Guidance on financial regime for property auction activities

The Ministry of Finance is seeking comments on the draft Circular guiding the financial regime in asset auction activities.

The draft clearly stipulates the financial regime in the asset auction activities of asset auction organizations and organizations that buy, sell and handle bad debts. Accordingly, the management and use of the amount collected from the asset auction service price, asset auction costs, money from selling auction invitation documents and other revenues (if any) are stipulated as follows:

Comply with the provisions of law on financial autonomy mechanism of public service units and relevant laws in case the organization practicing asset auction is an Asset Auction Service Center;

Comply with the provisions of law on enterprises in case the organization practicing asset auction is an asset auction enterprise;

Comply with the provisions of the law on enterprises and the law on credit institutions in the case where the organization buying, selling, and handling bad debt auctions its own assets according to the provisions of Clause 2, Article 64 of the Law on Asset Auction.

According to the draft, the Asset Auction Council is guaranteed funding by the person whose assets are to be auctioned to organize the asset auction.

Based on the expenditure content and prescribed expenditure level, the Asset Auction Council is responsible for submitting to the owner of the auctioned asset the cost of organizing the asset auction to be included in the estimate of the asset handling cost of the owner of the auctioned asset; on that basis, the owner of the auctioned asset shall approve according to his/her authority or submit to the competent authority for approval the estimate of the cost of organizing the asset auction in the estimate of the asset handling cost according to the provisions of law.

The content includes:

a) Cost of listing and public announcement of asset auction;

b) Cost of organizing for auction participants to view the property;

c) Costs of organizing an auction (including costs of renting a location to organize an auction in case an auction location cannot be arranged; costs of renting the National Property Auction Portal or online auction information page to organize an auction in the form of online auction; costs paid to an organization practicing property auction to send an auctioneer to conduct the auction);

d) Cost of preparing and organizing the sale of auction invitation documents;

d) Other expenses directly related to the organization and implementation of asset auctions.

The expenditure levels are as follows: For expenditure items that have standards, norms, and regimes prescribed by competent agencies or individuals, implementation shall comply with the standards, norms, and regimes prescribed by competent agencies or individuals;

For outsourcing expenses, it shall be implemented according to the Contract signed between the owner of the auctioned property and the service provider. The selection of organizations and individuals providing services shall be implemented according to the provisions of relevant laws;

For expenditures outside the scope of the above regulations, the Asset Auction Council shall submit to the organization or individual with the auctioned assets a decision on the expenditure level, ensuring compliance with the current financial management regime of the State and shall be responsible for its decisions.

The Asset Auction Council prepares a payment request file and submits it to the owner of the auctioned asset to pay the costs related to the auction according to regulations. For outsourcing expenses, the Asset Auction Council is responsible for submitting the owner of the auctioned asset to pay the service provider according to the provisions of law.

The person with the property to be auctioned is responsible for keeping records and documents related to the costs of organizing the property auction of the Property Auction Council in accordance with the provisions of law.

The expenses for the auction of assets are part of the asset handling costs of the owner of the auctioned assets. The owner of the auctioned assets is responsible for synthesizing these costs and settling them in accordance with relevant legal regulations.

Please read the full draft and give your comments here.

Source: https://thoibaonganhang.vn/huong-dan-che-do-tai-chinh-doi-voi-hoat-dong-dau-gia-tai-san-157321.html