Delay in delivery of property to auction winner due to complicated case
On January 18, the People's Committee of Dong Hoa town, Phu Yen province, has just sent a report to the People's Committee of Phu Yen province on the settlement of the reflection of Mr. Truong Thanh Phong, General Director of Vi Dat Mineral Exploitation and Processing Company in the article in VietNamNet newspaper on December 30, 2023 "After winning the auction for 8 years, the enterprise has not yet been handed over the assets".
According to Mr. Truong Thanh Phong, in 2004, Phu Yen Agricultural and Aquatic Products Industry Joint Stock Company mortgaged assets attached to land, including an office building and warehouse with an area of over 17,500 m2 in Hoa Thanh commune, Dong Hoa district (now Dong Hoa town) at the bank, for nearly 950 million VND. This enterprise was sued by the bank, requiring the property to be auctioned because it did not pay the debt. The Civil Judgment Enforcement Department of Phu Yen province organized the seizure and auction of the property.
Vi Dat Mining and Minerals Joint Stock Company (Vi Dat Company), with Mr. Truong Tam Phong as General Director, won the public auction. After that, Vi Dat Company paid more than 2.3 billion VND. However, since then, Vi Dat Enterprise has not been handed over its assets. Phu Yen Agricultural and Aquatic Industry Joint Stock Company has not declared bankruptcy, as this is an important basis for the locality to hand over the auctioned assets to the auction winner.
Based on the direction of the People's Committee of Phu Yen province to handle the issue raised by VietNamNet newspaper, on January 8, 2024, the People's Committee of Dong Hoa town sent an official dispatch requesting the People's Court of Dong Hoa town to provide information on this case.
In a report sent to the People's Committee of Phu Yen province, the People's Committee of Dong Hoa town said that on January 9, it received a document from the People's Committee of Dong Hoa town related to this incident.
The report said: In January 2018, the People's Court of Dong Hoa district (now Dong Hoa town) issued a decision to open bankruptcy proceedings No. 01/2018/TLST-KDTM. The procedures after accepting and deciding to open bankruptcy proceedings include: The People's Court shall implement measures to preserve assets such as declaring transactions invalid, temporarily suspending contract performance, etc. In particular, it will re-inventory assets, make a list of creditors, make a list of debtors according to the list provided by the enterprise and the Administrator.
However, Shipbuilding Industry Finance Joint Stock Company is the major shareholder of Phu Yen Agricultural and Aquatic Products Joint Stock Company, a State-owned economic group. The settlement of bankruptcy procedures for the above enterprise is complicated because it involves many organizations and individuals nationwide.
Through review, the list of creditors and debtors in the file does not show information; does not clearly distinguish between secured and unsecured debts, due and not yet due debts, etc., according to regulations.
In addition, Phu Yen Agricultural and Aquatic Products Industry Joint Stock Company requested the Court to consider the land recovery of the Company and hand it over to Vi Dat Mineral Exploitation and Processing Company according to the law.
Phu Yen Agricultural and Aquatic Products Industry Joint Stock Company also provided a request to the Court to wait for the Company to seek instructions from superiors (Ministry of Transport, Ministry of Finance and Shipbuilding Industry Corporation) to coordinate in resolving the matter according to the law.
Therefore, the Panel of Judges requested the Liquidator to verify, provide correct and sufficient information, establish and post a list of creditors and debtors, and verify and inventory correctly and sufficiently all assets on the land that need to be liquidated and hire an enterprise to manage and liquidate the assets according to regulations.
In May 2023, the Administrator prepared a report on the settlement process, problems and proposed solutions. In particular, the Administrator reported that he requested the Company to continue to send a written request to Vinashin Corporation to respond and give written opinions on the handling of damaged assets on land to the Administrator no later than May 30, 2023. However, to date, the Administrator has not reported the results of the settlement.
Similarly, the list of creditors and debtors was not provided to the Administrator by the above company.
Stuck in procedures because more than 165 Vinashin subsidiaries have not been dissolved
The content provided by the court to the People's Committee of Dong Hoa town also shows: The assets on the land that Vi Dat Company won the auction were mortgaged and secured at the Shipbuilding Industry Finance Company Limited (VFC) from government bond capital, including: investment in infrastructure construction, operating house, 3,000T slop, factory attached to the land,...
Phu Yen Agricultural and Aquatic Industry Company proposed that the People's Committee of Phu Yen province temporarily suspend the land acquisition so that the Company can rearrange its real estate facilities according to Decree 167/2017/ND-CP dated December 31, 2017 on Regulations on rearrangement and handling of public assets of the Government, and recovery of investment capital for the State.
The company also proposed that the People's Committee of Phu Yen province should coordinate and have an inter-sectoral agreement with the above-mentioned ministries and branches to finalize the direction of handling assets on land and land use rights to avoid disputes between the People's Committee of the province and higher-level agencies after bankruptcy.
The company requested the Court to wait for instructions from the Ministry of Transport, the Ministry of Finance and Vinashin Corporation to coordinate in resolving the matter according to the law.
According to the report, currently, more than 165 subsidiaries of Vinashin Corporation are in the process of bankruptcy and liquidation nationwide, but none of them have completed the bankruptcy and liquidation. The reason is that these companies are stuck with procedures regarding assets on land and land use rights because these assets are assets mortgaged to partners to borrow government bonds.
Therefore, the report said that it takes time to consult other units as well as have consensus between ministries and Phu Yen Provincial People's Committee to ensure legality and compliance with legal regulations.
Previously, VietNamNet Newspaper reported that a company in Phu Yen won the auction for a land plot of over 17,500 square meters, including an office building and warehouse, in Hoa Thanh Commune, Dong Hoa Town, but has not been handed over for nearly ten years. The company has repeatedly approached the authorities for a thorough solution, but has yet to receive a definitive answer. The entanglement in the above procedures related to state agencies has put the company in a difficult and damaging position.
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