The tax authorities are unable to achieve priority on the receipt of property of debtors

First Deputy Prime Minister Igor Shuvalov has instructed the Ministry to remove from the draft law on financial rehabilitation provisions giving tax preferences to receive property of the debtors. About this “Vedomosti”, referring to the minutes of the meeting Shuvalov, where they discussed the reform of the mechanism of bankruptcies.

According to the publication, when discussing the law, the draft of which should be submitted to the government by 8 February, between the banks and the Federal tax service fighting broke out about who would be first in line for the debtor’s property. The previous version of the bill gave an advantage to the tax. Arrested because their property was recognized by the pledge, they could claim 70% of the proceeds from its sale. The Tax code allows FNS to impose a lien on the property of the defaulters without going to court, on an expedited basis, while other creditors you need to go to court.

Bankers indicate that, if tax authorities have the additional “benefits”, the position of banks in bankruptcy borrowers would have deteriorated. They would have simply ceased to issue loans without collateral.

Having considered the arguments of bankers, Shuvalov instructed “to bring the project into compliance with the provisions of the Civil code”. This means that the tax authorities will be able to become a secured creditor only if the arrest was imposed by the court, “Vedomosti”.