Moscow begins to publish information about sale of collateral on Fedresource

MOSCOW. March 25 (Interfax) - Moscow's Municipal Property Department has received the opportunity to publish notices of impending sales of property held as collateral through a bidding process 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.

"Moscow will via our register inform the public about forthcoming sales of assets held by the city as collateral. I am sure buyers will be interested as there are some very attractive assets," said Fedresource manager Alexei Yukhnin.

Notices about upcoming sales are placed in the debtor's card and the Municipal Property Department's card on Fedresource (fedresurs.ru). It is possible to carry out a search by published and completed auctions and parameters of collateral in the card's "Notices of the sale of collateral property" section.

Moscow's Municipal Property Department started to publish notices of impending foreclosure sales on the Fedresource website at the end of December 2021. The Department had published 21 such notices as of March 24, 2022.

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 has been accessible on Fedresource since December 27, 2021.

"Other constituent entities of the Russian Federation and municipalities with the corresponding regulatory framework are entitled to publish notices about the sale of collateral property and rights of foreclosure at their discretion," said Alexei Yukhnin. "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.