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Credit institutions have their licenses revoked and liquidated, how are depositors given priority?

Depositors, although prioritized to pay the debts of credit institutions, but behind the payments to the State and employees.

The State Bank of Vietnam (SBV) has just issued a draft circular on the order and procedures for revocation of licenses and liquidation of assets of credit institutions (CIs) and foreign bank branches; The order and procedures for revocation of representative office licenses of foreign credit institutions and other foreign organizations engaged in banking activities.

 

 

Assets must be liquidated prior to the revocation of the license

Accordingly, credit institutions, branches of foreign banks, if proactively propose the withdrawal of licenses after the expiry of their operation, must hire independent auditing organizations and specialized agencies to evaluate the actual financial status and valuation. Assets and valuation of enterprises, and elaboration of asset liquidation plans on the basis of audited financial statements and sending dossiers of application for permit withdrawal to inspection agencies Close to the bank

For a CI, a foreign bank branch is subject to inspection and supervision, the SBV or the supervising inspectorate shall, based on the results of the inspection, have the right to request the Governor to suspend the operation of the CI or its branches. At the same time, the foreign bank will also have its license revoked after liquidation of the asset.

Particularly for cases where CIs go bankrupt, the Banking Inspection and Supervision Agency shall submit a written request to the Governor for issuance of the permit revocation decision after the judge appoints the manager or enterprise to manage or liquidate it. asset.

The liquidation of assets shall be effected only after the written approval of the withdrawal of the permit and the written approval of the liquidation plan takes effect. The asset liquidation period is 12 months from the date on which these approvals become effective. It is noteworthy that the CI may also request an extension of the liquidation date if it is not possible to complete the liquidation of assets within the initial period, with extensions not exceeding three or three times and not more than twelve (12) months.

In addition, during the process of withdrawing licenses, liquidating assets, the following acts will be prohibited: hiding and dispersing property; Payment of unsecured debts; Waive or reduce claims; Transfer unsecured debts into debt secured by assets of CIs or foreign bank branches; Donate, donate, pledge, mortgage and lease property; Sign contracts, new contracts except for agreements, contracts to carry out termination and finally transfer money and assets abroad.

 

Order of division of assets

According to article 14 of the draft, before the division of assets, the case of CIs, branches of foreign banks are in danger of insolvency or in the period of special control has been the State Bank, CI For other branches of foreign lenders, Vietnam Deposit Insurance for financial assistance must prioritize the return of the value of these loans first.

Subsequently, credit institutions and branches of foreign banks shall divide assets in the following order: first, payment of fees and expenses in accordance with the law for liquidation courtyard; Secondly, wages, severance allowances, social insurance for employees in accordance with the provisions of law and other benefits under the signed collective labor agreement and labor contract; Third is tax debts; New arrivals to depositors of the Deposit Insurance of Vietnam and deposits of depositors.

Fifth is the debt secured by mortgaged or pledged assets that are prioritized for payment with the same mortgaged or pledged property. If the value of the mortgaged or pledged assets is not enough to pay the debt, the remaining debt will be paid in the course of asset liquidation; If the value of the mortgaged or pledged property is larger than the debt, the difference shall be credited to the remaining value of the assets of the credit institution or the branch of the foreign bank.

Finally, payments for unsecured debts are based on the principle that if the value of the assets is sufficient to pay the debts, each creditor shall be paid in full for his / her debts; If the value of the assets is not sufficient to pay the debts, each creditor shall be entitled to partial payment of his debts in proportion to his / her respective debts.

Thus, depositors, although prioritized to pay debts of credit institutions, foreign banks, but behind the payments to the State and employees. This regulation inherits the provisions of Circular No. 34/2011 / TT-NHNN dated 28/10/2012. However, in the structure of liabilities / liabilities of the current credit institutions, the payment to the State and employees usually accounted for a relatively small proportion, mainly deposits from customers, economic organizations and other Other credit institutions.

In cases where the value of the assets of the CI, after having paid all the prescribed amounts as prescribed above, still remains, the remaining value of the assets shall be divided equally to the shareholders, owners, founding members and members. Capital contributors at the rate of capital contribution at the time of the asset division. For foreign bank branches, the remaining asset value shall be managed by the parent bank.

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