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THE
MINISTRY OF FINANCE
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
66/2002/TT-BTC
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Hanoi,
August 06, 2002
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CIRCULAR
GUIDING THE ORDER, PROCEDURES AND FINANCIAL HANDLING UPON
DISSOLUTION OF STATE ENTERPRISES
In furtherance of Article 15
of the Government’s Decree No. 50/CP of August 28, 1996 on the establishment,
reorganization, dissolution and bankruptcy of State enterprises,
The Finance Ministry hereby guides the order, procedures and financial
handling upon the dissolution of State enterprises as follows:
I.
APPLICATION OBJECTS, SCOPE AND CONDITIONS
1. The objects of application of
this Circular shall be State enterprises, including independent State
enterprises, corporations, member enterprises of corporations operating under
the State Enterprise Law (hereinafter referred to as enterprises), which belong
to the subjects of consideration for dissolution.
2. The scope of consideration
for dissolution declaration:
Enterprises shall be considered
for dissolution in the following cases:
2.1. Upon the expiry of the
business duration inscribed in the establishment decisions and the business
registration certificates the enterprises do not apply for the extension
thereof or are not allowed to extend.
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2.3. The enterprises have
suffered from business losses for three consecutive years and the accumulated
loss amounts represent three-fourths or over of the State capital at such an
enterprise but the enterprises have not yet fallen into the state of losing
their capability to repay their due debts and though various financial measures
and re-organizational forms have been applied, the loss situation cannot be
overcome.
2.4. The public-utility
enterprises have failed to fulfill the State-assigned tasks for two consecutive
years though necessary measures have been applied.
3. Conditions for
consideration of enterprise dissolution: The enterprises which fall into one of
the cases prescribed at Point 2 above and ensure their capability to repay
their debts and cover dissolution expenses shall belong to the dissolution
subjects.
II. ORDER AND
PROCEDURES FOR ANNOUNCEMENT OF ENTERPRISE DISSOLUTION
1. Persons proposing the
dissolution of enterprises:
- Persons who propose the
establishment of enterprises, including the ministers, the heads of the
ministerial-level agencies, the heads of the agencies attached to the
Government, the presidents of the People’s Committees of the provinces and
centrally- run cities, the Managing Boards of the State corporations.
- The Managing Boards or
directors (for enterprises without the Managing Boards) of enterprises propose
the dissolution.
2. Dossiers of proposing the
enterprise dissolution:
+ The written application for
dissolution of the enterprise, clearly stating the reasons and conditions for
dissolution of the enterprise.
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+ The enterprise’s financial
reports for three consecutive years.
+ The report on the production and
business situation and the financial situation of the enterprise at the request
of the person who has decided on the establishment of the enterprise or the
person who has proposed the establishment of the enterprise.
+ The plan on reorganization of
the enterprise of the ministry, the branch, Corporation 90, Corporation 91 (for
centrally-run enterprises) or the provincial/municipal People’s Committee (for
local enterprises).
3. The competence to
decide on the enterprise dissolution:
The persons competent to decide
on the dissolution of enterprises are those who have decided the establishment
of the enterprises.
For enterprises which have been
set up under the Prime Minister’s authorization, the dissolution decisions
shall be made under the Prime Minister’s authorization.
4. Enterprise-dissolution
councils:
a/ Setting up
enterprise-dissolution councils:
Upon receipt of dossiers
requesting the dissolution of enterprises, the persons competent to dissolve
the enterprises (or the authorized persons) shall set up the
enterprise-dissolution councils on the basis of using the assisting apparatus
of their own and invite specialists knowledgeable about the contents to be
evaluated to join in order to examine the dossiers requesting the dissolution
of enterprises.
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b/ The enterprise- dissolution
councils have the tasks:
To appraise the
enterprise-dissolution dossiers for submission to the persons with the competence
to decide on the enterprise dissolution to consider and issue announcements on
dissolution or non-dissolution of enterprises. The contents of consideration
and appraisal shall cover:
- The validity and completeness
of the dossiers proposing the enterprise dissolution.
- The enterprises have actually
fallen into one of the four cases subject to dissolution, as provided for at
Point 2, Section I above. For the third or fourth case, the careful
consideration of the already applied measures to provide support for the
enterprises is required.
- The enterprise dissolution
conditions shall comply with the provisions at Point 3, Section I.
c/ The operation duration of a
dissolution council:
The operation duration of a
dissolution council shall not exceed 30 days. The dissolution council shall
terminate its operation by itself when the announcement on dissolution or
non-dissolution of the enterprise takes effect.
5. Enterprise-dissolution
announcements
- Within 20 days as from the
date the dissolution council is set up, it shall submit to the person competent
to decide on the enterprise dissolution the appraisal opinions proposing the
dissolution of enterprise. The person competent to decide on the enterprise
dissolution shall consider and make a written announcement on the dissolution
or non-dissolution of the enterprise.
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+ The name and address of the
enterprise undergoing the dissolution.
+ The reasons for dissolution.
+ The date of starting to
terminate the production and business operation in order to carry out the
procedures for enterprise dissolution.
- An enterprise-dissolution
announcement shall be addressed to the following bodies:
+ The person proposing the
enterprise dissolution.
+ The enterprise undergoing the
dissolution.
+ The superior agency (if any)
of the dissolved enterprise.
+ The enterprise finance agency:
For central enterprises, it shall be sent to the Finance Ministry (The
Enterprise Finance Department); for local enterprises, it shall be addressed to
the provincial/municipal Finance - Pricing Services.
+ The tax offices directly
managing the collection of tax paid by the enterprise.
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- In case of non-dissolution of
enterprises, the reasons therefor must be clearly stated.
III.
ENTERPRISE LIQUIDATION BOARDS
1. Setting up enterprise
liquidation boards
Right after the enterprise
dissolution announcement takes effect, the person who has decided on the
enterprise dissolution shall set up the enterprise liquidation board,
comprising:
- The director of the dissolved
enterprise or the person appointed by the enterprise-dissolution decision maker
as the head,
- The chief accountant of the
enterprise,
- The representative of the
Trade Union organization of the enterprise,
- The enterprise finance body:
The representative of the Finance Ministry (The Enterprise Finance Department),
for central enterprises; the representative of the provincial/municipal
Finance- Pricing Service, for local enterprises.
- Representatives of a number of
professional sections of the dissolved enterprise.
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In the process of enterprise
liquidation, the enterprise liquidation board shall set up assisting teams. The
personnel of the assisting teams shall come from the apparatus of the dissolved
enterprise.
2. The enterprise
liquidation boards shall have the following powers:
- To use the seals of the
dissolved enterprises in service of the liquidation of enterprises according to
current regulations.
- In the course of enterprise
liquidation, if necessary, to invite Vietnamese or foreign organizations and/or
specialists to conduct auditing, expertise machinery, equipment and workshops,
determine the remaining value of the enterprises.
3. The enterprise liquidation
boards shall have the tasks:
- To notify creditors and
relevant organizations in writing of the dissolution of enterprises.
- To draw up enterprise
dissolution plans and submit them to the persons who have decided on the
dissolution of enterprises for adoption.
- To conduct the liquidation of
enterprises according to the approved plans, including the liquidation and
handling of unfinished economic contracts, liquidation and sale of assets,
recovery of debts, handling of labor, payment of debts
- Where the unfinished contracts
can be fulfilled during the dissolution time without affecting the liquidation
and handling of assets, the enterprise liquidation boards shall continue to
organize the performance of these contracts under decisions of the persons who
decide on the dissolution of enterprises.
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4. The operation duration
of a liquidation board shall not exceed six months as from the date of its
establishment. In cases of application for the extension of the enterprise
dissolution duration, the extension must be considered and agreed in writing by
the persons who decide on the dissolution of enterprise but the extension
duration must not exceed two months.
5. The enterprise liquidation
boards and assisting specialists teams, if committing the following violations,
shall, depending on the nature and seriousness of their violations, be
administratively disciplined or examined for penal liability; if causing
property damage, they must pay compensations therefor:
- Making lists of assets
untruthfully and not according to the law-prescribed procedures;
- Making lists of creditors and
debt amounts untruthfully, groundlessly;
- Organizing auctions in
contravention of law provisions;
- Dividing the dissolved
enterprises properties not according to the approved plans, not according to
the priority order and with unequal payments to creditors;
- Illegally using the dissolved
enterprises assets;
- Failing to apply protective
measures, thus leading to loss of properties of the dissolved enterprises;
- Making financial reports upon
the completion of enterprise dissolution untruthfully;
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6. When the enterprise
dissolution has not yet terminated, the directors and chief accountants of
dissolved enterprises must not be transferred to other jobs.
IV. PLANS FOR
ENTERPRISE DISSOLUTION
1. Within 40 days as from the
date the announcement on enterprise dissolution takes effect, the enterprise
liquidation board must completely draw up the plan for enterprise dissolution
(including the plan on handling of the enterprise’s finance) and submit it to
the person who has decided the enterprise dissolution and concurrently to the
following agencies for their written comments:
- For central enterprises:
+ The Finance Ministry (the
Enterprise Finance Department);
+ The Planning and Investment
Ministry.
- For local enterprises:
+ The provincial/municipal
Finance- Pricing Services;
+ The provincial/municipal
Planning and Investment Services.
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3. Basing themselves on
the dissolution plans submitted by the enterprise liquidation boards and the
written comments of the above agencies, the persons who have decided on the
enterprise dissolution shall consider and approve in writing the enterprise
dissolution plans. The time for considering and approving an enterprise
dissolution plan shall not exceed 15 days as from the date the plan is
received.
V. PRINCIPLES
FOR FINANCIAL HANDLING UPON DISSOLUTION OF ENTERPRISES
1. The dissolved
enterprises assets are those under their lawful management and use, including
the current assets and short-term investments, fixed assets and long-term
investments.
2. As from the date the
enterprise dissolution announcement takes effect, all undue debts shall be
considered due and the calculation of interests on debts shall cease.
3. When conducting dissolution,
the assets of the dissolved enterprises, which are transferred to units and
individuals, must all be sold at the market prices at the time of transfer.
4. The secured creditors
mean creditors whose debts are secured with the assets of the indebted
enterprises.
The owners of secured debts
shall receive the secured assets at the prices set by the enterprise liquidation
boards; if the creditors refuse to receive them, such assets shall be put on
auction according to current regulations. The proceeds from the auction thereof
must be used for payment to the secured creditors; the surplus amount shall be
the properties of the dissolved enterprises while the deficit amount shall be
considered unsecured debts and handled like other unsecured debts.
5. Persons who have guaranteed
for enterprises to borrow capital and paid debts instead of the enterprises,
the debt amounts paid instead shall be considered unsecured debts and settled
like other unsecured debts.
6. Assets, capital contributed
to joint ventures, business cooperation or for investment outside the
enterprises shall be recovered through the transfer of capital amounts
contributed to joint ventures or shares to other subjects. Where the operation
duration of the enterprise dissolution boards have expired while the
enterprises have not yet transferred their capital contributed to joint
ventures to other partners, the persons who decide to dissolve the enterprises
shall designate other enterprises in replacement thereof after reaching
agreement with the joint-venture partners on the principle of ensuring adequate
sources for payment to creditors. The designated enterprises shall continue
acting as joint-venture partners or liquidate the joint-venture contracts
according to the direction of the persons who have decided to dissolve the
enterprises.
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1. Within five days as from the
enterprise dissolution announcement takes effect, the enterprise liquidation
board must publish on newspapers ( 01 central daily and 01 local paper) for
three consecutive issues the announcement on cessation of operations of the
enterprise and carry out the dissolution procedures. The contents published on
the newspapers shall include:
+ Name and address of the to-be-
dissolved enterprise.
+ The serial number, date and
authority of signing the enterprise dissolution announcement.
+ The date of staring the enterprise
dissolution.
+ The request for debt
comparisons by creditors, clearly stating the time limit for receiving debt
papers. Upon the expiry of the prescribed time limit, for creditors who fail to
come for debt comparison, the enterprise liquidation boards shall only consider
the payment according to the debt amounts inscribed in the vouchers, accounting
books of the enterprises. The liquidation boards shall not be accountable for
errors brought about by the creditors’ failure to come for debt comparison.
2. After the enterprise
dissolution announcement takes effect, the dissolved enterprises shall have to:
- Terminate their production and
business activities, except for cases prescribed in fourth em rule, Clause 3,
Section III of this Circular.
- Terminate activities of buying
and selling not in service of the dissolution process; pay all debts; as well
as of property lease or lending;
- Terminate the signing of new
economic contracts;
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3. Within 30 days as from the
date the enterprise dissolution announcement takes effect, the enterprise
liquidation board must complete the financial report at the time the enterprise
dissolution announcement takes effect. This financial report shall be addressed
to the person who has decided to dissolve the enterprise, the enterprise
finance agency and the tax office of the locality where the enterprise has
registered tax payment.
4. Within 60 days as from
the date the enterprise dissolution announcement is published on the first
paper issue, the creditors must send to the enterprise liquidation board the
debt comparison papers clearly stating the secured debt amounts, the partly
secured debt amounts and the unsecured debts.
Within 15 days as from the end
of the time limit for debt comparison already inscribed in the announcement,
the enterprise liquidation board must complete the list of creditors and the
payable debt amounts (including secured debts, partially secured debts and
unsecured debts); the list of customer debtors and the receivable debt amounts
(including the recoverable debts and irrecoverable debts). The enterprise
liquidation board shall publicly post up the lists of creditors, or debtors as
well as debt amounts at the head-office of the dissolved enterprise.
Within 10 days after the posting
up, the enterprise liquidation board shall finalize the list of creditors for
use as basis for division of assets of the dissolved enterprise.
5. Within 30 days as from the
date the announcement on termination of production and business activities of
the enterprise is published on the first paper issue and the dissolution
procedure is carried out, the persons who have leased, lent or deposited their
assets to the dissolved enterprise must produce papers evidencing their lawful
ownership or management over such assets in order to receive them back. If the
dissolved enterprise has leased the assets and already paid up the rentals
while the leasing term has not yet expired, the lessors must pay back the
surplus amount to the lessee as agreed upon in the contract before taking back
the assets.
6. The enterprise liquidation
boards shall liquidate the asset-leasing contracts and recover the leased, lent,
depositedassets. Upon the recovery thereof, the enterprise liquidation boards
must produce the enterprise dissolution announcements.
7. The enterprise liquidation
boards shall set up valuation teams or hire professional valuation
organizations in order to value the whole property of the dissolved
enterprises, including pledged or mortgaged assets, for use as basis for
property auctions. A valuation team is composed of:
+ The head of the enterprise
liquidation board, who acts as the team leader.
+ A representative of the
enterprise finance agency participating in the enterprise liquidation board.
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+ A representative of the
Technical Section.
If necessary, the head of the
Enterprise Liquidation Board may invite a number of specialists knowledgeable
about the to be-valued assets from the outside to join the valuation team.
The Enterprise Liquidation Board
shall invite the creditor with secured debts to join the team valuing assets to
be used as secured objects for such creditor.
The valuation team makes
decisions by majority. When the number of votes is split equal, the opinion
backed up by the vote of the valuation team’s head shall be the decisive one.
8. The dissolved enterprises assets
shall be auctioned through professional auction organizations or publicly by
the Enterprise Liquidation Boards in strict accordance with the provisions of
the current Regulation on Property Auction. Where many persons offer the same
auctioning prices, the creditors of the dissolved enterprises shall be given
priority to buy the auctioned assets. When many creditors wish to buy, the one
who has a larger total debt amount shall be entitled to by the assets first.
The sale of banned assets or those restricted from circulation must comply with
the State’s regulations.
The sale of property related to
the land use right must comply with the Land Law.
9. Five days at most after the
decisions to set up the Enterprise Liquidation Boards come into force, the heads
of the Enterprise Liquidation Boards must open accounts at the State Treasury
in the localities where the enterprises are headquartered to deposit the
proceeds from asset liquidation and/or sale and the recovered debts of the
dissolved enterprises. The heads of the Enterprise Liquidation Boards shall be
the owners of these accounts.
The whole proceeds from the
enterprise dissolution which include the capital in cash, the money earned from
asset sale or liquidation and the recovered debts of the dissolved enterprises
must be deposited into the accounts of the Enterprise Liquidation Boards right
on the date they are collected. Those who deliberately delay such deposits must
pay the compensations therefor according to the demand savings interest rates
announced by the banks and shall be administratively disciplined depending on
their faults.
10. For creditors who have
accounts at banks or State Treasury, the heads of the Enterprise Liquidation
Boards shall carry out the procedures to transfer the debt repayment money into
such creditors accounts. If they have no accounts, the Enterprise Liquidation
Boards shall notify the creditors to come for direct receipt thereof or
transfer such money by post to the creditors. The postal charges shall be
subtracted from the money amounts paid to the creditors.
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1. The whole money amounts
earned from the enterprise dissolution, after making payments to the secured
creditors, shall be handled in the following order:
a/ Payment of expenses for the
enterprise dissolution.
The enterprise dissolution
expenses shall include:
+ The expenses associated to the
liquidation of economic contracts, expenses for the recovery, transportation,
preservation and keeping of assets of the dissolved enterprises;
+ The expenses related to the
organization of property auctions;
+ The expenses for arrangement,
archival and preservation of documents of the dissolved enterprises and other
expenses related to the implementation of the enterprise dissolution. These
expenses shall be settled according to the actually spent amounts approved by
the heads of the Enterprise Liquidation Boards. The heads of the Liquidation
Boards shall be accountable for their decisions.
+ Salaries and wages paid to
officials and employees of the dissolved enterprises, who are mobilized to join
the Boards for liquidation of the dissolved enterprises and the assisting
organizations.
b/ Payment of salaries and
wages, social insurance premiums and other prescribed interests to laborers in
the dissolved enterprises according to contracts or collective labor agreements
and the current regulations of the enterprises.
The regime of and funding for
allowances to laborers in the dissolved enterprises shall comply with the
provisions in the Government’s Decree No.41/2002/ND-CP of April 11, 2002 on
redundant labor regime and other current legal documents.
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The payment to creditors shall
be based on the proportion between the total money amount paid each time and
the total unpaid debt amount. The Enterprise Liquidation Boards are entitled to
prioritize the payment of small debts without complying with the above-said proportion
and take responsibility for their decisions.
Example: The proceeds from the
assets of a dissolved enterprise in drive I is VND 3,000 million. The
enterprise’s debts include the secured debt: VND 1,000 million, the unsecured
debt: VND 5,000 million, the dissolution expense, wage debt and social
insurance debt: VND 500 million.
The remaining money amount for
payment to unsecured creditors shall be: VND 3,000 million - 1,000 million- 500
million = VND 1,500 million.
The proportion between the money
amount paid in this drive and the unsecured debt amount shall be VND 1,500
million/ VND 5,000 million = 0.3 (30%).
The payment to creditors shall
be effected as follows:
Creditor A has an unsecured debt
amount of VND 500 million and shall be paid with: 30% x VND 500 million = VND
150 million.
Creditor B has an unsecured debt
amount of VND 1,000 million and shall be paid with: 30% x VND 1,000 million =
VND 300 million.
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The money amounts collected in the
subsequent drives shall be spent to pay up all the outstanding unsecured debt
amounts.
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2. The remaining money amounts
after the payment of all debts shall belong to the State Budget. Within five
days as from the end of the payment to the creditors, the Enterprise
Liquidation Boards shall have to remit all these sums into the State Enterprise
Reorganization and Equitization Support Fund.
3. Where the money amount
collected from the enterprise dissolution (including the State subsidy amount
for payment to laborers) is not enough for the payment of all payable debts,
the persons who decide on the enterprise dissolution shall notify the creditors
and concerned agencies that the enterprises have fallen into the state of
insolvency. So, the handling shall not comply with the provisions on enterprise
dissolution but with the procedures for enterprise bankruptcy.
VIII.
TERMINATION OF THE ENTERPRISE DISSOLUTION
1. Upon the expiry of the time
limit for enterprise dissolution, problems left unsolved, if any, must be
reported by the Enterprise Liquidation Boards to the persons who decide the
enterprise dissolution for consideration and settlement.
2. Within seven days after the
end of the payment to the creditors, the Enterprise Liquidation Boards must
make reports on the enterprise dissolution. Such reports shall be addressed to
the persons who decide on the enterprise dissolution, the enterprise finance
agencies (for the central enterprises, to send them to the Enterprise Finance
Department of the Finance Ministry; for local enterprises, to the
provincial/municipal Finance-Pricing Services) and the superior managing
agencies of the dissolved enterprises.
3. The persons who decide on the
enterprise dissolution shall examine the dissolution reports and issue
decisions on enterprise dissolution after obtaining the written opinions of the
enterprise finance agencies through the dissolution reports.
The enterprise dissolution
decisions shall be addressed to the following agencies:
- The persons who decide on the
enterprise dissolution (if any);
- The enterprise finance
agencies (the Enterprise Finance Department of the Finance Ministry, for the
central enterprises; the provincial/municipal Finance-Pricing Services, for the
local enterprises);
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- The provincial/municipal
Statistical Departments of the localities where the enterprises are headquartered;
- The tax offices directly
managing the collection of tax from the enterprises.
4. After the end of the
enterprise dissolution process, the entire dossiers and accounting books of the
dissolved enterprises, the books related to the enterprise dissolution process
must be archived at the agencies which have decided on the establishment of the
enterprises strictly according to the regulations on documentation.
IX.
IMPLEMENTATION PROVISIONS
This Circular takes effect after
its signing for promulgation and replaces Circular No.25-TC/TCDN of May 15,
1997 guiding the order, procedures and principles for financial handling upon
the dissolution of State enterprises. Other provisions contrary to this
Circular are not valid for implementation.
This Circular shall not apply to
cases of merger, division or separation of enterprises or transformation of
enterprises into non-business units under decisions of competent authorities.
Any problems or difficulties
arising in the course of implementation shall be reported to the Finance
Ministry for study and solution.
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APPENDIX
ENTERPRISE
DISSOLUTION PLANS
I. PLANS ON HANDLING ECONOMIC
CONTRACTS
The total number of economic contracts
being performed at the time of dissolution. Of which, the economic contracts to
be immediately liquidated and the economic contracts to be possibly
continuously performed during the time of enterprise dissolution must be
clearly defined.
1. The economic contracts to be
immediately liquidated: clearly stating the total revenue or expenses (if any)
for the liquidation of contracts.
2. The economic contracts which
can be further performed, clearly explaining the following contents:
+ The total contractual value.
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II. PLANS FOR HANDLING ASSETS
OF THE DISSOLVED ENTERPRISES:
1. For assets in kind:
+ To inventory and classify the
existing assets owned by the enterprises and determine the market value of such
assets.
+ The plan on asset liquidation,
sale.
+ The plan on handling assets
associated to the land use right.
+ The plan on handling assets
used as security, mortgage objects.
2. For receivable debts:
+ The total receivable debt
amount, classifying them into debts with secured assets, due debts, undue
debts, recoverable debts, irrecoverable debts.
+ Debt-recovering measures,
duration estimated for debt recovery.
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- Form of assignment
- The expected assignment
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IV. Financial plans:
A. Money amount expected to be
collected from the enterprise dissolution, including:
1. Cash, balances in the deposit
accounts (Vietnamese and foreign currencies), value of gold, silver, precious
stones and the value of all the payment instruments of the enterprise.
2. The proceeds from asset sale
or liquidation (including the assets used as security and mortgage objects).
3. The proceeds from the
transfer of capital contributed to joint-ventures, invested outside the
enterprises.
4. Money amounts recovered from
receivable debts.
5. Other revenues.
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1. Expenses for enterprise
dissolution.
2. Expenses for payment to
laborers, including payment of wages, social insurance premiums
3. Payment of payable debts of
the enterprises.
4. Payment of tax debts and
other budgetary debts.
5. Other expenses.
C. Revenue-Expenditure
difference (A-B)
V. Plans for handling of labor:
1. The list of regular laborers
of the enterprise at the time of dissolution.
2. Plan on arrangement of
jobsfor laborers of the enterprises after the dissolution:
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+ Laborers abandoning their jobs
according to regimes.
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3. Lists of laborers to whom the
enterprises have to pay severance allowances, job-loss allowances under the
current regulations. The severance and job-loss allowances must be paid by the
enterprises to every laborer according to the current regulations of the State.
VI. Proposals.-
FOR THE FINANCE MINISTER
VICE MINISTER
Tran Van Ta