Assessment in bankruptcy. Cases of mandatory involvement of an appraiser in bankruptcy Valuation of property rights in bankruptcy

Within the framework of the law on bankruptcy of individuals. The issue of property valuation during bankruptcy proceedings is becoming increasingly relevant. What is the role of the appraiser and what are the features of this type of assessment, our permanent expert, General Director of the law firm Delovoy Dom, Ph.D., Alexey Kuznetsov, told in his column.

The assessment of the value of property in bankruptcy cases is regulated by the general provisions of the legislation on valuation activities and federal valuation standards. To date, no special rules or special standards have been developed at the federal level.

But this does not at all indicate that the assessment of property sold at auction is carried out in a general manner and does not have any specific features.

There are still a number of nuances in this activity. Let's look at each of them.

1. The object of assessment is not limited by anything

It is known that at the federal level a number of valuation standards have been developed that determine the features of the valuation of a particular object (real estate, stocks and shares, intangible assets, etc.).

A debtor in a bankruptcy case may have various types of property, all of which must be sold to satisfy the claims of creditors. Therefore, if a specific object is subject to assessment, for which special rules established by federal standards are provided, they must be taken into account and the preparation of the report, in addition to the general provisions, must be based on the provisions of the corresponding assessment standard.

2. Type of value determined

Before the assessment, an assessment task is drawn up, the content requirements of which are established, in particular, in FSO No. 1. One of these requirements is the need to indicate the value to be determined. As part of the bankruptcy procedure, either the market or liquidation value of the property is established.

In accordance with Art. 3 of the Law on Valuation Activities, the market value of the valuation object is understood as the most probable price at which this valuation object can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having the necessary information, and the value of the transaction price does not reflect any emergency circumstances.

However, the bankruptcy procedure gives rise to such extraordinary circumstances as the forced alienation of the subject property. Since the object is sold at auction, the time for its implementation may be less than under normal conditions. When determining the liquidation value, the key role is played by the short time frame allocated for the sale of the property being valued. The value of the property decreases, which means that the liquidation value will always be lower than the market value.

3. Implementation deadlines

When valuing property within the framework of bankruptcy, the period remaining until the end of bankruptcy proceedings, during which it is necessary to sell the object of valuation at auction, becomes of great importance. The larger it is, the higher the price the debtor’s property can be sold at.

4. Mandatory involvement of an appraiser

In a number of cases, the involvement of an appraiser in determining the value of property to be sold is mandatory, i.e., the right of the arbitration manager to involve an appraiser is transformed into his responsibility.

The law specifies several such cases:

The debtor is a unitary enterprise;

The debtor is a joint-stock company, more than 25% of the voting shares of which are in state or municipal ownership.

Both the property that is the subject of the pledge and movable property, the book value of which as of the last reporting date preceding the date of filing the application to declare the debtor bankrupt, exceeds 100 thousand rubles, are subject to mandatory assessment by an independent appraiser.

5. Features of the assessment report

If the debtor is a unitary enterprise or joint-stock company, more than 25% of the voting shares of which are in state or municipal ownership, the assessment report must be accompanied by the conclusion of the Federal Property Management Agency on the prepared report. The conclusion is prepared based on the results of the analysis of the report for compliance with the requirements of the legislation on valuation activities, as well as for the compliance of the information presented in the report with the information contained in the set of documents. Within 30 days, the Federal Property Management Agency makes either a positive decision on the assessment report or a negative one. In any case, it is sent to the arbitration manager. If a positive opinion is given or, conversely, there is no conclusion, the meeting of creditors or a committee of creditors sets the initial sale price of the enterprise or other property of the debtor based on the market value of such property, determined in accordance with the assessment report.

Valuation of property in a bankruptcy case has its own characteristics, however, due to the heterogeneity of property that the debtor may have, there is no need to develop a separate standard for the valuation of property to be sold at auction during bankruptcy.

Most cases of bankruptcy of citizens are carried out through the sale of property - a procedure that involves the seizure of the debtor's property for the purpose of paying off debt obligations. Accordingly, if the bankrupt actually has property, a bankruptcy estate must be formed, and an assessment of the debtor’s property in bankruptcy is also carried out. Let's consider what nuances a bankrupt needs to know and how to prepare for a property valuation?

Find out how to be guaranteed to be free of all debts through bankruptcy in your situation

Inventory of the debtor's property

After the court has ordered the sale of property, an inventory of the property must be made. The procedure for conducting it differs depending on who initiated the bankruptcy.

• If the bankruptcy initiator was a creditor. In this case, the inventory of property is carried out by a financial manager appointed by the court;
• If the initiator of bankruptcy was the debtor himself. He carries out the inventory of the property himself. He is obliged to compile a list of the property he owns: vehicles, real estate, valuables, and so on, and submit it to the financial manager.

One way or another, the financial manager is responsible for the inventory and subsequent verification of the presented property. He also checks:

• is there any hidden property: for example, foreign bank accounts, registration of property in other countries. Let us note that if the debtor decides to hide property and this is discovered, he may be held liable and the debts will not be written off in this case;
• are there any signs of premeditation and fictitiousness of bankruptcy. Such actions are subject to criminal liability;
• are there any suspicious transactions that can be challenged.

1. From the bankruptcy estate, necessarily property protected by the provisions of Art. 446 Code of Civil Procedure of the Russian Federation. That is, in bankruptcy, the only housing, equipment for work and professional activities, agricultural objects, household items, products, and cash for farming cannot be sold to pay off debts.
2. The financial manager can challenge transactions, which were concluded by the debtor in the 3 years preceding bankruptcy, and which are related to the alienation of property. For example, if six months before the procedure the debtor gave an apartment (which is not the only home) to a relative, then the transaction may be declared invalid and the apartment will be included in the bankruptcy estate.

Let's remember... What is considered a suspicious transaction?

• An agreement where the cost is clearly below market value - less than 30%.
• An agreement where the second party to the transaction is a person who is related to the debtor.

Thus, as a result, a full-fledged document is formed with an inventory of the property, where it is listed with a full technical description. This could be an indication:

• cadastral number;
• identification code;
• manufacturer;
• brands;
• property plan;
• real estate location;
• grounds for the emergence of property rights;
• information about the condition of the item.

Valuation of the debtor's property in bankruptcy

• independent experts.

Most often, the assessment is carried out by the financial manager. It is cheaper, faster and more beneficial for all parties in the process. However, if one of the participants in the case considers that the assessment is unfair and expresses objections, an independent examination is invited. The experts' services are paid for by the party that invited them.

Important! In some cases, the initiator of the professional examination is the manager himself. In this case, he also pays the expenses.

How is property assessed?

We will omit the question of how professional expertise is carried out, since the activities of such specialists are regulated by law; they are also guided by international standards and approaches to assessment accepted in their environment.

If a financial manager evaluates property, he necessarily focuses on 2 main factors:

1. Market value of the property.
2. Degree of wear.

For example, if the assessment is carried out in relation to a car, then the original price of a car of a similar brand is estimated + an analysis of its current condition is carried out: has repairs been carried out, are there any flaws in appearance, what is the condition of the gearbox/engine/body/interior, and based on the data obtained, a final cost.

During the assessment process, the financial manager also focuses on the following points:

• takes into account market valuation of property, focusing on relevant resources for the sale of similar objects. In particular, if we are talking about a house, then we analyze how much the same houses cost in the region;
• takes into account expenses losses incurred after the acquisition of property by the debtor. For example, if the house has been renovated, a bathhouse and garage have been completed, the area has been landscaped - all these expenses are taken into account when determining the final price;
• taken into account potential profit. For example, if the house is located in a tourist place, it takes into account how much you can earn by renting out the property to tourists.

Further, after the final value is formed, the assessment is presented to all other participants in the case: creditors, debtor. If any of them considers that the data is unfair, independent experts may be invited. The final grade will be given through the formation of an expert opinion.

Free consultation

Can the financial manager's assessment be trusted?

Note! As a rule, the financial manager ultimately tries to identify the maximum value of the property. Not only the debtor and creditors are interested in this, but also the manager himself - according to the provisions of the Bankruptcy Law, his remuneration depends on the value of the property sold, he will receive 7% of the property sold.

It should be noted that legislators initially set 2% for managers, but after a wave of protests in 2016, changes were made. Managers simply refused to work, arguing their reluctance with unworthy pay.

Thus, the procedure for selling the debtor’s property brings to the manager:

• mandatory remuneration in the form of 25,000 rubles (payment is made at the time of filing an application with the court, expenses are paid by the initiator of the process);
• 7% of the bankrupt’s property sold.

On the other hand, overvaluation can lead to illiquidity of the property. If the price does not correspond to the real condition of the object, the auction will not take place. Accordingly, it is important that a balance is maintained in this matter.

Practice shows that managers are practically not interested in processes where the debtor does not have property to sell. For example, a pensioner who owns only one home and furnishings in the apartment applies for bankruptcy. Cases where debtors have mortgaged housing, other expensive collateral, or several real estate properties are considered with much greater interest.

The final stage: organizing trades and making settlements

After the assessment, the financial manager must plan:

• trading deadlines;
• initial cost of the bankruptcy estate;
• procedure for selling property.

He has approximately 30 calendar days to draw up a plan. Next, along with the inventory, the manager submits the plan for consideration by the court. The document may be accepted or sent for further revision if the court finds that it has violated any legal norms.

Implementation can be done in two ways:

1. Direct sale. If the cost of the object does not exceed 100,000 rubles, the financial manager can sell it through private advertisements, publishing them on the appropriate websites. Typically, televisions, computer equipment, jewelry, and other inexpensive items are sold this way.
2. Electronic trading. If the cost of a certain property is more than 100,000 rubles, then the manager’s task is to organize auctions. They are held at certain venues, through the organizers. Persons who have registered on such resources and have an electronic digital signature can participate in the auction. In some cases, participants are required to make a cash deposit.

So, if in bankruptcy procedures it is necessary to conduct tenders, then the manager is obliged to adhere to the following procedure.

1. Finding a bidding organizer - usually a company/organization.
2. Publication of information about trading in the EFRSB and the printed publication Kommersant.
3. Listing of property with further increase in price.
4. If the sale does not take place, at the next stage of bidding the cost is reduced to 15%.
5. If the sale is again unsuccessful, the cost is reduced to 20-30% or more. Thus, as a result, the price is greatly reduced and buyers have a good chance of purchasing the property at a profit.

• court expenses;
• 7% remuneration for the manager;
• 80% of the sold collateral property is handed over to the collateral creditor (for example, if an apartment is sold under a mortgage agreement, then 80% of the amount is handed over to the bank that issued this mortgage);
• 50% of the sold joint property (if a bankrupt is married) is given to the second spouse;
• the remaining funds are distributed among the remaining creditors.

What will happen to the property that could not be disposed of in the bankruptcy of individuals? The following order is provided:

1. Creditors will be asked to take the remaining property to pay off the debt at the value determined through the appraisal.
2. If there is a refusal from the creditors, then the financial manager must transfer the remaining property to the bankrupt. In this case, an official act of acceptance and transfer of such property will be drawn up.

Accordingly, if the proceeds were not enough to make payments and repay, the remaining debts will be written off at the final court hearing. From this moment, all claims against the debtor are considered withdrawn and extinguished.

After declaring bankruptcy and removing all debt claims, the bankrupt can again acquire property, carry out material transactions, and use the services of banks. Creditors have no right to make claims after a final court order has been issued.

Note that the bankruptcy of individual entrepreneurs is carried out according to the same scheme, because entrepreneurs also belong to the category of individuals.

If you have a need to declare financial insolvency, but at the same time you want to know what will happen to your property, contact our lawyers for advice! We will tell you about the risks and opportunities, and also help you go bankrupt with minimal risks.

Call us or write to online chat.

Free consultation

Get an answer to any question regarding personal bankruptcy

Today we will focus on such an aspect of the bankruptcy procedure as the assessment of the debtor’s property to be sold at auction.

All creditors understand that, ideally, bankruptcy should end with the repayment of their claims against the debtor. The insolvent debtor acquires the funds for such repayment only as a result of the sale of his property to other persons. In bankruptcy, such a sale takes place in the form of an auction conducted by an arbitration manager.

However, even if all the debtor’s property is sold, the proceeds may not be enough to satisfy the claims of all creditors. This risk always exists. It can only be minimized by monitoring the establishment of the initial value of the property put up for auction, because undervaluation at this stage significantly reduces the chances of creditors to fully repay their claims.

The primary value of the property put up for auction can be determined with the help of an independent appraiser (precisely “may”, but not “obligated”). The involvement of an appraiser in the bankruptcy procedure is sometimes mandatory; such cases are stipulated by law.

The activities of an appraiser in bankruptcy proceedings are slightly different from other cases of providing appraisal services. The procedure for providing appraisal services in bankruptcy has not received special legal regulation at the federal level. Therefore, the assessment of the value of property in bankruptcy cases is regulated by the general provisions of the legislation on valuation activities and federal valuation standards. Still, there are a number of nuances in this activity and they are worth paying attention to.

The object of assessment is not limited in any way

No one can predict what property belongs to a particular debtor, and therefore it is almost impossible to unify the approach to assessing the debtor’s property in bankruptcy. At the federal level, a number of valuation standards have been developed that establish special rules for the valuation of one or another type of object (real estate, stocks and shares, intangible assets, and so on). Therefore, an appraiser, faced with the need to evaluate an object for which there are special rules, uses them along with the general provisions of the law on valuation activities.

Type of value determined

Before starting an assessment, an assessment assignment is formulated for the appraiser, which is an integral part of the assessment agreement. It is the assessment task that contains all the necessary information, instructions and questions for the appraiser. In particular, it is especially important to indicate in the assignment what type of value the appraiser should establish. As part of the bankruptcy procedure, as a rule, either the market or liquidation value of the property is established. The liquidation value is always lower than the market value, because it involves taking into account the short time frame for the sale of the property being valued. The market value is established when there are no extraordinary circumstances, that is, a forced sale. The very essence of the auction presupposes a limited period of sale and mandatory alienation, therefore, the liquidation value of the subject property is more often established.

Implementation deadlines

As can be seen from the previous paragraph, the final value directly depends on the timing of the sale of the property. Thus, when valuing property within the framework of bankruptcy, the period remaining until the end of bankruptcy proceedings, during which it is necessary to sell the object of valuation at auction, becomes of great importance. The larger it is, the higher the price the debtor’s property can be sold, since if there is a long time period for sale, it is possible to establish the market value of the property, which always exceeds the liquidation value.

Mandatory involvement of an appraiser

As previously noted, in a number of cases, the involvement of an appraiser in determining the value of property to be sold is mandatory, that is, the right of the arbitration manager to involve an appraiser is transformed into his responsibility. The law specifies several such cases:

The debtor is a unitary enterprise;

The debtor is a joint stock company, more than twenty-five percent of the voting shares of which are in state or municipal ownership.

Also subject to mandatory assessment by an independent appraiser is the property that is the subject of the pledge and movable property, the book value of which as of the last reporting date preceding the date of filing the application to declare the debtor bankrupt exceeds one hundred thousand rubles.

Features of the assessment report

The obligation to involve an appraiser, described in the previous paragraph, entails another legally important consequence. If the debtor is a unitary enterprise or joint-stock company, more than twenty-five percent of the voting shares of which are in state or municipal ownership, the assessment report must be accompanied by the conclusion of the Federal Property Management Agency on the prepared report. To prepare a conclusion, the report is analyzed to determine its compliance with the law and the information presented in the report and contained in the set of documents. Within 30 days, the Federal Property Management Agency makes either a positive decision on the assessment report or a negative one. In any case, the prepared conclusion is sent to the arbitration manager. If a positive conclusion is given or, conversely, there is no conclusion for some reason, the meeting of creditors or a committee of creditors sets the initial sale price of the debtor's property based on the market value of such property, determined in accordance with the assessment report.

As we see, the valuation of property in a bankruptcy case has its own characteristics, however, due to the heterogeneity of property that the debtor may have, there is no need to develop a separate standard for the valuation of property to be sold at auction during bankruptcy. These nuances simply need to be known and taken into account in order to better understand the essence of the events taking place in the bankruptcy procedure.

The situation of bankruptcy and liquidation of an enterprise is an emergency. The likelihood of a positive solution to the problem of non-payment depends on the value of the property. An assessment of the value of an enterprise is necessary not only in case of liquidation, but also in other cases of working with an insolvent enterprise:

– when financing a debtor enterprise;

– when financing the reorganization of an enterprise;

– during the reorganization of an enterprise carried out without trial;

– when developing a plan for repaying the debts of the debtor enterprise;

– when analyzing and identifying opportunities for separating individual production facilities into economically independent divisions;

– when evaluating applications for the purchase of an enterprise;

– during the examination of fraudulent transactions on the transfer of property rights to third parties;

– during the examination of enterprise reorganization programs.

According to the Law of the Russian Federation “On Insolvency (Bankruptcy)” dated October 26, 2002 No. 127-FZ, an enterprise can be assessed at the stage of external management (Article 109 “Measures to restore the debtor’s solvency”: upon the sale of part of the debtor’s property and the sale of the entire enterprise debtor Article 110 “Sale of the debtor’s enterprise” and Article 111 “Sale of part of the debtor’s property”: the initial sale price of the property put up for auction is established on the basis of the market value of the property determined by an independent appraiser), at the stage of bankruptcy proceedings (Article 130 “Valuation”) debtor's property"), it is assumed that during bankruptcy proceedings the bankruptcy trustee carries out an inventory and assessment of the debtor's property. To do this, he attracts independent appraisers and other specialists with payment for their services at the expense of the debtor’s property, unless another source is established by the meeting of creditors.

The property of a debtor - a unitary enterprise or a debtor - a joint-stock company, more than 25% of the voting shares of which are in state or municipal ownership, is assessed by an independent appraiser with the presentation of an opinion from the state financial control body on the assessment.

The valuation of the debtor's movable property, the book value of which as of the last reporting date preceding the declaring of the debtor bankrupt is less than one hundred thousand rubles, can be carried out without the involvement of an independent appraiser by decision of the meeting of creditors.

When forming the bankruptcy estate, Art. 131 the predominant part of the debtor's property is subject to assessment, the property that is the subject of the pledge is separately taken into account and assessed. The price of socially significant objects according to Art. 132 is also determined by an independent appraiser.

In bankruptcy proceedings, the initial sale price of the debtor's property put up for auction under Art. 139 “Sale of the debtor’s property” is established by an independent appraiser.

Valuation procedures for the assignment of the debtor's rights of claim and replacement of the debtor's assets during bankruptcy proceedings are carried out in the same way as during external administration, according to Art. 111 and 115, that is, with the involvement of an independent appraiser.

Valuation in a bankruptcy situation has a number of features due to the emergency nature of the situation itself. Based on this assessment, certain management decisions and actions are taken by many stakeholders. Another feature of assessment is the high degree of dependence of third parties on assessment results. In a bankruptcy situation, the customers and users of the assessment are different persons. The users of the assessment are creditors, investors, and judicial authorities who had nothing to do with setting the assessment task and wholly rely on the assessment results when making management decisions. They do not have constant contact with the appraiser, and without knowing the terms of the appraisal assignment, they may negatively interpret the assessment results performed by the appraiser. Knowing this, the parties interested in the valuation need to obtain appropriate explanations from the customer of the valuation (for example, an external manager) or from the expert appraiser himself regarding the fundamental parameters for assessing the liquidation value of the enterprise: the purpose of the valuation, the function of the valuation, the type of value that was determined, the restrictions and assumptions during the assessment, the date of assessment, etc.

External management implies restructuring of almost all factors of production of the debtor enterprise (labor, real estate, capital and management); introduction of a moratorium on satisfying creditors' claims; restoration of solvency through repurposing of production, liquidation of accounts receivable, sale of part of assets, sale of business, etc.

According to Art. 109 of Law No. 127-FZ “On Insolvency (Bankruptcy)”, the external manager takes measures to restore the debtor’s solvency, draws up an external management plan, and develops measures to restore solvency:

– production is being repurposed: unprofitable production is being closed;

– property is sold;

– assignment of rights of claim of the debtor is carried out;

– placement of additional ordinary shares of the debtor is carried out;

– the debtor’s enterprise is sold;

– the debtor’s assets are replaced, etc.

All of them involve a procedure for assessing property, property rights, shares, etc. in one form or another.

According to Art. 110 “Sale of the debtor’s enterprise”, the debtor’s enterprise means a property complex intended for carrying out entrepreneurial activities. The object of sale may be branches and other structural divisions of the debtor - legal entities. The initial sale price of an enterprise put up for sale (open or closed or auction) is established on the basis of the market value of the property, determined in accordance with the report of an independent appraiser hired by an external manager. At the same time, the initial sale price of the enterprise cannot be lower than the minimum sale price of the enterprise determined by the debtor's management bodies.

In accordance with Art. 111 “Sale of part of the property” the initial sale price of the property put up for auction is established on the basis of the market value of the property according to the report of an independent appraiser hired by an external manager. The property of a debtor - a unitary enterprise or a debtor - a joint-stock company, more than twenty-five percent of the voting shares of which are in state or municipal ownership, is also assessed by an independent appraiser, but this requires an examination of the appraiser's report by a state financial control body with the presentation of its conclusion on the assessment.

An examination of an assessment report is a set of measures to verify the appraiser’s compliance with the requirements of the legislation of the Russian Federation on appraisal activities and the appraisal agreement when conducting an assessment, as well as the sufficiency and reliability of the information used, the validity of the assumptions made by the appraiser, the use or refusal to use approaches to assessment [ Error! Link source not found.].

If the external management plan involves the assignment of the debtor’s right of claim (Article 112), then an assessment of the rights of claim is necessary and is carried out in accordance with the provisions of Art. 111 of this law.

As you know, the issue of new shares is the most important way to attract additional partner capital; this measure to restore solvency is regulated by Art. 114. When including in the external management plan a decision to issue additional ordinary shares of the debtor, it is necessary to check: what is the relationship between the book value and estimated value of the equity capital of the issuing company. If the estimated value of the enterprise is greater than that based on the residual book value of assets, liabilities and profits, then the issue of shares is carried out to the extent of this excess. If the estimated value of the issuer's equity capital is less than the book value of this capital, then the issue of shares is not permitted, and the joint-stock company must announce a decrease in the amount of the authorized capital of the enterprise in the balance sheet by the same difference.

Replacement of the debtor's assets (Article 115), as one of the ways to combat the debtor's insolvency, involves the creation on the basis of the debtor's property of one or more open joint-stock companies, in payment of the authorized capital of which the debtor's property, determined by the external management plan, is contributed. The amount of the authorized capital of such companies is determined on the basis of the market value of the contributed property, established according to the report of an independent appraiser, taking into account the proposals of the debtor's body.

Rehabilitation of bankrupt enterprises involves their financial recovery, aimed at increasing the price at which these enterprises can be sold. The task of business valuation in relation to reorganization is modified. It consists of predicting the estimated value of the enterprise after the planned set of rehabilitation measures has been completed, that is, predicting the future reasonable market value and investment value of the enterprise. This cost will be multivariate, depending on what specific health activities are approved.

The assessment report, which is presented to the meeting of creditors by the external manager, should not only state the value of the enterprise at the moment, but also the alternatives: sell the enterprise at its current, very low, as a rule, value or agree to a longer recovery period, based on the proposed plan and forecast estimates of the increase in the value of the enterprise after the proposed procedures.

Evaluation report– this is a document containing the rationale for the appraiser’s opinion on the value of the property.

General requirements for the content of a report on the assessment of an assessment object are formulated in Article 11 of Law No. 135-FZ.

The assessment report of the subject of assessment (hereinafter referred to as the report) should not be ambiguous or misleading. The report must indicate the date of the assessment of the assessment object, the assessment standards used, the goals and objectives of the assessment of the assessment object, and also provide other information that is necessary for a complete and unambiguous interpretation of the results of the assessment of the assessment object reflected in the report.

If, during the assessment of an object being assessed, it is not the market value that is determined, but other types of value, the report must indicate the criteria for establishing the valuation of the object being assessed and the reasons for deviation from the possibility of determining the market value of the object being assessed.

The report must indicate:

Date of preparation and serial number of the report;

The basis for the appraiser’s assessment of the property being assessed;

Location of the appraiser and information about the appraiser’s membership in the self-regulatory organization of appraisers;

An exact description of the valuation object, and in relation to the valuation object belonging to a legal entity - details of the legal entity and the book value of this valuation object;

Valuation standards for determining the appropriate type of value of the valuation object, justification for their use when assessing this valuation object, a list of data used in the assessment of the valuation object, indicating the sources of their receipt, as well as assumptions adopted when assessing the valuation object;

The sequence of determining the value of the valuation object and its final value, as well as the restrictions and limits of application of the result obtained;

Date of determination of the value of the valuation object;

A list of documents used by the appraiser and establishing the quantitative and qualitative characteristics of the appraisal object.

The report may also contain other information that, in the opinion of the appraiser, is essential for the complete reflection of the method used by him to calculate the value of a particular appraisal object.

Article 11, as its name implies, establishes only general requirements for the content of a report on the assessment of an object of assessment, therefore, Part 6 of Article 11 provides that for the assessment of certain types of objects of assessment, the legislation of the Russian Federation may establish special forms of reports.

The report must be numbered page by page, bound, signed by the appraiser or appraisers who conducted the appraisal, and also affixed with the personal seal of the appraiser or the seal of the legal entity with which the appraiser or appraisers entered into an employment contract.

Art. 12 of the Law defines such a concept as reliability of the report as a document, containing information of evidentiary value.

The final value of the market or other value of the valuation object, indicated in a report drawn up on the grounds and in the manner provided for by this Federal Law, is recognized as reliable and recommended for the purposes of concluding a transaction with the valuation object, if in the manner established by the legislation of the Russian Federation, or in court the order is not stated otherwise.

In FSO No. 1 “General concepts of assessment, approaches and requirements for conducting assessment”, paragraph 19, it is stated that when drawing up an assessment report, the appraiser is obliged to use information that ensures the reliability of the assessment report as a document containing information of evidentiary value. Information must meet the requirements of both reliability and sufficiency.

In development of Article 20 of Law No. 135-FZ, approved FSO No. 3 "Requirements for an assessment report"

This federal assessment standard establishes requirements for the preparation and content of the assessment report, the information used in the assessment report, and the assessment report's description of the methodology and calculations used. An assessment report is prepared based on the results of the assessment.

Evaluation report is a document drawn up in accordance with the legislation of the Russian Federation on appraisal activities, this federal appraisal standard, standards and rules for appraisal activities established by a self-regulatory organization of appraisers, of which the appraiser who prepared the report is a member, intended for the appraisal customer and other interested parties (users of the report on valuation), containing the professional judgment of the appraiser regarding the value of the property being assessed, confirmed on the basis of the collected information and calculations.

The procedure for examining assessment reports and preparing conclusions on assessment reports of the debtor's enterprise - a unitary enterprise or the property of the debtor - a joint-stock company, more than twenty-five percent of the voting shares of which are in state or municipal ownership, by an authority authorized by the Government of the Russian Federation.

In accordance with the legislation of the Russian Federation, mandatory examination of assessment reports is carried out in the following three cases.

1. According to Article 130 “Valuation of the debtor’s property” of the Federal Law of October 26, 2002 N 127-FZ “On Insolvency (Bankruptcy)”, the body authorized to prepare opinions on appraisers’ reports checks the assessment report and prepares a reasoned conclusion containing the rationale for the discrepancy of the assessment report legislation of the Russian Federation on valuation activities, federal valuation standards or unreliability of information used in the valuation report, which is sent to the insolvency practitioner and to the self-regulatory organization of appraisers (hereinafter - SROO), of which the appraiser who compiled this report is a member. The SROO is obliged to submit an expert opinion on the assessment report to the insolvency practitioner and the authorized body with justification for its compliance or non-compliance with the above requirements. If the SROO provided an expert opinion on the non-compliance of the assessment report with the requirements for this report, the market value of the property determined in accordance with this report, is recognized as unreliable and cannot be used to approve the initial sale price of the debtor’s enterprise or other property of the debtor.

2. According to Article 77 “Determination of the price (monetary valuation) of property” of the Federal Law of December 26, 1995 N 208-FZ “On Joint-Stock Companies” “if the owner of 2 to 50 percent inclusive of the voting shares of the company is the state and (or) municipal entity and the determination of the price (monetary valuation) of property, the placement price of the company's issue-grade securities, the repurchase price of the company's shares (hereinafter referred to as the price of the objects) in accordance with this article is carried out by the board of directors (supervisory board) of the company, notification of the federal executive body authorized by the Government is mandatory Russian Federation, on the decision taken by the board of directors (supervisory board) of the company to determine the price of objects.” A copy of the appraiser's assessment report is submitted to the authorized body1 if his involvement to determine the price of objects in accordance with this Federal Law is mandatory, and in other cases if an appraiser was involved to determine the price of objects. The authorized body, if it decides that the assessment report prepared by the appraiser does not comply with assessment standards and legislation on appraisal activities, has the right to send a reasoned conclusion to the self-regulatory organization, of which the appraiser who carried out the assessment is a member, to carry out its examination. If the SROO is prepared based on the results of the examination of a negative conclusion, the price of the objects determined by the board of directors (supervisory board) of the company in accordance with this article is recognized as unreliable.

3. According to Article 7 of the Federal Law of 01/05/2006 N 7-FZ "On Amendments to the Federal Law "On Joint Stock Companies", Articles 84.7 and 84.8 of the Federal Law "On Joint Stock Companies" when redeemed by a person who has acquired more than 95 percent of the shares of an open company, securities of an open company at the request of this person or the owners of the remaining shares, the price of the repurchased securities in the cases provided for by this article cannot be lower than the value determined by an independent appraiser in the report on the valuation of securities and confirmed by the self-regulatory organization during the examination of such a report. The procedure for conducting the examination. report on the valuation of securities, as well as the requirements and procedure for selecting the SROO that carries out the examination, are determined by the federal executive body that regulates valuation activities.

Unlike the first two cases, the examination can be carried out by an SROO, of which the appraiser who compiled the report is not a member.

Thus, in all three cases of mandatory examination provided for by law, the examination is aimed, first of all, at checking the value determined in the assessment report, as part of checking the appraiser’s compliance with legal requirements. At the same time, there is no unified approach to making a decision based on the results of the examination: in the first case, this is the recognition of the unreliable value obtained in the report, in the second, the price established on the basis of the assessment report, in the third, the result of the examination should be confirmation of the value in the report.

In what cases is an assessment of the debtor's property necessary? Who performs it and what are the features of the procedure for all parties? In this article we will consider the process of assessing the debtor’s property during bankruptcy.

People and various organizations actively use credit funds, but sometimes debts can become unbearable.

If the debtor is in arrears for a long time, the creditor can sue him in court, where enforcement proceedings will be initiated. To pay off an existing debt, bailiffs will seize the debtor's property for the purpose of its sale.

In another scenario, the debtor may decide to declare bankruptcy.

Then, during the bankruptcy procedure, his property will be sold to satisfy the claims of creditors (in whole or in part).

The following items are subject to seizure: equipment, real estate, vehicles, securities and other property that will be sold on specialized sites. If the value of the property is guaranteed to be less than 30,000 rubles, the debtor has the right to sell it independently, having first submitted a corresponding petition to the court.

To determine the price for selling assets at auction, an assessment of the debtor's seized property is carried out.

Who evaluates?

The choice of an appraiser depends on the type of property, its approximate value, the specifics of office work and many other important nuances. In some cases, the debtor himself may present his wishes regarding the selection of an appraiser. The main thing is to comply with the requirements of the law.

1. Bailiff

The appointment of a bailiff as an appraiser is legal only if the value of the property is no more than 300,000 rubles when it comes to enforcement proceedings. The debtor's consent to the bailiff's assessment of the property is required.

The resulting value is written down in the writ of execution and is designated at the auction as the initial value. The final price depends on the bids made by participants.

This is a specialist who is appointed when conducting a bankruptcy case. He manages the property and funds of the bankrupt.

Previously, bankruptcy proceedings did not begin until the value of the property was determined by a professional appraiser.

Now the rules have been adjusted, and if the property is not the subject of a pledge and none of the creditors has made a demand for valuation, then the bankruptcy court itself has the right to deal with the valuation. In this case, the manager can involve any independent experts, for example, accountants and auditors.

The assessment report from the bankruptcy trustee is approved at a meeting of creditors.

Regardless of whether experts were involved in the assessment or not, the report is only advisory nature, and participants in the process are not obliged to rely on the data specified in it.

3. Independent expert

Also, to evaluate the debtor’s seized property and in bankruptcy proceedings, they resort to professional services. An independent expert provides the most objective result possible.

The following types of property and items worth more than RUB 30,000 are subject to professional assessment:

• housing and other real estate;
• jewelry, securities, collectible coins;
• property rights.

The expert sends a report to the bailiff, who in turn makes a decision. Copies are distributed to all production participants.

If we are talking about bankruptcy, then the decision on the assistance of independent specialists remains with the bankruptcy trustee and creditors who can put forward such a requirement.

Responsibilities of the appraiser

If the bailiff has called an expert, then the latter does not have the right to refuse to fulfill these obligations and is obliged to appear at the FSSP upon request.

The appraiser is responsible for the accuracy of the information in the report and for the objectivity of determining the value of the debtor’s property.

The work of an appraiser is regulated by Law No. 135-FZ, which sets out the following responsibilities of a specialist:

• compliance with the proper procedure;
• notification of insurmountable circumstances due to which participation is impossible (example: conflict of interest);
• providing assistance and advice to bailiffs within their competence;
• ensuring the safety of accepted documents;
• preparation of the report in accordance with accepted standards;
• non-disclosure of confidential information.

Of course, the appraiser’s work is paid: the remuneration is classified as legal costs.

This information can be a good help for you, however, I do not recommend blindly relying on the appraiser's conclusions without a personal analysis and inspection of the property. I presented my arguments in this video.

Job of a lot appraiser

How is the debtor’s property assessed in bankruptcy?

The financial manager appointed by the court maintains a balance between the claims of creditors and the interests of the debtor.

In relation to the bankrupt, a bankruptcy procedure is launched, during which the claims of creditors are partially or completely “closed” by selling property.

The manager must:

• receive appraisal requests from creditors;
• entrust the assessment of the debtor's property to an expert;
• include the report in the register in a timely manner;
• coordinate the valuation with creditors.

After the bankrupt's property is valued, the initial sale price is approved at a meeting of creditors, which is always equal to the valuation value.

At bankruptcy auctions, the price drops in several stages until the auctioned lot is purchased. The funds received are used to pay off creditors' claims in order of priority: the largest debts and secured loans are closed first.

You can read more about how auctions are structured in my article:

Bankruptcy auctions are beneficial not only to creditors, who, when selling the debtor’s property, can at least partially compensate for their damage.

At auctions you can earn money and purchase liquid property of bankrupt people at a discount of up to 70%!

Using the one developed by my team Doctor Watson's formula You can find highly liquid lots at auctions that are inconspicuous to other participants, the price of which falls especially low.

Here is an example of a real lot with non-residential premises, the price of which during the auction did not drop to the planned figure of 1 ruble, but in the end we learned that it was purchased 3 times cheaper than the market value...

Real estate for 1₽!

We tell you more about how to find and buy profitable lots at auctions, as well as earn from 100,000₽ at a free master class...

Interesting?

5 more important points in assessing the debtor’s property

The procedure is carried out within the framework of No. 135-FZ, as well as several other Federal assessment standards approved by Orders of the Ministry of Economic Development and Trade.

Selecting a suitable specialist and concluding an official contract with him.

Preparation of the necessary information, analysis of data on existing property.

Selecting methods for calculation (2 or more methods can be used to estimate cost).

Documentary evidence in the form of a report and conclusion.

Deadline for property assessment

Within a month after the start of proceedings, the bailiff or bankruptcy trustee approves the debtor's property for assessment. The deadline for the assessment itself is determined directly by the customer (bailiff or bankruptcy) and the contractor (involved expert).

A formal contract is concluded to carry out the procedure for assessing the debtor’s property, indicating specific deadlines.

Copies of the resolution with the assessed property must be sent to the debtor or bankrupt within 24 hours after the procedure.

Report

In it, the appraiser reflects the results of the work performed and, on the basis of this act, an official resolution is drawn up for the court. Document requirements:

• the act must contain a formulated and justified cost of the object;
• Only confirmed and reliable information is used in the assessment;
• document execution is allowed not only on paper, but also in electronic form; in this case, an electronic signature is required;
• the printed document must be numbered, stitched, signed and sealed by the appraiser.

Copies of title documents, expert reports, and technical papers can be attached to the report to confirm the stated price.

This report will help you select a liquid lot at a bankruptcy auction and understand at what price it can be resold, and you will also get an idea of ​​​​the condition of the property.

By the way, when drawing up an assessment, the expert takes into account the fact of a forced sale at auction, so the actual sale price on the open market can often be higher than that indicated in the assessment.

The appraiser's report can be found on the ETP or through aggregator sites, which I described in the article:

Who pays?

The costs of the assessment are reimbursed by the debtor himself, either voluntarily or in court.

If one of the parties to the process does not agree with the assessment of the property and wants to involve an additional expert, then the services are paid for by the one who initiates the re-assessment. However, even in this case, it is possible to reimburse the costs associated with the valuation of property at the expense of the debtor.

In bankruptcy proceedings, expenses are covered from funds received from the sale of the debtor's property.

Appeal

Since 2014, the law has provided for the possibility of challenging the assessment of the debtor’s property within 10 days.

It is necessary to file a petition for appeal or a corresponding claim with the court, which substantiates the illegality of the cost. To support the grounds for challenge, you can provide reasonable evidence of the appraiser's lack of qualifications or personal interest.

If violations are detected in the specialist’s work, his conclusion will be canceled, and he must reimburse all expenses.

Training in earning money from debtors' property

Auctions are profitable and promising platforms for novice investors.

If you learn to filter out unprofitable lots, then your acquisitions at auction will become useful assets or profitable investments in your own business.

More recently, only a few people knew about the existence of bankruptcy auctions...

Today, ordinary people earn monthly in this area 20,000 rubles, 100,000 rubles, 500,000 rubles and more, depending on activity and the size of the initial capital.

As in any business, skills do not come immediately. I recommend starting with purchasing inexpensive objects so as not to risk anything and experience the process from the inside. Then you will feel more and more confident and will be able to move on to more serious lots.

To master the specifics of participating in trading, you do not need any special higher education or investment skills; It is best to gain valuable experience directly on practice, getting your first profit.

Sign up for a master class where you will learn how to buy various objects at auctions with a 50-70% discount without risks and even without your own investments using Dr. Watson's formula.

Interesting?

Click on the button and sign up for a free master class to learn about the 5 steps of Dr. Watson's Formula, how to buy cars, apartments and houses at bankruptcy auctions with a 50 - 90% discount!