Kemerovo, Russian Federation
Enforced sale of property and property rights by public bidding is an important enforcement law procedure. However, in its current state, it requires some improvement. For instance, it would be more effective if the winner could sign the contract without having to increase the initial selling price. The requirements for the number of repeat bidders could also be mitigated: a situation with a sole bidder creates an artificial barrier for enforced sale of debtor’s property. The procedure needs new norms of bankruptcy law in terms of determining the amount of the deposit made by the bidders, with fixed upper and lower limits. Another improvement would be an agreement with the participant who offers the next highest price in case the original winner refuses. The current deadlines for enforced sale contradict the actual market conditions. To prevent undervalued prices, the period for enforced sale should be longer. Currently, a limited access to information about the property being sold makes it difficult for potential bidders to access the procedure, which reduces the competition. The auction documents should include a standardized image of the property and a valuation report to give potential participants a good idea of the auction item and its state. To attract more buyers, the bidding could be announced on major online advertising platforms, e.g., Avito, CYAN, Drom, etc.
bidding in enforcement proceedings, principles of bidding, terms of enforced sale, electronic bidding, reception of bankruptcy law, efficiency of enforcement proceedings, informatization of bidding
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