How are property auction businesses established, organized and operated?

Lawyer Hoang Van Chien, Hanoi Bar Association, advises on the content of this question as follows:

Pursuant to Clause 1, Article 23 of the Law on Property Auction 2016, it is stipulated as follows:

Asset auction business :

Asset auction enterprises are established, organized and operate in the form of private enterprises and partnerships in accordance with the provisions of this Law and other relevant legal provisions.

The name of a private auction enterprise is chosen by the business owner, the name of a partnership auction company is chosen by agreement of the members and according to the provisions of the Enterprise Law but must include the phrase "private auction enterprise" or "partnership auction company".

Conditions for registration of property auction business activities:

A private auction enterprise has an owner who is an auctioneer and also the Director of the enterprise; A partnership auction company has at least one partner who is an auctioneer, and the General Director or Director of the partnership auction company is an auctioneer;

Have headquarters, facilities, and necessary equipment to ensure property auction activities.

Contents related to the establishment, organization, operation and termination of operations of asset auction enterprises not specified in this Law shall be implemented in accordance with the provisions of the law on enterprises.

Accordingly, property auction enterprises are established, organized and operate in the form of private enterprises or partnerships.

Cases where an asset auction enterprise ceases operations :

Pursuant to Clause 1, Article 31 of the Law on Property Auction 2016, it is stipulated as follows:

Asset auction enterprises shall cease operations in the following cases:

- Dissolution;

- Merger;

- Bankrupt;

- The Certificate of Operation is revoked according to the provisions of Clause 1, Article 32 of this Law.

Within 7 working days from the date the asset auction enterprise ceases its operations, the Department of Justice shall notify in writing the tax authority, the statistical authority, the planning and investment authority where the enterprise is headquartered; and publish information on the cessation of operations of the asset auction enterprise on the electronic information portal of the Department of Justice.

Accordingly, asset auction enterprises shall cease operations in the following cases:

- Dissolution;

- Merger;

- Bankrupt;

- The Certificate of Operation Registration is revoked according to the provisions of Clause 1, Article 32 of the Law on Property Auction 2016.

Source: https://daibieunhandan.vn/doanh-nghiep-dau-gia-tai-san-duoc-thanh-lap-to-chuc-va-hoat-dong-duoi-hinh-thuc-nao-10395330.html