The Russians owe 225 billion: bailiffs called popular ways to hide property

“Imaginary holding”, cryptocurrency and tracing

The amount of debt in Russia is going through the roof. On credit cards alone, Russians owe more than 225 billion rubles. The total amount of debts in the country from citizens and companies is already estimated at trillions of rubles. At the same time, debtors from year to year become more cunning and invent new ways to hide their property from bailiffs. For some you have to arrange a real chase.

– The Judicial Department gives us the following data: the debt of bankrupt persons in 2022 was 2.1 trillion rubles. Compared to last year, this is an increase of 1.3 times, – said Artem Sheikin, a member of the constitutional committee of the Federation Council.

This amount included the debts of both citizens and companies. At the same time, the situation with the collection of these debts is not very good. As the senator emphasized, serious problems arise with the search for debtors. Often, bailiffs fail to find property that can be used to pay off debt.

– This is caused by a number of problems. Firstly, the debtor does not always report on the transactions that he conducted. Secondly, the often formal approach of arbitration managers. Lack of an accessible service to search for the participation of specific persons in the capital of companies. A number of difficulties with obtaining information on foreign assets, – listed Artem Sheikin.

It is extremely difficult to unwind a chain with the so-called “imaginary holding” of assets. Debtors resort to this trick in order to get property out of harm’s way, which may be under arrest. Most often, valuables, cars, real estate and business shares are simply transferred to someone else. Formally, the owner of the property changes, although in fact the former owner uses it. True, as Senator Sheikin noted, the Economic Disputes Panel of the Supreme Court has already issued instructions on this matter.

– It is necessary to include in the bankruptcy estate not only the property of the bankrupt, but also the property of nominees on whom it is rewritten. As we call them, imaginary owners, – explained a member of the Federation Council.

Two more schemes for escaping debt that have become popular today are the transfer of real money into cryptocurrency and the so-called tracing. It looks like this. For example, the debtor understands that soon the bailiffs will come to arrest his house. To avoid this, he gives or sells it to another citizen for ridiculous money. And he, already on the rights of a full owner, sells the property again – now at full cost. The proceeds are often transferred to bitcoins or taken offshore. The chain breaks on this, it is impossible to prove anything.

At the same time, the upper chamber notes that most often, ordinary citizens who have not become impoverished during the crisis resort to the bankruptcy of individuals. This scheme has become a great way to get out of debt for wealthy businessmen. More often than not, they choose to bankrupt themselves when their business is also hanging by a thread.

You have to literally chase after such debtors, – says Alexander Popelyukh, Deputy General Director of the Deposit Insurance Agency. Most often, auditors chase after businessmen who control banks on the verge of bankruptcy. Moreover, their debts are completely sky-high:

– Now we are bankrupting about 400 banks. We have claims for about 3.5 trillion rubles. Therefore, there is something to do, – said Alexander Popelyukh.

As the deputy head of the DIA emphasized, debtor bankers often become defendants in criminal cases. In order to encourage them to pay their bills, the expert suggested amending the legislation and exempting the debtor from criminal liability if he fully repays the debt.

– There were examples when the beneficiaries of banks fully repaid their debts. Paid off and as a result received a real term. It’s not very motivating. Therefore, as a proposal – to consider a legislative initiative, if the debtor completely repays his debt, to release him from criminal liability. As part of the liberalization of economic criminal legislation, this will be quite logical. And it would help everyone involved in bankruptcy, Popeliukh concluded.