According to Article 104 of the Civil Procedure Code 2015 stipulates on asset valuation, asset valuation in civil proceedings as follows:
1. The involved parties have the right to provide the disputed property prices; agreement on the price of the disputed property.
2. The involved parties have the right to agree on the selection of an asset price appraisal organization to conduct the asset price appraisal and provide the appraisal results to the Court.
The appraisal of property prices shall comply with the provisions of the law on asset price appraisal.
3. The court shall issue a decision on asset pricing and establish a valuation council in one of the following cases:
a) At the request of one or the involved parties;
b) The involved parties fail to reach agreement on selecting an asset price appraisal organization or offer different asset prices or fail to reach agreement on asset prices;
c) The parties agree with each other or with an asset price appraisal organization at a price lower than the market price where the asset is valued at the time of valuation in order to evade obligations to the State or a third person or there are grounds to show that the asset price appraisal organization has violated the law when appraising the price.
4. Order and procedures for setting up an asset valuation and valuation council:
a) The Valuation Council established by the Court consists of the Chairman of the Valuation Council who is a representative of the financial agency and members who are representatives of the relevant professional agencies. The person who has conducted the procedure in that case, the person specified in Article 52 of this Code may not participate in the Valuation Council.
The Valuation Council only conducts the valuation in the presence of all its members. In case of necessity, representatives of the commune-level Peoples Committees of the localities where the assets are valued are invited to witness the valuation. The involved parties are notified in advance of the time and place of the valuation, have the right to attend and express their opinions on the valuation. The right to decide on the price of the asset to be appraised belongs to the Valuation Council;
b) Financial authorities and relevant specialized agencies shall appoint people to participate in the Valuation Council and create conditions for them to perform their tasks. The person appointed as a member of the Valuation Council is responsible for fully participating in the valuation. In case the financial agency or specialized agency does not appoint a person to participate in the Valuation Council, the court shall request the competent management agency to directly direct the financial agency or specialized agency to comply with the request. of the Court. If the person appointed to participate in the Valuation Council fails to participate without a plausible reason, the Court shall request the leader of the agency that appointed the person to participate in the Valuation Council to consider the responsibility, appoint another person to replace it and notify notify the Court to continue the valuation;
c) The valuation must be made in minutes, clearly stating the opinions of each member and involved parties if they attend. The decision of the Valuation Council must be approved by more than half of the total number of members. The members of the Valuation Council, involved parties and witnesses shall sign or point to the minutes.
5. The re-valuation of assets shall be carried out in case there are grounds to believe that the first-time valuation results are incorrect or inconsistent with the market prices where the assessed assets are located at the time of settlement of the civil cases.
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