08.07.2010

Auction House of the Russian Federation – Association of Northwestern Banks Agreement on cooperation

The Auction House of the Russian Federation and the non-governmental non-commercial public organizations “Association of Northwestern banks” have signed an agreement on cooperation for the realization of secured properties.

The following is stipulated as part of the agreement:

- cooperation in issues of realizing secured property at auction outside of court,

- popularizing out-of-court proceedings in realizing secured property as the most economically effective method of resolving default loans in the interest of the borrower and debtor.