Decree 64/2026/ND-CP, issued on February 28, 2026, has created a solid legal framework for the implementation of the Bankruptcy and Recovery Law No. 142/2025/QH15. With new regulations on bankruptcy costs and digital procedures, this document not only alleviates difficulties for businesses with depleted assets but also establishes a transparent process, helping the market eliminate weak entities effectively and legally.
Overview of Decree 64/2026/ND-CP and the bankruptcy legal system.
The promulgation of Decree 64/2026/ND-CP is an important step in concretizing the process between the Law on Bankruptcy and the Law on Civil Judgment Enforcement. This legal framework is built to optimize the enforcement of bankruptcy declaration decisions for businesses and cooperatives in the new economic era.
The underlying legal basis includes:
- Law on Bankruptcy and Recovery No. 142/2025/QH15.
- Law on Enforcement of Civil Judgments No. 106/2025/QH15.
- Law on Organization of the Government No. 63/2025/QH15.
Accordingly, Decree 64/2026/ND-CP The regulations detail the procedures for enforcing bankruptcy decisions, the powers of the Enforcement Officer, and the responsibilities of the Receiver in managing and liquidating assets.
The government advances bankruptcy costs to businesses that have exhausted their assets.
A breakthrough in Decree 64/2026/ND-CP is the mechanism for providing financial support to businesses that are genuinely unable to pay their debts. Previously, a lack of funding often caused bankruptcy proceedings to be delayed for extended periods, resulting in losses for both creditors and the state management system.
This mechanism operates based on the specific principles of Decree 64/2026/ND-CP:
- Applicable entities: Businesses and cooperatives that have exhausted their assets and no longer have the financial resources to pay court fees and minimum bankruptcy costs.
- Funding source: The State budget will advance these fees to ensure the bankruptcy process proceeds continuously and in accordance with regulations.
- Repayment order: Advance payments are the top priority debt and must be repaid to the budget as soon as any of the company's assets are recovered or liquidated.
This provision of Decree 64/2026/ND-CP helps to release "zombie" businesses from the economy while protecting the rights of workers when legal cases are definitively resolved.
Electronic and digital procedures in the bankruptcy process.
In line with the national digital transformation, Decree 64/2026/ND-CP allows for the implementation of procedures electronically. This change not only minimizes geographical barriers but also increases accuracy in storing and retrieving records.
Official activities that have been transitioned to the digital space according to Decree 64/2026/ND-CP include:
- Online application: Interested parties can submit applications and evidence through the electronic portal of the Court and enforcement agency.
- Delivery of documents: Documents and decisions of enforcement agencies may be sent electronically in accordance with Article 18 of Decree 64/2026/ND-CP, ensuring timeliness and confidentiality.
- Fee payment system: Integrates the payment of fees and related expenses through electronic banking and digital treasury systems.
Mechanism for prioritizing business recovery
Instead of focusing solely on asset liquidation, Law No. 142/2025/QH15 and Decree 64/2026/ND-CP place emphasis on "reviving" businesses through financial and governance support tools. Bankruptcy is seen as an opportunity for businesses to restructure if they still have growth potential.
The support measures legalized in Decree 64/2026/ND-CP include:
- Credit and tax support: Businesses with viable recovery plans will be considered for tax deferral and access to special credit support sources.
- In-depth consulting: The support of specialized units such as MAN – Master Accountant Network helps businesses build a transparent financial management model, thereby strengthening trust with creditors during the recovery negotiation process.
- Negotiation and mediation: Encourage parties to reach an agreement on a repayment schedule instead of immediately proceeding with forced liquidation of assets.
Procedures for verifying and reporting assets according to Decree 64/2026/ND-CP
This legal document specifies in detail the reporting responsibilities of the Receiver to the Enforcement Officer to avoid errors in the process of determining the value of remaining assets. A thorough understanding of the process is essential. bankruptcy This helps stakeholders proactively coordinate more effectively.
Below is the standard asset reporting and verification process based on Decree 64/2026/ND-CP:
| Implementation phase | Reporting responsibility | Specific requirements |
|---|---|---|
| Asset verification | Receiver | Completed within 9 working days. |
| Selecting the auction unit | Receiver | The reasons for selecting or not selecting the organization must be clearly stated. |
| Before determining the price | Receiver | The assets being valued and the reasons for their valuation must be clearly reported. |
| After the auction was unsuccessful. | Receiver | A detailed report on the process and reasons for the auction failure. |
Note: According to Article 7 of Decree 64/2026/ND-CP, reporting must be done in writing and must be truthful. Any changes to the valuation firm or auction organization must have a legitimate reason and be supervised by the Enforcement Officer.
Furthermore, the handling of leased or borrowed assets is also carried out in accordance with Article 10 of Decree 64/2026/ND-CP to ensure that the property rights of third parties are not illegally infringed upon.
Inter-agency coordination in the enforcement of bankruptcy judgments.
Bankruptcy enforcement is a process that requires multilateral coordination among state agencies and economic organizations. This responsibility has been clearly defined in Article 2 of Decree 64/2026/ND-CP to ensure its enforceability.
The coordination focuses on the key links:
- Banks and credit institutions: Are responsible for providing account information and executing money transfer orders immediately upon receiving a valid enforcement order.
- Property management agencies: Including land registration and business registration agencies, are responsible for assisting with the procedures for transferring ownership of assets after a successful auction.
- The role of the Receiver: To coordinate closely with consulting units such as MAN – Master Accountant Network to prepare accurate property documents, helping to shorten the processing time of administrative procedures according to Decree 64/2026/ND-CP.
Notes on rights and obligations from 2026 onwards.
Understanding the new regulations helps businesses and creditors be more proactive in protecting their rights and avoiding legal risks arising from a lack of understanding of the new procedures.
Key points to remember when applying Decree 64/2026/ND-CP:
- Honesty in declaration: Debtors have an obligation to provide the most truthful and complete information about their assets.
- Enforcement fees: The person entitled to enforcement only has to pay fees when actual assets are recovered through the enforcement process.
- Complaint procedure: All interested parties have the right to file a complaint if they discover any irregularities in the implementation of Decree 64/2026/ND-CP to ensure fairness.
Frequently Asked Questions about Decree 64/2026/ND-CP
Below are quick answers to key questions that businesses and creditors often have.
In what cases does the state advance bankruptcy costs?
How many days does the bankruptcy administrator have to verify the conditions for enforcing a bankruptcy judgment?
Do electronic documents in bankruptcy proceedings have legal validity?
What is the priority order for paying out the state's bankruptcy advance?
How can transparency be ensured when auctioning off bankruptcy assets?
Conclude
Decree 64/2026/ND-CP has created a significant step forward in modernizing legal processes in Vietnam. Removing bottlenecks related to costs and digitizing procedures not only helps businesses recover but also ensures a transparent and healthy business environment for all stakeholders, in line with the spirit of Decree 64/2026/ND-CP.
Contact information for MAN – Master Accountant Network
- Address: 19A, 43rd Street, Tan Thuan Ward, Ho Chi Minh City
- Mobile/Zalo: 0903 963 163 – 0903 428 622
- Email: man@man.net.vn
Content production is overseen by: Mr. Le Hoang Tuyen – Founder & CEO of MAN – Master Accountant Network, CPA Vietnam auditors with over 30 years of experience in accounting, auditing, and financial consulting.
