Sale of property within the frameworks of bankruptcy procedure is one of the priority directions of work of the Auction House of the Russian Federation.
The Auction House of the Russian Federation is an organizer of an auction for selling the debtor's property in various stages of bankruptcy.
Sale of the property (or property rights) under bankruptcy procedure purports to satisfy the interests of the creditor.
On October 11, 2010 Ministry of Economic Development attested the electronic platform of the Auction House of the Russian Federation http://bankruptcy.lot-online.ru for public open bidding in electronic form while selling the property of bankrupts.
On October 14, 2010, in accordance with the Federal Law 127-FZ “On Insolvency (Bankruptcy)” and the Order of Ministry of Economic Development № 54 of 15 February 2010 has changed the rules of the sale of property of companies in bankruptcy. In accordance with Part 3 of Clause 11 of the 127-FZ “On Insolvency (Bankruptcy)” for sale at the auction held in electronic form subject the following: real estate, securities, property rights, the mortgaged property, objects of historic or artistic value etc.
On October 19, 2010 the Auction House of the Russian Federation signed the first agreement on accreditation of electronic platform lot-online.ru for holding open bidding for the sale of property of bankrupts.
The agreement signed with the Non-Commercial Partnership “Self-Regulating Organization of Arbitration Managers “Northern Capital”. In accordance with the agreement the Auction House of the Russian Federation is authorized to conclude contracts on holding electronic auctions for the sale of property of bankrupt enterprises, competitive proceedings of which carry out arbitration managers, members of NP SRO “Northern Capital”.
On November 18, 2010 electronic marketplace of the Auction House of the Russian Federation lot-online.ru accredited in Non-Commercial Partnership “Moscow Self-Regulating Organization of Professional Arbitration Managers” for holding electronic bidding in the sale of the property within the frameworks of the bankruptcy procedure.
Possible options of cooperation in the debtor's bankruptcy
The Auction House of the Russian Federation is an organizer of bidding for sale:
• the debtor's property (in the manner prescribed in Clause 110 of the Law “On Insolvency (Bankruptcy)” and in other cases stipulated by this Federal Law);
• the totality of rights of creditor claims (when the debtor is under insolvency proceedings). This form of interaction allows the creditor to optimize the cost of obtaining the amount of the debt, and such acquisition may be interesting for the other creditors of the debtor, involved in bankruptcy procedure.
Within the framework of selling at auctions the property of bankrupt enterprises the Auction House of the Russian Federation collaborates with associations of arbitration managers:
• Non-Commercial Partnership “Self-Regulating Organization of Arbitration Managers “Development”;
• Non-Commercial Organization Self-Regulating Organization of Arbitration Managers “Interregional Center of Experts and Professional Managers”;
• St. Petersburg branch office of the Non-Commercial Partnership “Association of Arbitration Managers “Vanguard”.
Agreements signed with associations of arbitration managers include the sale of debtors' property within the framework 127-FZ “On Insolvency (Bankruptcy)”.
The Auction House of the Russian Federation offers cooperation to arbitration managers, banks and other creditors within framework of provision of services for selling at the auctions property of bankrupt enterprises.
The Auction House of the Russian Federation guarantees
• an extensive advertising campaign for objects offered for sale
• effective sales
• maximum observation of financial interests of the creditor