Over the past five years in Russia, due to the bankruptcy procedure, debts in the amount of 12 trillion rubles were written off. As the deputy head of the Federal Tax Service (FTS), Konstantin Chektyshev, told, only in 2020, the Russian economy lost 3.4 trillion rubles, written “Vedomosti”.
According to him, “the situation is very worsening.” Even recently, each third procedure has been delayed longer than the established period. In the last year, their share reached 63 percent. On average, under bankruptcy, assets are sold five times cheaper than market value, and lenders receive no more than five percent of the debt amount.
Every year the missed benefit of creditors from sales is about 500 billion rubles. As Checkyshev noticed, “the fact that lenders were going to invest in business, frozen, was affected by the Bankruptcy Institute.”
To date, 92.2 percent of bankruptcies ends with liquidation in Russia, and 38 percent of companies are in the procedure, no longer having liquid assets. Rehabilitation procedures in the country no more than two percent, and, for example, in the US, their share reaches 30 percent.
Managing Partner of the Center for Working with Problem Assets Zoya Galeeva notes that in Russian society they did not have learned to use the Institute of Bankruptcy. Companies pull to the latter, and lenders, as soon as they learn about problems, want to immediately pick up their money, which is deprived of the company a chance for salvation. In each second bankruptcy, the last opportunity to recover the debt is to attract directors or beneficiaries to subsidiary responsibility.
The representative of the FTS indicated that the department together with the Ministry of Economic Development developed a reform of the bankruptcy procedure to make it an effective tool for cleansing the economy. In his opinion, the fact that the initiative criticizes everything is indicative of its quality. Otherwise, some of the side would have managed to find benefits for themselves.
Earlier it was reported that the Arbitration Court of St. Petersburg and the Leningrad Region found bankrupt the company Metrostroy, the largest contractor for the construction of the city’s metro. An analysis of the company’s financial state showed that it will not be able to cover overdue loans from their profits in two years, and it does not have adequate plans for financial recovery.