Main duties and practical skills:
- At the same time as a judge issues a decision to commence bankruptcy procedures, the judge shall issue a decision to establish a committee for management and liquidation of assets to carry out the task of management and liquidation of the assets of the enterprise or co-operative which has become insolvent.
- After deciding to accept the petition for commencement of bankruptcy procedures, along with studying the file and gathering documents, the Judge must discuss to select best persons who satisfy required expertise and profession, then send a written document to the bodies as provided in Article 9 of the Bankruptcy Law 2005 requesting them to appoint persons to participate in the team.
- The document does not specify the names of the persons but has to identify the same required expertise and profession as to the persons contacted before.
- Discussing with the judgment enforcement body of the same level, for it to appoint and facilitate one of its enforcement officers to become head of the asset management and liquidation team.
- When issuing the decision to establish the asset managment and liquidation team, the Judge must assign the head of the team with specific duties.
- The Judge must participate in the session which assigns duties among the asset management and liquidation team.
- Item 3 of Article 9 of the Bankruptcy Law 2005 provides that the Government shall issue regulations on organization and operation of an asset management and liquidation team. For the time being, a Judge should read Decision No. 528/1995/QD-BT dated 13 May 1995 of the Minister of Justice for more information. However, when establishing the asset management and liquidation team, the Judge must discuss, coordinate and keep regular contact with the Judgment Enforcement Body of the same level for it to appoint one of its enforcement officer to be head of the team and organize the team’s duties.
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