The monthly number of new bankruptcies at the end of the year updated an eight-year high
– The number of bankruptcies of Russian companies in 2017 reached 13577, an increase compared to 2016 7.7%, from refined data “Medresurs” (the Uniform Federal register of data on bankruptcy, bankrot.fedresurs.ru). In the last quarter of last year, there was a surge: steel 3875 insolvent companies, which is 14.6% more than in the same period of 2016.
The monthly number of new bankruptcies at the end of 2017 updated eight-year high, according to a study of the Center for macroeconomic analysis and short-term forecasting (CMASF). Intensification of insolvency due to the protracted nature of the economic crisis in Russia, especially in sectors focused on investment demand, deflation in some segments of the economy, accompanied by a decrease of profits, and difficulties in refinancing because of high loan rates banks, told earlier to “Interfax” Deputy General Director, head of real sector CMASF Vladimir Salnikov.
The most significant increase in the number of bankrupt companies in 2017 recorded in Tatarstan (469, +43%), Moscow (2541, +22%) and Bashkortostan (341, +20%), while the capital accounts for almost one fifth of all cases of insolvency in the country (19%). In St. Petersburg in 2017 bankrupt company recognized 732 (5% of the total number in the country), in the Moscow region – 685 (5%), in Sverdlovsk region – 447, in the Krasnodar region – 356, in Bashkiria – 341 (share of each of these regions is about 3%).
Among the bankrupt 2017 – 30 of subjects of natural monopolies, 12 strategic enterprises, including the Moscow KB of semiconductor engineering and the State design Institute cadastral surveying behalf Popovich, and a backbone organization – JSC “mine “Zarechnaya” (Kemerovo region).
Creditors get less
“The effectiveness of bankruptcy for creditors is reduced, in 2017, they received about 5.5% is included in the register of claims, – said the head of the project “Medresurs” Alexey Yukhnin, in 2016 they returned to 6% of the requirements in the registry”.
Solution of this problem can contribute to the extension of the powers of arbitration managers. Chairman of the Board of Russian Union of self regulating organisations of arbitration managers (RSEAU) Dmitry Skripichnikov told “Interfax” that at the moment we are discussing a bill that gives governors additional powers to search for and return of property of the debtors, including derived in the eve of bankruptcy. In the case of the adoption of this law, the effectiveness of bankruptcy for bankruptcy creditors will increase, says Skripichnikov.
The problem is often in poor condition, companies that are in bankruptcy. 48% of debtors who did not pay creditors, had property inventory, and according to the evaluation it was not 67% of payers, from the data “Medresurs”.
Moreover, the debtor companies and their owners in this endeavor. “Long-term economic volatility, small incentives for the development of the state lead to the fact that the business derives the money through bankruptcy with the use of gray schemes, fictitious and deliberate bankruptcy, which it is difficult to prove,” says associate Professor of the Department of financial management faculty of public administration of Moscow state University Olga in Lviv. In 2017, for example, insolvency practitioners was published in “Theresource” only 1636 conclusions about presence of signs of deliberate bankruptcy, whereas their absence was referred to in 18291 the document. Even 4447 opinions saying that information for a finding is not enough.
Despite the fact that satisfied only a small fraction of creditors ‘ claims, they are most often the initiators of bankruptcy – in 79% of cases in which managers have provided in the “Medresurs” data in 2017. The debtors initiated in 9% of bankruptcy cases, the IRS is 10%, employees 1% of cases.
Meanwhile, bankruptcy administrators are increasingly trying to challenge transactions of the debtor concluded to the detriment of the creditors. The number accepted by the courts of statements to this effect in 2017 exceeded 7 thousand, an increase of 27% by 2016. Slightly increased and the proportion of successful actions governors in this area: in 2017, granted 42% of their claims on transactions, while in 2016 – 41%.
But the proportion of valid claims by liquidator declined. In 2017, the courts have granted 23% of such complaints, compared with 25% in 2016. At the same time their number was increased about the same as the number of bankruptcies by 8% to 4.4 thousand in 2016.
Rehabilitation procedures do not work
Rehabilitation procedure (financial rehabilitation and external administration) are still not widespread. In 2017 they have been applied to 396 companies, it’s 2% of the total number of procedures introduced by the courts (the same share was in 2016).
“Crisis management is not developed who owns slim’s financial-economic technologies of business recovery, market mechanisms for obtaining additional funding are not always available for small and medium businesses, and high rate of depreciation of debts does not allow to wait long for their return, it is unprofitable to creditors,” says the city.
To restore solvency should be the economic motivation, the relevant powers of arbitration managers, creditors and the court, said Skripichnikov. According to him, we need to create incentives to ensure that the selection procedures of restoration of solvency was beneficial.
“The rehabilitation procedure, it would make sense to apply only to debtors in relatively good condition,” says Yukhnin. They can be described as those who have when entering into bankruptcy is the estate. Rehabilitation treatments could help you part of these companies to keep the business and pay off creditors, said the head of “Medresurs”.
Income managers reduced
Remuneration of Trustees in bankruptcy in 2017 decreased by 11% to 2016, up to 176 thousand roubles on the average on one point.
In the future, the system of these payments, incidentally, can change. According to Skripichnikov, the bill, which prepares RSEAU offers, in particular, to introduce a fixed amount of costs for maintenance of each procedure of bankruptcy, which would be tied, among other things, to the size of the debtor’s business and did not depend on the duration of the procedure.
It is proposed to include the remuneration of the liquidator, said the head RSEAU. In addition, the possibility to pay the Trustee interest for the satisfaction of the registered claims against the sale of the property, as it is now, but also current. The Ministry of economic development supports this approach.
The number of bankruptcies is still a chance to grow
Plans to address in court with the statement for bankruptcy from debtors and creditors is not so much. “Theresource” in 2017 3727 posted messages on this account, 1% less than the year before. However, since the beginning of this year their number should grow significantly – if until January 1, these messages publish only the debtors and credit organizations, now it is required to do all the creditors.
Meanwhile, judicial statistics suggests that in 2018 bankruptcies can be even more. Last year the monitoring was imposed 11517 companies is 9.4% more than in 2016. given the fact that monitoring in most cases, ends with the transition into bankruptcy, and his term average of six months, some of these companies for 2018 will be declared insolvent.
This is not surprising. Economic factors remain uncertain. So, the overdue accounts payable Russian enterprises and organizations in October 2017 increased by 8.7% compared with September after declining by 3.4% in September and 3.7 percent in August, according to Rosstat.