It is popular in foreign countries to have a trustee in bankruptcy instead of an organization to supervise and manage the bankrupt enterprise’s assets until liquidation. The job should be assumed by an individual instead of an organization to ensure flexibility and efficiency, according to the meeting convened by the HCMC delegation of National Assembly deputies.
According to Article 10 of the draft, candidates for the position of a trustee in bankruptcy include lawyers, auditors, bachelor of laws and bachelor of economics with at least three years of experience in accounting, auditing, and corporate governance.
Justin Yap, a senior expert on bankruptcy law of the International Finance Corporation IFC, said at the meeting that the trustee in bankruptcy plays the central role in every modern law on bankruptcy. This person will assist in either the process of bankruptcy/liquidation or the process of business recovery.
He added that the bankruptcy trustee must have good reputation and trust from society and the court, which require this person to have sufficient capacity to perform the tasks assigned.
At the conference, the participants agreed that a good salary ladder should be designed to attract capable human resources.
Under the Bankruptcy Law 2004, the asset liquidation team is responsible for the whole bankruptcy procedures. However, the actual practice is still ineffective, prompting the need to have trustees in bankruptcy.
Statistics from the People’s Supreme Court show that since 2004 to date, only 83 enterprises have been declared bankrupt by courts out of 336 filings from enterprises for performing bankruptcy procedures or for court receivership.
Đăng ký: VietNam News
