In the 2026 legal system for recovery and bankruptcy, the Bankruptcy Administrator holds a central position in coordinating the interests of the parties and overseeing the operation of insolvent businesses. According to Chapter III of the Bankruptcy and Recovery Law (Law No. 142/2025/QH15), the role of the Bankruptcy Administrator in the new bankruptcy law is established with stringent standards and practical powers. This article will analyze in detail the tasks and legal responsibilities of this position to help business managers proactively coordinate the procedures.
Overview of the position of the Insolvency Administrator
Receiver An individual with expertise in law or finance, appointed by the court to manage the assets and supervise the operations of a business or cooperative from the time a decision is made to initiate rehabilitation or bankruptcy proceedings.
Legal basis for the title of Insolvency Administrator
Law No. 142/2025/QH15 affirms that the Receiver is a highly independent procedural officer. The role of the Receiver in the new Bankruptcy Law is not only to execute court orders but also to be an active participant in reviewing the financial and governance status of the debtor. This change aims to ensure objectivity in assessing the recovery potential of the enterprise, instead of focusing solely on asset liquidation as in previous stages.
Standards and conditions for practicing the profession according to the new regulations.
According to Article 16 of Law 142/2025/QH15, individuals wishing to practice as Insolvency Administrators must meet strict professional standards to ensure the quality of case resolution.
Below are the specific mandatory standards:
- Applicants must be lawyers, auditors, or hold a bachelor's degree in law, economics, finance, or banking, with at least five years of practical experience in these fields.
- He was granted a professional certificate as an Insolvency Administrator by the Ministry of Justice after completing the professional training program and apprenticeship.
- Professional liability insurance must be purchased as stipulated in Article 21 of this Law to ensure compensation for damages in case of errors during the course of work.
Authority to supervise and manage corporate assets
Managing and preserving assets is the most crucial task of the Receiver, as detailed in Article 18, aimed at preventing the dissipation or devaluation of the enterprise's assets.
Monitoring the debtor's daily transactions.
Immediately after the decision to initiate proceedings, the role of the Receiver in the new Bankruptcy Law is demonstrated through the close monitoring of all expenditures and asset transfers. All significant transactions or those outside of normal business operations must have the Receiver's written consent. In particular, the Receiver has the right to review transactions in the six months prior to the commencement of proceedings and request the Court to declare them invalid if they fall under the cases stipulated in Article 49, such as the transfer of assets at non-market value.
Inventory and valuation of debt obligations
The trustee is directly responsible for verifying the authenticity of assets and liabilities. Specific tasks include:
- Create an inventory of assets, gathering documents related to the ownership and usage rights of the company's assets.
- Control the debtor's cash flow and bank accounts to prioritize essential operating expenses and recovery costs.
- Propose temporary emergency measures to protect assets in case of risk of loss or destruction.
The role of mediators and advisors in the recovery plan.
One positive aspect of Law 142/2025/QH15 is the emphasis on the coordinating function of the Receiver during the development and implementation of the business recovery plan.
Create a list of creditors and voting rights.
The bankruptcy administrator acts as an arbitrator when receiving debt claims and compiling a list of creditors. Under the new bankruptcy law, the administrator's role is to assess the validity of debts and classify creditors into groups (secured, unsecured, and wage debtors). This list is the sole legal basis for determining voting rights at the creditors' meeting, ensuring that the rights of all parties are fairly enforced according to the actual debt ratio.
Assessing the feasibility of the restoration plan.
During the restructuring process, the Receiver is responsible for evaluating the financial assumptions and business plan. Professional activities include:
- Assess the accuracy of the projected figures regarding future cash flows and debt repayment capacity.
- The creditors' meeting will report on the feasibility of the business recovery plan before proceeding to a vote for its approval.
- Monitor the implementation of the recovery plan after it has been approved by the Court, ensuring that the business adheres to the committed roadmap.
Comparison table of Insolvency Administrator responsibilities under the 2014 and 2025 Bankruptcy Laws.
To help businesses clearly identify the new aspects of legal liability, we have compiled a comparison table based on the provisions of the Bankruptcy Law 2014 and the Bankruptcy and Recovery Law 2025 (Law 142/2025/QH15).
| Comparison criteria | Bankruptcy Law 2014 | Bankruptcy and Recovery Law 2025 |
|---|---|---|
| Professional standing | It depends heavily on the judge's instructions. | They have greater independence and decision-making power. |
| Access to information | Based on the company profile provided. | Debtor's right to access documents and data |
| Transaction monitoring | Focus on the period after the procedure is opened. | Review of previously void transactions (Article 49) |
| Management system | Manual reporting, paperwork | Updates on the bankruptcy data management system. |
Note that this change aims to personalize the responsibilities of Receivers while enhancing transparency in debt resolution for the business community by 2026.
Things to note for businesses when working with Insolvency Administrators.
Close collaboration with the Receiver is crucial to the success of the recovery process. The Receiver's role under the new Bankruptcy Law will provide maximum support to the business if the management effectively implements the following points:
- Strictly comply with the obligation to provide documents: Businesses must provide complete accounting records and economic contracts upon request. Providing inaccurate information may lead to legal consequences as stipulated in Article 158 of the Law.
- Proactively seek advice before transactions: To avoid economic contracts being deemed invalid, businesses should notify and seek the advice of the Receiver before carrying out significant asset transfer transactions.
- Collaborative development of the recovery plan: Utilizing the Receiver's expert assessments as a financial filter to refine the recovery plan, thereby increasing the likelihood of creditor approval at the meeting.
Conclude
The role of the Bankruptcy Administrator in the new Bankruptcy Law is an indispensable link in the modern legal structure for business recovery in 2026. With broad powers and high accountability, the Bankruptcy Administrator is the entity that ensures the bankruptcy process is transparent, protecting the legitimate rights of both debtors and creditors in accordance with the spirit of Law No. 142/2025/QH15.
For a more comprehensive understanding of the new law enforcement roadmap, please refer to the following article. New points in the Bankruptcy Recovery Law 2025 The aim is to equip our business with the best risk management knowledge.
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Content production is overseen by: Mr. Le Hoang Tuyen – Founder & CEO of MAN – Master Accountant Network, CPA Vietnam with over 30 years of experience in accounting, auditing, and financial consulting.
