How will the unfinished transfer of secured assets under Resolution 42 be handled?

01/15/2024 09:10 Nhat Linh Print article

ANTD.VN - The draft Law on Credit Institutions (amended) proposes that unprocessed transactions continue to be subject to Article 10 of Resolution 42 from January 1, 2024 until they are completed.

Resolution No. 42/2017/QH14 has expired since the end of 2023. This will cause difficulties for credit institutions in handling collateral assets of bad debts that are being processed under this Resolution. Therefore, the draft Law on Credit Institutions (amended) has stipulated transitional provisions for Resolution No. 42/2017/QH14 (Article 210).

Tài sản bảo đảm chuyển nhượng dang dở sẽ gặp khó khăn nếu không tiếp tục áp dụng các quy định tại Nghị quyết 42

Unfinished transfer of secured assets will face difficulties if the provisions of Resolution 42 are not continued to be applied.

Specifically, according to Clause 6, Article 210, the collateral of a bad debt is a real estate project that has been seized according to the provisions of Article 7 of Resolution No. 42/2017/QH14 on piloting the handling of bad debts of credit institutions or is undergoing transfer procedures according to the provisions of Article 10 of Resolution No. 42/2017/QH14 before the effective date of this Law but has not been completed, the provisions of Article 10 of Resolution No. 42/2017/QH14 shall continue to apply from January 1, 2024 until the handling is completed.

In particular, the effective date of the amended Law on Credit Institutions is from January 1, 2025, but the above provision (Clause 6, Article 210) will take effect from March 15, 2024 (because the Law on Promulgation of Legal Documents stipulates the effective date of all or part of the legal documents prescribed in that document, but not earlier than 45 days from the date of adoption).

The above regulation takes effect earlier to help credit institutions handle bad debt assets that are in the process of being transferred.

Also related to the legalization of Resolution No. 42/2017/QH14, in order to ensure consistency with relevant laws in the fields of criminal proceedings, civil proceedings, criminal judgment enforcement, handling of administrative violations, taxes, etc., the draft Law on Credit Institutions (amended) this time has abolished a series of regulations on: Procedures for seizing secured assets; Attachment of secured assets of the party subject to enforcement; Return of secured assets as evidence in criminal cases and administrative violation cases.

At the same time, the draft supplements the provision in Clause 3, Article 200 of the draft Law on the transfer of real estate projects as collateral for debt recovery in accordance with the law on real estate business and other relevant legal provisions.

Supplement the corresponding clause in Clause 15, Article 210 (Transitional provisions) to transition to security contracts with collateral being real estate projects signed before the effective date of this Law.

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