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What is the authority of an asset management officer or an asset management and liquidation enterprise during bankruptcy proceedings?

An asset management officer or an asset management and liquidation enterprise have the authority:

(i) To manage assets, supervise business operations, and conduct the liquidation of assets of insolvent enterprises, including:

    • Verifying, collecting, and managing documents and evidence related to the operations of such enterprises.
    • Making lists of assets, creditors, and debtors.
    • Preserving assets, preventing the sale or transfer of assets without permission from the Judge, preventing the disbursement of assets, and maximizing the asset value of such enterprises upon the sale and liquidation of assets.
    • Supervising the operations of such enterprise under the law.
    • Hiring individuals and organizations to perform tasks under the law.
    • Proposing to the Judge the sale of assets of such enterprises to cover bankruptcy expenses.
    • Selling assets pursuant to decisions of the Judge to cover bankruptcy expenses.
    • Organizing the asset valuation and liquidation in accordance with the 2014 Law on Bankruptcy and reporting to the civil enforcement agencies and notifying related bankruptcy procedure participants concerning the assignment to individuals and organizations that are conducting the liquidation of assets.
    • Remitting the collected amounts to bank accounts opened by the People’s Court and competent civil enforcement agencies.

(ii) To represent enterprises in cases where such enterprises have no legal representatives.

(iii) To request the Judge to:

    • Collect documents and evidence.
    • Declare a transaction invalid and issue a decision to repossess the assets of an enterprise which are sold or transferred illegally.
    • Apply provisional urgent measures, apply administration sanctions, and forward dossiers to competent criminal agencies for handling under the law.

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