Bankruptcy Legislation Improvement in Light of the Tender Procedure Regulation

The paper deals with the provisions of the draft Federal Law "On amendments to the Federal Law "On Insolvency (Bankruptcy)" and certain legislative acts of the Russian Federation in terms of improving the procedure for selling property in bankruptcy," and, in particular, with such proposals as: changing the bidding mechanism by abolishing the tender, bidding by means of public offering, and bidding on the principle of "Dutch auction" (mixed bidding procedure) according to which the bidding shall be carried out by means of a gradual sequential change (increase and decrease) of the initial price by one step of bidding; expanding the list of entities capable of acting as an organizer of the tender and establishing responsibility of the receiver for providing compliance with the tender procedure including involvement of the organizer in tendering; introduction of the obligation of the bidder to purchase the property at the price specified in the bid request; establishment of the minimum amount of the deposit for participation in the tender as well as consolidation of the possibility of its transfer by a third party; determination of the initial sale price of the property on the basis of its liquidation value; limitation of the range of electronic platforms on which the tender can be held in electronic form in bankruptcy proceedings. The author draws a conclusion concerning the level of elaboration of these amendments, the possibility of practical implementation of the legislative initiative, the ways available to improve the existing order of tender procedures.

Bankruptcy (insolvency), bidding, electronic bidding, sale of debtors' property, auction, Dutch auction, initial selling price, liquidation value, terms of bidding, reforming the bidding system, draft law

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