business owner, members, shareholders or owners. own the company according to the ratio of ownership of capital contributions and shares.

Therefore, the amount paid by the company will also be divided among the members, shareholders, and owners of the company according to regulations. Currently, no legal documents have been found.

3. What activities will a supplier that has decided to dissolve be prohibited from performing?

Suppliers that have decided to dissolve will be prohibited from performing the activities specified in Article 211 of the 2020 Enterprise Law as follows:

– Hiding and dispersing assets;

– Giving up or reducing the right to claim debt;

– Converting unsecured debts into debts secured by assets of the enterprise;

– Signing new contracts, except in cases of dissolution of the enterprise;

– Pledging, mortgaging, donating, leasing property;

– Terminating the performance of an effective contract;

– Raising capital in any form.

Depending on the nature and severity of the violation, individuals who violate the provisions of Clause 1 of this Article may be prosecuted. fined for administrative violations or prosecuted for criminal liability; If damage is caused, compensation must be made