Institute for Financial and Economic Monitoring
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Efficiency of Insolvency Proceedings (Insolvency Phase II)

Title Efficiency of Insolvency Proceedings (Insolvency Phase II)
Client The European Commission (TACIS)
Participants Federal Service of Russia for Financial Rehabilitation and Bankruptcy
Brief description The overall objective is to contribute towards improving the insolvency and bankruptcy procedures to enable restructuring of business activities and more efficient release of assets locked in insolvent companies and permit these resources to be mobilised and used effectively for the development of the Russian economy.
Results
  1. An efficient System for management and control of bankruptcy proceedings developed and made operational, with access as appropriate for FSFO and individual arbitration managers, which enables detection of irregularities and application of corrective measures.
  2. Reduction in number of complaints regarding fraud, abuses or negligences due to decreased arbitrariness of proceedings.
  3. Distance learning System and arbitration manager's manual updated and disseminated as appropriate.
  4. Skills and knowledge of some 300 FSFO staff at central and regional level, some 50 judges, and 200 arbitration managers enhanced by participation in seminars, courses and study tours.
  5. Emergence of new or strengthened regional and national Professional associations of arbitration manager.
  6. Defined criteria of Identification of the arbitration manager profession.
  7. Adoption by arbitration managers organisations of ethical code and quality and Professional requirements.
  8. Organisation of training by the Professional associations.
  9. Introduction of liability insurance for arbitration managers.
  10. Development of a System for quality assurance in the event work is to be certified by an independent organism.
  11. Development of a national association of arbitration managers and of joint bodies between the respective Professional associations at national level.
  12. Drafts for proposed changes to legislation as required.

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