27 Dec 2021 18:44

Moscow begins to publish information about foreclosure sales on Fedresource

MOSCOW. Dec 27 (Interfax) - Moscow's Municipal Property Department now has the opportunity to publish notices of impending foreclosure sales on the website of the United Federal Register of Legally Significant Factual Data about the Activity of Legal Entities (fedresurs.ru), the Department and register operator Interfax said in a joint press release.

The Moscow Municipal Property Department began to put the rights of foreclosure with respect to its own bankrupt debtors up for auction on the Rosseltorg electronic trading platform in 2021. A large portion of these lots is secured by collateral in the form of real estate. Buyers receive the status of mortgagee and will be able to satisfy their claims through the sale of this collateral or keep it for themselves. There are also companies without property, but with other assets, which may be sufficient to pay off debt.

Information about upcoming foreclosure sales by the Department is now accessible on Fedresource.

"Disclosing information about auctions on Fedresource will draw a wider range of potential buyers, which will make it possible, on the one hand, to quickly clear the city budget of such debts, and on the other hand, to increase the level of satisfaction of claims of creditors who have successfully disposed of purchased assets," said project manager Alexei Yukhnin.

Creditors of bankrupt companies received only 103.6 billion rubles, or 2.9% of claims totaling 3.622 trillion rubles in January-September 2021, according to Fedresource data. The level of satisfaction of claims by mortgagees in the same period was significantly higher at 18.1% or 46.6 billion of 257.5 billion rubles.

Notices of upcoming auctions and their completion, with a link to the auctions on the electronic trading platform, the amount of claims and a description of the property pledged, are posted on the debtor's card and on the Municipal Property Department's card on fedresurs.ru. The "Notices of Foreclosure Sales" section of the card makes it possible to search for current and completed auctions.

The auctions are regulated by Moscow Government Resolution No. 1228-PP of August 10, 2020 "On the procedure for the sale of debts receivable by the budget of the City of Moscow by assigning a claim (cession)." The Department is authorized to sell claims against its own debtors in a state of bankruptcy at auctions. Members of the public and organizations can bid at auctions following registration on the electronic trading platform.

"Other constituent entities of the Russian Federation and municipalities with the corresponding regulatory framework are entitled to publish similar notices, at their discretion," Yukhnin said. "According to the law, government and local government bodies publish such information free of charge," he said.

Fedresource (fedresurs.ru) is the main online outlet for the disclosure of legally important information about Russian commercial organizations, a publicly accessible resource for the analysis of counterparties, charges and encumbrances, and monitoring of bankruptcies. Interfax is the operator of Fedresource.