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 operation of asset management and liquidation enterprises comply with the provisions of the law on enterprises and the law on bankruptcy.
Asset management: Verify, collect, and manage documents and evidence related to the activities of businesses and cooperatives; prepare a list of assets, list of creditors, and list of debtors; preserve assets; prevent the sale or transfer of property without the permission of the Judge; prevent the dispersal of assets; maximize the asset value of businesses and cooperatives when selling or liquidating assets.
Supervise business activities of enterprises and cooperatives.
Liquidation of assets: Proposal to the Judge to sell assets of enterprises and cooperatives to ensure bankruptcy costs; sell assets according to the Judge's decision to secure bankruptcy costs; organize asset valuation and liquidation; Report to the civil judgment enforcement agency and notify relevant participants in bankruptcy procedures about assigning individuals and organizations to liquidate assets.
Deposit the collected funds into an account opened at a bank by the People's Court or competent civil judgment enforcement agency.
Representing businesses and cooperatives in cases where businesses or cooperatives do not have a legal representative.
Report on the status of assets, liabilities, and operations of enterprises and cooperatives, and participate in developing plans to restore business activities of insolvent enterprises and cooperatives.
Request the Judge to collect documents and evidence; declare the transaction invalid and decide to recover the assets of the enterprise or cooperative that were sold or transferred illegally; apply temporary emergency measures; apply administrative sanctions; transfer the file to a competent criminal handling agency according to the provisions of law.