Asset valuation costs are an important factor in determining the value of assets in lawsuits, transactions, or administrative decisions. Asset valuation not only helps ensure fairness and transparency but also protects the legitimate rights and interests of the parties involved. Below, NPLaw invites our esteemed readers to explore the legal issues related to asset valuation costs.
I. Understanding on asset valuation costs
Asset valuation costs are expenses incurred in the process of determining the value of assets, implemented by competent organizations or individuals such as a Valuation Council. These costs include various components, such as remuneration for members of the Valuation Council, travel expenses, fees for hiring experts, data collection, and consumable materials.
In addition, other reasonable expenses related to the valuation process are also included in the total costs. The determination of asset valuation costs must comply with current legal regulations to ensure reasonableness and transparency. Under the Law on Fees and Charges and related legal documents, these costs must be reasonably allocated and agreed upon by the parties involved, especially in civil or administrative cases and disputes.
II. Legal regulations on asset valuation costs
1. What are asset valuation costs?
Asset valuation costs are expenses related to determining the value of assets during the resolution of cases, disputes, or when implementing legal procedures. These costs cover the necessary expenses to determine the value of assets required to be valued under legal regulations.
2. Legal basis for determining asset valuation costs
Asset valuation costs are determined based on legal provisions, asset value, valuation methods, and the organization conducting the valuation. The legal bases include:
- The Civil Procedure Code 2015;
- Ordinance No. 02/2012/UBTVQH13.
3. How to calculate asset valuation costs
The method for calculating asset valuation costs is stipulated in Article 35 of Ordinance No. 02/2012/UBTVQH13, which includes:
- Costs for persons performing the valuation, including remuneration, travel expenses, and accommodation fees for members of the Valuation Council;
- Costs for collecting and analyzing information on the assets to be valued;
- Costs for consumable materials;
- Costs for necessary service usage;
- Other costs as prescribed by law.
Thus, the method of calculating asset valuation costs under Article 35 of Ordinance No. 02/2012/UBTVQH13 is clearly and specifically defined to ensure transparency and fairness in determining valuation costs.
III. Some questions about asset valuation costs
1. Who takes the asset valuation costs?
According to Article 165 of the Civil Procedure Code 2015, the obligation to take asset valuation costs is determined as follows:
- The party will take the asset valuation costs if their request is not accepted by the Court;
- In case the Court divides joint assets, each person receiving assets must take a portion of the valuation costs corresponding to the value ratio of the assets they receive;
- If the Court decides to implement valuation, the obligation to take costs is determined as follows:
+ The party will take the costs if the valuation result proves the Court’s decision was well-founded;
+ The Court will pay the costs if the valuation result proves the Court’s decision was unfounded.
- If the case is suspended and the Valuation Council has conducted the valuation, the plaintiff must take the valuation costs;
- In cases of appellate suspension where the Valuation Council has conducted valuation, the appellant must take the valuation costs;
- In other cases of case suspension where the Valuation Council has performed valuation work, the party requesting valuation must bear the costs.
In summary, the obligation to take asset valuation costs depends on the outcome and context of the case and the Court’s decision regarding the valuation.
2. Who decides the asset valuation costs?
According to Clause 3, Article 104 of the Civil Procedure Code 2015, the asset valuation costs are decided by the Court when establishing a Valuation Council in the following cases:
- At the request of the parties;
- The parties cannot agree on the valuation organization or asset value;
- There are signs of fraud in price agreements to evade obligations to the State or third parties.
Thus, the Court has the authority to decide on asset valuation costs when establishing a Valuation Council in necessary cases.
3. Procedures for determining asset valuation costs
According to Clause 4, Article 104 of the Civil Procedure Code 2015 and Article 35 of Ordinance No. 02/2012/UBTVQH13, the procedures for determining asset valuation costs include the following steps:
Step 1: Establish the Valuation Council
- The Court establishes a Valuation Council, including a Chairperson who is a representative of the financial authority and members who are representatives of relevant specialized agencies.
- Persons who have conducted procedural activities in the case, or those specified in Article 52 of the Civil Procedure Code 2015, are not allowed to participate in the Valuation Council.
Step 2: Determine cost items
The cost items to be determined during the asset valuation process include:
- Costs for persons performing valuation: remuneration, travel expenses, accommodation, and per diem for Valuation Council members;
- Costs for collecting and analyzing information on the asset to be valued;
- Costs for consumable materials;
- Costs for using other necessary services;
- Other costs as prescribed by law.
Step 3: Prepare minutes and valuation decisions
- The asset valuation must be recorded in minutes, clearly stating the opinions of each member and involved parties (if participating);
- The Valuation Council’s decision must be approved by more than half of the total members;
- The minutes must be signed or fingerprinted by Council members, the parties, and witnesses (if any).
In summary, the procedure for determining valuation costs must ensure openness, transparency, and compliance with legal regulations.
4. Are asset valuation costs refundable?
According to Clause 3, Article 40 of Ordinance No. 02/2012/UBTVQH13, if a person pays the valuation costs but is not the party obliged to pay these costs, then the party legally obligated to pay must refund the amount advanced by that person.
Thus, asset valuation costs will be refunded if someone has paid them but is not obligated to, meaning the obligated party must reimburse such an amount.
5. How are disputes over asset valuation costs resolved?
According to Clauses 3 and 4, Article 42 of Ordinance No. 02/2012/UBTVQH13, if the parties cannot agree on the asset price and request the Court to decide on the valuation, each party must pay half of the valuation costs. If there are multiple parties, they must share the costs as decided by the Court. If the valuation result proves the Court’s decision was unfounded, the Court will pay the valuation costs.
IV. Legal consulting services on asset valuation costs
The above is NPLaw’s article on asset valuation costs. With a team of experienced lawyers and legal professionals, NPLaw is always ready to accompany, advise, and support clients on legal issues related to asset valuation costs. If you require assistance with other legal matters, please contact NPLaw through the information below:
