Decree 64/2026/ND-CP: Rules for Enforcing Court Bankruptcy Declarations Against Enterprises and Cooperatives

Scope and Coordination Duties

Decree No. 64/2026/ND-CP details Articles 76 and 77 of the Law on Recovery and Bankruptcy No. 142/2025/QH15, providing guidance on enforcing court decisions that declare an enterprise or cooperative bankrupt.

The State Treasury, credit institutions, foreign bank branches, social insurance agencies, asset registration authorities, secured-transaction registries, the business registration authority, tax authorities, police, and other specialized agencies must coordinate, supply information, and carry out the requests of civil judgment enforcement agencies, enforcement officers, and insolvency practitioners throughout the enforcement process.

If the bankrupt enterprise is also a judgment creditor under a separate ruling, the enforcement agency continues enforcing that separate ruling and reports the outcome to the insolvency practitioner and the presiding judge so the recovered funds can be folded into the overall asset distribution plan.

General Enforcement Procedure

• The head of the civil judgment enforcement agency issues one enforcement decision for each bankruptcy declaration.
• The enforcement officer sends a written request asking the insolvency practitioner or asset management-liquidation firm to carry out enforcement. A refusal must state reasons in writing within 3 working days; the judge then decides within another 3 working days whether to replace the insolvency practitioner or reject the request for replacement.
• Every enforcement-related document or decision must be notified to the court, the procuracy, the enforcement agency, and parties to the bankruptcy proceeding within 3 working days of issuance.
• The insolvency practitioner verifies enforcement conditions within 9 days of receiving the request; debtors and holders of secured assets must truthfully declare their assets and income and are liable for what they declare.
• Recovered funds must be deposited into an account designated by the enforcement agency within set deadlines (7 to 15 days depending on the situation); transfer costs are paid out of the bankruptcy estate.
• Enforcement, or asset-handling authority, may be delegated to another enforcement agency; the decree sets out clear duties for opening accounts, transferring funds, and notifying between the delegating and receiving agencies.
• Property the bankrupt company had rented or borrowed is returned to its owner within 7 days of the owner submitting valid documentation, or once the owner has paid any outstanding rent for the remaining lease period.
• The enforcement officer pays out funds to the judgment creditor within 10 days of receiving money or completing an asset handover; bankruptcy-related costs are paid under the Law on Recovery and Bankruptcy, and judgment creditors must pay an enforcement fee except when remaining assets are sold without a coercive-measure decision.
• Protests or recommendations from the people's procuracy must be answered within 15 days of receipt.

Asset Valuation, Sale, and Coercive Measures

The insolvency practitioner signs a contract with a valuation firm within 10 days of receiving the enforcement request (or 5 working days if the asset has already been distrained). For certain asset types under Clause 3, Article 77 of the Law, the insolvency practitioner sets the price directly within 3 working days and may hire a valuation consultant within a maximum of 15 days.

Revaluation must occur within 5 working days when there is evidence that a prior valuation was distorted by a serious violation; the insolvency practitioner bears the cost of revaluation, deducted from their fee.

Assets are sold by auction under the law on civil judgment enforcement, or sold directly without auction for certain specified asset types (within 5 working days, or within 24 hours if the asset risks damage or significant loss of value). Every sale must be documented in writing and signed by all relevant parties.

If, 30 days after the buyer has paid in full, the asset or documents still have not been handed over due to obstruction, the insolvency practitioner asks the enforcement officer to apply coercive measures under the Law on Civil Judgment Enforcement; the enforcement officer issues a coercive decision or requests additional documentation within 10 days of receiving the request.

Oversight of Insolvency Practitioners and Asset Management-Liquidation Firms

The enforcement officer oversees the insolvency practitioner's entire activity through mandatory reporting before and after key steps: selecting or changing a valuation or auction firm, setting an asset's price, a failed auction, a direct sale without auction, the results of an asset sale, and cases involving foreign elements.

The enforcement officer may demand records, explanations, and an end to any violation. Where an insolvency practitioner commits a serious violation, the enforcement officer may ask the court to replace them or recommend that the competent authority take action under the law.

Effective Date

The decree takes effect from March 1, 2026. Bankruptcy enforcement cases already underway before that date that are not yet complete continue to be handled under the 2014 Bankruptcy Law No. 51/2014/QH13, Decree No. 22/2015/ND-CP (as amended by Decree No. 112/2025/ND-CP), and Joint Circular No. 07/2018/TTLT-BTP-VKSNDTC-TANDTC until they conclude.