In order to overcome the inadequacies and obstacles in civil transaction practice that Decree 163/2006/ND-CP on secured transactions issued under Civil Code 2005 has not yet resolved, on March 19, 2021, the Government has issued Decree 21/2021/ND-CP guiding on the implementation of Civil Code 2015’s regulations on securing the performance of obligations (Decree 21). This Decree has been effective since May 15, 2021. NHQuang would like to introduce some notable contents of Decree 21 as follows:
- Supplementing regulation on the description of collaterals in security contracts;
- Supplementing new regulation on the right to reclaim collaterals;
- Supplementing new regulation on handling collaterals.