RF Property Agency seeks right to sell debtor property.

MOSCOW, August 4 (Itar-Tass) — Russia’s Federal Property Management Agency (Rosimushchestvo) and the Federal Bailiff Service have proposed a new procedure for the sale of property of debtors, deputy head of the Federal Property management Agency Valery Bely said in an interview published by the Rossiiskaya Gazeta daily on Thursday.

In the draft document sent to the Ministry of Economic Development, the two departments propose to reserve for them the right to sell the property of the debtor, without transferring it either to specialized organizations or individual entrepreneurs.

Bely explained that it is planned that the “so-called cheap, low-value property with a market value of less than 30,000 roubles,” except for securities, antiques and art, will be sold by bailiffs in a simplified manner – through public auction. Everything else from auctions will be transferred to the Federal Property Management Agency and its regional offices.

A deadline for debtors’ property sale – 30 days from the date of first placement of offers on the single federal web portal – has also been proposed.

In Moscow alone, the debts of the city residents to credit institutions has exceeded 321 billion roubles. The press service of the Federal Bailiff Service told Itar-Tass on Wednesday that “more than 55,000 enforcement proceedings for the recovery of debt in favour of credit institutions, totalling more than 321 billion roubles were underway in the city of Moscow in the first half of the year.” Of these debts of individuals stood at 183.6 billion roubles. In the period from January to June, the bailiffs had 69 execution proceedings in progress for the recovery of mortgage loans to individuals worth 1.1 billion roubles.

The Federal Agency for State Property Management (Rosimushchestvo) is a federal body of executive authority responsible for: managing federal property; organising the sale of federal property scheduled for privatisation; selling property arrested in compliance with court decisions or decisions by agencies authorised to arrest property; selling confiscated and impounded property, as well as moveable property in abeyance, which has been turned over to the state in accordance with Russian legislation; providing state services and legal regulation in the sphere of property and land relations, according to the RF government website.

Rosimushchestvo was a subdivision of the Russian Ministry of Economic Development and Trade that managed Russia’s federal state property. It was abolished in May 2008. It was formed by a presidential decree, No. 314, signed on March 9, 2004, by Vladimir Putin, of the Ministry of Property Relations of Russia and subordinated to the Ministry of Economic Development and Trade. Before this, in 1990 – 2004, its functions were performed by a separate ministry known by the following names:

July 14, 1990 – September 23, 1997: State Committee for State Property Management of the Russian Federation (GKI); September 23, 1997 – May 18, 2000: Ministry of State Property of the Russian Federation; May 18, 2000 – March 9, 2004: Ministry of Property Relations of the Russian Federation; March 9, 2004 – May 12, 2008: Federal Agency of Federal Property Management.

The Federal Bailiff Service (FSSP of Russia) is a federal body of executive authority responsible for the orderly functioning of courts of law, fulfilment of court rulings and acts of other bodies and officials, and enforcement of law, control, and supervision in its sphere.

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