History of bankruptcy

Do not know how beautiful bankrupt Russia. So, given that the insolvency representative enriched, and the creditors received about 10 cents to the ruble invested, or of the estate was on account of personal notary quick private liquidator - as long as you want. And so honorably withdraw from difficult situations, the maximum the interests of creditors and customers and to bring the case to its logical end - this is still a rarity. All the time that something prevents. Here is a recent example - a story with Bank Investment Banking Corporation (IBC). Like the Bank of Russia has done everything quickly to normal bankruptcy procedures. But the case stalled ...

From the bag - not zarekaysya

Half the current bank (CSI) has become one of the largest in Russia after the 1998 crisis. In mid-2001, CSI controlled 70% of the market for auto loans and 48% of mortgage loans. In the rating of the magazine CSI on January 1, 2002, served 21-e place among Russian banks in terms of equity capital (3.3 billion rubles.) And 52 th place on the amount of assets (6.1 billion rubles.). But from February 2002 the bank began to lose large customers, as spring came late customer payments. In late April, the Bank of Russia withdrew the license from the CSI, a credit rating agency Standard & Poor's reduced the rating of the Bank to the category D (default). According to the official version, the problems were caused by the decline in bank current liquidity, which has tried to CSI in the interbank market. In fact - the wing of an extremely poor quality of corporate governance and the failure to meet its own obligations.

An indirect confirmation of the latter proposition is the following fact. In 2001, when the bank began to deteriorate, especially quickly became a rising volume of loans granted is often questionable or subsidiaries. By the beginning of this year, the bank began to delay payments for up to a week. We can not say that the leadership of CSI in general took no action - according to the verification of CB, were laid off up to 80% of staff. However, the was in vain.

In March, the situation in the bank already it was impossible to hide, and the Central Bank withdrew the license .

Zloyazykie reporters immediately dubbed CSI . Lenders have been encouraged by the fact that the Bank of Russia quickly entered a transitional administration, staffed by, among specialists CB, experts from the Agency for Restructuring Credit Organizations (ARCO).

There is a feeling that is about to be able to remove the root of all evils of credit - promptly to meet the demands of creditors and the state put an end to an extremely profitable for certain people "in the bankruptcy business."

Cover for the oligarchs

The estimated staff Provisional Authority, funds from the sale of assets is sufficient for the payment of private investors, the budget and substantial compensation for deposits of legal entities. By Russian standards, that not only have enough funds priority - virtually unprecedented case of bankruptcy the bank. Lenders are prepared for an early resolution of their problems, as has happened all of a sudden ... usual for Russia. According to the suit of one of the minority shareholders had filed a case against the illegality of the Bank of Russia revoked the license and the imposition of the interim administration in the bank CSI. Applicant - LLC - owns slightly more than 3% of the shares.

Now before the court decision and the bank will not work, and creditors will not receive the money. As the claimant in the courts is not, when the bank will be able to proceed with the calculations - is unclear.

It is unclear, however, why it needs this kind of shareholder micron process. Worldwide experience shows that when quickest and transparent bankruptcy even shareholders (which are the last creditor priority) to 80% return on investment in the authorized capital of bankrupt companies or credit institutions funds. Provided that the procedures for liquidation under the control of a large corporate (in most countries - the state) a liquidator. In the case of delay, the shareholders, especially minority, did not receive.

And more. Why do minority shareholders, whose share in the authorized capital of the bank in monetary terms tends to zero, to suspend the bankruptcy proceedings, and substantial enough to bear the legal costs? Common sense would dictate that the minority shareholders, if he does not suffer from mental disorders, it is unlikely to need: it does not benefit from it.