The Deposit Insurance Agency (DIA) will receive the right to form a temporary administration of banks, non-state pension funds (NPFs) and insurance companies. This follows from the draft law prepared by the DIA on liquidation reform. Now he is in agreement with the Central Bank and is preparing to submit to the State Duma. "Vedomosti" got acquainted with the document, close to the board of directors of the DIA, the person confirmed its contents.

The Central Bank is discussing with the DIA a "set of initiatives" that should shorten the term of liquidation procedures and increase their effectiveness in terms of repayment of funds to creditors, the deputy chairman of the Central Bank Vasily Pozdyshev said through the press service.

Now the Central Bank revokes the license from financial organizations and appoints its provisional administration, which then gives way to the liquidator - they are legally DIA. If the DIA gets the functions of the interim administration, it will exclude the costs of transferring cases from the temporary administration to the liquidator, eliminate duplication of work and speed up the process, the explanatory note to the bill says.

Employees of the DIA will conduct an analysis of the financial condition of the organization, inventory of property, accept creditors' claims, search for and return lost assets, and prepare them for sale (to form lots, look for potential buyers, etc.), specified in the bill. The temporary administration of the DIA will report to the Central Bank, and the regulator will have the right to check its work.

"If the DIA gets such functions, it will simplify and accelerate the process of liquidating funds," said Valery Vinogradov, an advisor to the president of the National Association of Non-Governmental Pension Funds. He recalls that the pension funds of Anatoly Motylev lost their license in August 2015, and the bankruptcy proceedings are still pending on them.

The draft law has not been discussed with the insurance community yet, says Igor Yurgens, president of the ARIA. He hopes that the opportunity to get to know him and speak out about him will be provided, "so that we can assess the possible risks or advantages of the mechanism."

From the creditor to the shareholders

The deadline for the liquidation of financial institutions will have to be reduced from 3 to 1.5 years, the explanatory note says. The draft law provides that the DIA will be entitled to liquidate NPFs that do not engage in compulsory pension insurance: arbitration managers accredited by the Central Bank may now liquidate them.

The timing for the formation of the register of creditors is also planned to be reduced: now it takes 30 working days from the date of publication of the bankruptcy notice, and will be 30 calendar days after the publication of the introduction of the interim administration. Now the formation of committees of creditors can take 90 days from the date of publication of bankruptcy, because the sale of assets of a bank that has collapsed requires reconciliation with its creditors, the note says: during this time the quality of the bank's assets is deteriorating.

To sell assets ASV wants on the principle of the Dutch auction, it follows from the amendments. "If any of the participants agreed with the initial price, then the auction goes on raising to the maximum price; if he did not agree, then the price goes down to the minimum, at which the auction ends "- so the director general of the DIA Yuri Isaev described the mechanism in December last year. Now trading is not possible. And for the starting price is taken the book value of assets, which often exceeds the market value.

If the property is not sold and on repeated bids, then by decision of the creditors' meeting or its committee, one or several unit investment funds (PIF) may be formed from the assets of the collapsed bank, the bill says. The Fund units in this case will be distributed among the creditors in accordance with the order. The management company will be selected by the creditors themselves, and the value of the property will be determined as the initial price on its repeated trades.

"The reduction in terms will adversely affect creditors due to the fact that many of them are not legally prepared and do not have full-time lawyers, and for inclusion in the register it is necessary to collect a large package of documents," the representative of the initiative group of creditors of the failed Probusinessbank Nerses Grigoryan. "While the companies will understand the procedure and in their constituent documents, the deadline will pass. In this case, creditors who did not have time to file an application will be excluded from the bankruptcy process and their chance to receive compensation will be negligible, "he said. The holding of the Dutch auction should significantly expand the opportunities for the sale of assets, Grigoryan continues, and the idea of ​​packaging assets in the UIF raises questions about the credentials of the creditors committee - whether it will influence the list of transferred assets, whether the choice of the management company is independent and so on.

"The packaging of property in shares is similar to the replacement of assets - in fact, now the de jure liquidation will end, and de facto - continue, but not inside banks, but in a separate established organization," Tertychny Agabalyan partner Ivan Tertychny says. The banks have a lot of illiquid assets on their balance sheets - real estate, warehouses, factories, they need to be managed and they can not be sold at the same time, he continues: "The managing company will be able to pack these assets and, possibly, sell it to some investor who will be able to finance them and turn them in a normally operating asset ".