Chapter VI
ASSET LIQUIDATION PROCEDURES
Article 40. Decision to open asset liquidation procedures in special cases
1. In case a credit institution has been placed by the State Bank of Vietnam under special control or has applied solvency-restoring measures but is still unable to restore its solvency and to pay mature debts upon request of creditors, the Court shall decide to open procedures for liquidating its assets without convening a creditors' meeting to consider application of restoration procedures.
2. The State Bank of Vietnam shall hand over results of special control or results of application of solvency-restoring measures and Vietnam Deposit Insurance shall hand over results of financial support (assets and related dossiers and documents) to the asset management and liquidation team upon its establishment.
3. After the asset management and liquidation team receives results of special control or results of application of solvency-restoring measures from the State Bank of Vietnam and results of financial support from Vietnam Deposit Insurance, the Court shall issue a decision to open procedures for liquidating assets of the credit institution.
Article 41. Details of a decision to open asset liquidation procedures
1. A decision to open asset liquidation procedures must contain principal details specified in Clause 1, Article 81 of the Bankruptcy Law.
2. A credit institution falling into bankruptcy and its creditors and debtors have the right to complain and the People's Procuracy of the same level has the right to protest the decision to open asset liquidation procedures under Articles 83 and 84 of the Bankruptcy Law.
3. A decision to open asset liquidation procedures with respect to a credit institution falling into bankruptcy shall be circulated and publicly announced under Article 16 of this Decree.
Article 42. Operation of credit institutions in the process of asset liquidation
Operations of a credit institution in the process of asset liquidation comply with Article 82 of the Bankruptcy Law.
Article 43. Termination of asset liquidation procedures
The judge may issue a decision to terminate asset liquidation procedures in the following cases:
1. The credit institution has no assets for implementing the asset division plan;
2. The asset division plan has been completely implemented.