The lawdraft About modification and
additions in Federal law About
insolvency (bankruptcy)
(regarding bankruptcy of the credit
institutions)
The current legislation
Features are established for
• Credit institutions (Federal law About an insolvency (bankruptcy) of
credit organizations)
• Insurance organizations and professional participants of securities
market (The separate chapter the Federal law About an insolvency
(bankruptcy))
The current legislation
Features which are established for credit institutions :
• The pre-trial prevention of bankruptcy (the provisional administration)
• The special insolvency practitioner for banks which attract deposits of private
persons – Deposit Insurance Agency
• The special order of satisfying creditors' claims in the course of bankruptcy
proceedings (in the first turn shall be satisfied – the claims of the natural persons,
the Agency's and Bank's of Russia claims under contracts of bank deposit and
bank account passed over)
Features which are established for insurance organizations and professional
participants of securities market
• Participation in a bankruptcy proceedings of state supervisory body;
• The special order of satisfying creditors' claims;
• Features of organisation bankrupt estate (credit organisation's clients
monetary funds are not included in the bankrupt estate).
The purposes of the lawdraft
• Minimization of risks
• Protection of the creditors'
interests
Executive summary of the lawdraft
The project offers to consider as financial the following
organizations:
• credit institutions (Federal law About an insolvency (bankruptcy) of
credit organisations);
• insurance organizations;
• professional participants of securities market;
• management companies of investment funds, unit investment trusts
and private pension funds;
• private pension funds.
Executive summary of the lawdraft
Measures directed for preventing bankruptcy
•Elaboration and realization of the restoration of solvency plan
(measures to secure repayment of overdue accounts receivable,
change of the structure of assets and the structure of liabilities);
•Appointing a provisional administration;
•Other measures.
Executive summary of the lawdraft
The bases for application of bankruptcy prevention measures
• Reiterated refusal or reiterated delay within a month in satisfaction of
creditors’ claims
• Default of a duty on payment obligatory payments in time over ten
days from the date approaching of date its execution owing to
absence or insufficiency of money resources on the financial
organization’s accounts
Executive summary of the lawdraft
Evidence of bankruptcy
Obligations in the sum more than 10 000 rubles are not
executed during 14 days
The cost a credit organisation's property (assets) is
insufficient for discharging the credit organisation's
obligations with regard to creditors and for making
mandatory payments.
Features for insurance organizations
Grounds for performing prevention measures
1. The general grounds stipulated for financial organizations
2. Special grounds:
•
reducing the amount of property (assets) of the insurance organisation
and creditors' claims below a level established the official insurance by
state regulative body
•
change of the structure of assets if as a result of such change the structure
of assets is not corresponded to the law
suspension or revocation of the insurance organization license
•
Features for insurance organizations
Grounds for appointing provisional administration
1. Suspension of the insurance organisation license
2. Suspension of the insurance organisation license in case of:
• realization by the subject of insurance business the activity forbidden by the
legislation, and also activity with infringement of the conditions established
for licensing
• non-observance by the insurance organisation the insurance legislation
regarding formation and accommodation of means of insurance reserves,
other insurance payments of funds guaranteeing realization
• non-observance by the insurance organization of the established
requirements to maintenance of a normative parity of actives and the
accepted obligations, other established requirements to maintenance of
financial stability
Features for insurance organizations
Features of satisfaction creditors’ claims
of the third turn
1.
2.
3.
4.
The first turn - requirements of insured persons, under contracts of
obligatory insurance, and also the requirements connected with
compensation of the sums of compensatory payments and other charges,
connected with compensatory payments, under contracts of obligatory
insurance;
The second turn - requirements of insured persons under contracts of life
insurance and personal insurance;
The third turn – requirements of insured persons under contracts of
property insurance;
The fourth turn - requirements of other creditors.
Features for insurance organizations
Sale of an insurance organization property and handover of
an insurance portfolio
•
•
•
•
in view of requirements of the federal laws adjusting insurance activity
only insurance organization having the license for realization of the
corresponding kind of insurance can act as the buyer
sale of property is carried out together with an insurance portfolio of a
corresponding kind of insurance
sale of a property complex is carried out at the tenders
Features for insurance organizations
Insurance portfolio
•
Obligations under contracts of insurance by a separate kind of
insurance or the several kinds of insurance known for date of
decision-making on transfer of an insurance portfolio according to
the current legislation, adjusting insurance activity
•
The assets accepted in a covering of insurance reserves,
generated by the insurer by a separate kind (kinds) of the
insurance, detached from reserves by other kinds of insurance
Features for insurance organizations
Features for the conclusion of the agreement of lawsuit
during procedures of bankruptcy of the insurance
organization
The general conditions :
Repayment of debts under requirements of creditors of the first and second turn
Additional conditions for the insurance organizations:
Repayment of debts under requirements of insured persons (beneficiaries), insured by of
obligatory insurance
Thank you for attention!