Sale of property of bankrupt enterprises
Realization of property in bankruptcy proceedings is one of the priority areas of work of the Auction House of the Russian Federation.
The Auction House of the Russian Federation is acting as the organizer of auctions for the sale of property of the debtor at various stages of bankruptcy.
Realization of property (or property rights) within bankruptcy proceedings has the goal of satisfying the creditor’s interests to the maximum degree.
On 11 October 2010, the Ministry of economic development of the Russian Federation attested the electronic platform of the Auction House of the Russian Federation, http://www.bankruptcy.lot-online.ru to carry out open auctions in electronic form in the sale of property of bankrupts.
From 14 October 2010, in accordance with 127-FZ “On insolvency (bankruptcy) and the decree of the Ministry of economic development № 54 of 15 February 2010, the rules changed for selling the property of enterprises as part of bankruptcy proceedings. In accordance with part 3 article 11 127-FZ “On insolvency (bankruptcy)”, the following is liable to sale at auctions held in electronic form: immovable property, bonds, property rights, pledged property, items of historical or artistic value etc.
On 19 October 2010, the Auction House of the Russian Federation signed the first agreement on accreditation of the electronic platform lot-online.ru to carry out open auctions in selling property of bankrupts. The agreement was signed with Severnaya Stolitsa. In accordance with this, the Auction House of the Russian Federation is empowered to sign agreements to hold auctions for the realization of property of bankrupt enterprises, the competition proceedings of which are carried out by arbitration managers at Severnaya Stolitsa.
On 18 November 2010, the electronic auction platform of the Auction House of the Russian Federation lot-online.ru was accredited at the Non-commercial partnership "Moscow self-regulating organization of professional arbitration managers" for holding electronic auctions for the sale of property as part of bankruptcy proceedings.
At present, the Auction House of the Russian Federation is holding talks on signing equivalent agreements with 21 self-regulating organizations, uniting arbitration managers on the territory of all the subjects of the Russian Federation.
Additional information about the procedure for carrying out auctions on the platform of the Auction House of the Russian Federation may be found here.
Possible options of cooperation in bankruptcy of debtor
The Auction House of the Russian Federation acts as the organizer of auctions on the sale of:
- property of debtor (in order prescribed in the Article 110 of the Law «About insolvency (bankruptcy)» and in other cases prescribed in this Federal law);
- combination of rights of requirement of creditor ((when the case of insolvency is conducted in regard of the debtor). This form of interaction allows creditor to optimize the expenses for collecting debt sum, and such purchase may be interesting to the other creditors of the debtor participating in bankruptcy procedure.
As part of work to realize the property of bankrupt enterprises at auctions, the Auction House of the Russian Federation is working with associations of arbitration managers:
- The non-commercial partnership “Self-regulating organization of arbitration managers ‘Razvitie’;
- The non-commercial association “Self-regulating organization of arbitration managers ‘Interregional center of experts and professional managers”;
- The St. Petersburg branch of the non-commercial partnership “Association of arbitration managers ‘Avangard’.
The agreements signed with the associations of arbitration managers stipulate the sale of property of debtors under 127-Federal Law “On insolvency (bankruptcy)”.
The Auction House of the Russian Federation offers cooperation to the trustee in bankruptcy, banks and other creditors in frames of services of selling the property of bankrupt enterprises at biddings.
The Auction House of the Russian Federation guarantees
- Wide promotional campaign for the objects put to sale
- Effective biddings
- Maximum observance of financial interests of the creditor