How does the Federal Tax Service evaluate the rating system?
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As the Federal Tax Service explains, many systemic creditors have now created their own rating systems for bankruptcy managers, but due to their diversity, the mechanism of how each creditor exercises its right to determine an effective bankruptcy manager is now opaque. “Taking into account the extreme inefficiency of bankruptcy in general (on average, only 3-4% of the amount of debt of unsecured creditors is repaid, property is sold five times cheaper than market value, in 57% creditors receive nothing, and bankruptcy procedures last seven times longer than required by law period – an average of 3.5 years), the situation of randomly appointing the main people responsible for such procedures could not remain the same,” the service notes.
As another argument, the Federal Tax Service also cites statistics on the costs of operating an management company in comparison with the number of violations of the law: managers and persons involved by them received 41 billion rubles over the past three years, during this period the courts alone revealed 18 thousand violations (two for each manager ; growth from 2020 by 1.4 times), while 1.1 thousand decisions were made on the disqualification of arbitration managers – in relation to every tenth manager.
The rating system, they say in the service, can create additional motivation for managers to increase efficiency through legal means, since the bankruptcy law also provides for increased legal material remuneration for a high level of repayment of creditors’ claims – also a plus will be a sale price of the bankruptcy estate close to the market and the prompt completion of the case bankruptcy.
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