1. INTRODUCTORY PROVISIONS

1.1. During 2017 Methodological recommendations (hereinafter referred to as MR) are undergoing practical testing. Comments and suggestions on the document are accepted at imo@srosovet. ru.

Based on the results of the analysis of the results of practical testing, taking into account the comments and suggestions received, a decision will be made to approve the MR.

1.2. MR were developed in order to improve the quality of the results of providing services to determine the market value of the right to claim debt (hereinafter referred to as Debt).

The emphasis in the MR is on the assessment of the Debt of legal entities. The methodological part of the MR, with some restrictions, can also be applied when assessing the Debt of individuals and individual entrepreneurs.

1.3. The target audience of MR are Appraisers. Certain provisions of the MR can be used by forensic experts; persons whose job responsibilities include forming judgments about the market value of the Debt, monitoring the quality of the results of providing relevant valuation services; representatives of educational institutions that train specialized specialists.

1.5. MR have a practical orientation:

• the structure corresponds to the “chronology” of the formation of the assessment report;
• Appendices 1 - 4 indicate possible sources of market data and provide specialized analytical and statistical information;
• in appendices 5, 6 possible options are shown calculation models in the format MS Excel.

2. DESCRIPTION OF THE OBJECT OF ASSESSMENT

2.1. The possibility of market circulation of rights to claim debt is established by Art. 388. In accordance with the provisions of Art. 5, the object of assessment can be formed as “claim rights under... an agreement...”.

2.2. To identify the Debt, the assessment report shall indicate:

No. p/ P	Parameter	A comment
	Scope of rights and conditions	according to Article 384 of the Civil Code of the Russian Federation
	Debt amount	With highlighting: principal amount of debt, fines, penalties; the original amount of debt and the remaining balance at the valuation date. The book value of the Debt may not reflect its actual size (for example, due to failure to take into account the amount of accrued interest and penalties).
	Debtor identification	Full name, OGRN, location, contact information
	Title/title documents	The basis for the debt (for example: agreement, court decision). The following is specified for the contract: requisites; description of essential conditions (subject; payment procedure; procedure for calculating penalties and fines, etc.); confirmation of the completion of work / services / shipment of goods (for example, details of the certificate of completion of work).

2.3. Typical significant pricing parameters of Debt:

No.	Parameter	A comment
	Debt amount	see clause 2.2
	Estimated return date	In accordance with the terms of the Customer’s documents or the Appraiser’s assumptions
Parameters characterizing the probability of return
	Quality of title / title documents	Inadequate documentation reduces the effectiveness of claims work (for example, signatories did not have the necessary authority, corporate approvals were not obtained).
	Availability and duration of delay
	The debtor’s agreement with the fact of the existence of a debt and the measures taken by the debtor to repay it	Incl. information on the procedure and amounts of debt repayment before the assessment date, on the debtor’s initiatives to restructure the debt. For more information, see clause 3.7.
		It is important not only the value of the ratios characterizing the financial condition on the assessment date, but their dynamics - both retrospective, and predictive (if such information is available). In addition, see paragraphs 3.2 - 3.4.
	Availability and characteristics of collateral Debt in the form of collateral	see clauses 2.5, 6.5.5
	Availability and characteristics of collateral Debt in the form of a guarantee	see clause 2.6
	Claim work done by the creditor and its results	Extrajudicial procedures and judicial proceedings, incl. concluded debt restructuring agreements
	Share of assessed debt in the total amountaccounts payable of the debtor, the queue of repayment of claims to which the object of assessment belongs	Indicating the amounts of debt for each of the queues. If bankruptcy proceedings have been initiated against the debtor, the register of creditors can be used as a source of information.

2.4. In relation to the assessment of a specific Debt, additional pricing parameters not specified in clause 2.3 may be significant.

2.5. When securing the Debt with collateral, the assessment report provides its description taking into account the requirements of the relevant FSO for the assessment of the corresponding type of objects of assessment (for example, if the subject of collateral is a land plot - FSO No. 7) and the principle of materiality (with a decrease in the share of the value of the collateral in the total amount of debt, the impact given information on the assessment result is reduced).

2.6. When securing the Debt with a guarantee, the assessment report shall indicate the essential terms of the guarantee agreement: identification of the guarantor; procedure for collecting security; characteristics of the guarantor’s property, its income-generating activities, the presence of obligations under other guarantee agreements, etc.

2.7. In some cases, the analysis of legal documentation confirming the right of claim of the creditor and/or the availability of collateral requires in-depth knowledge of the rules of various branches of law that are beyond the competence of the Appraiser. In such situations, it is recommended to involve specialized specialists or limit the scope of research in the assessment assignment.

2.8. To collect information on the values ​​of the pricing parameters of the valuation object and market conditions, the following sources of information are used:

• customer of the assessment;
• the debtor and his beneficiaries;
• public authorities related to the activities of the debtor;
• profile analytical materials;
• platforms on which offers for the sale of comparable Debt are placed;
• organizations involved in debt collection;
• subject matter experts;
• methodological and educational materials.

2.9. In the absence of significant information about the object of assessment, the Appraiser is recommended to refuse to conduct the assessment.

If there is no significant information on one or more positions in the portfolio Debt, it is recommended to adjust the Valuation Order by excluding these positions.

2.10. In the absence of information that may be significant when assessing similar Debt, it is recommended to present in the assessment report:

• a description of the actions performed by the Appraiser to obtain this information, indicating the reasons for the impossibility of obtaining it and related assumptions;
• analysis of the possible impact of missing information on the value of the valuation object (changes in value if information is received).

3. CONDUCTING A MARKET ANALYSIS

3.1. Grouping of Debts by the value of pricing parameters.

3.1.1. Depending on the probability of return:

• Debt with signs of a high probability of its collection, provided that the creditor performs proper claim work (corresponding to the typical rules that have developed in the market when working with similar Debt);
• Debt, the probability of collection of which is insignificant (hereinafter referred to as problematic Debt).

3.1.2. Depending on the debt security:

• Unsecured debt;
• Debt secured by collateral;
• Debt secured by a guarantee.

3.2. Values ​​of typical pricing parameters indicating the presence of signs of problem Debt:

Parameter	Meaning indicating about the presence of a sign of problem debt	Discountto par	A comment
Expiration of the statute of limitations	The statute of limitations has expired	100%	After the expiration of the limitation period, the interested person loses the opportunity to demand in court the compulsory protection of the violated right.
Debt amount	< 1/4 месячной заработной платы юриста	® 100%	If the amount of debt is insignificant, work on its collection is not economically feasible. The average labor intensity of debt collection can be estimated at 1/4 of a month of work for a lawyer. This labor intensity includes familiarization with documents, preparation of a position, participation in court hearings, other events, etc. Information on wages in a specific region can be obtained from specialized sources, for example, hh. ru. The discount is indicated for a situation where there is no court decision favorable to the creditor.
Composition and quality of legal/legal supporting documents	Documents are missing or improperly executed	® 100%	The effectiveness of claims work decreases when: lack of documents confirming the existence of debt; improper execution of the specified documents (for example, the signatories did not have the necessary authorities, corporate approvals were not obtained).
Availability of a court decision	The presence of a negative court decision for the creditor that has entered into legal force	> 90%	Negative court decisions for the creditor make it possible to repay the debt only if they are reviewed by higher courts or in a voluntary manner on the part of the debtor. Regarding the timing and likelihood of reviewing decisions at a higher authority, see appendices 3, 4.
Debtor's financial condition	1. The debtor is bankrupt. The debt is assigned to the third register queue. The creditor's claims are not secured by collateral or a guarantee. 2. There are no current data on the financial condition of the debtor.	> 90%	Typically, the lack of information about the financial condition of the debtor indicates that he is unable to fulfill his obligations under the debt or intends to avoid them and has the appropriate capabilities. The above applies to the situation when the Appraiser has taken all necessary actions to obtain such information (see clause 2.7).

3.3. Market analysis of the valuation object is carried out primarily for the market segment to which the assessed Debt belongs (clause 3.1).

As a rule, for problem Debt presented on the market, information is available on a smaller number of pricing parameters than for Debt with signs of a high probability of repayment.

3.5. Information from any sources is subject to verification for sufficiency and reliability (compliance with market data). For example, the values ​​given in may be considered expert opinion or guideline values ​​and are subject to verification against market data.

3.6. Possible sources of information for analyzing the Debt market are given in Appendix 2.

3.7. When securing the Debt with a collateral or surety, it is recommended that the assessment report provide an analysis of the market segment to which the relevant property and income-generating activities of the guarantor belong. The scope of the analysis is established taking into account the requirements of the relevant FSO, which regulates the assessment of the corresponding type of objects being assessed, and the principle of materiality (see clause 2.5).

4. SELECTION OF APPROACHES AND METHODS IN ASSESSMENT

4.1. The choice of approaches (methods) to assessment is based on the analysis of:

4.1.1. Debt collection options, including data on:

• prospects (probability) of pre-trial and judicial recovery;
• the probability of bankruptcy of the debtor when collecting the assessed Debt;
• the most promising assets of the debtor for the purposes of debt collection (if potential bankruptcy is related to the collection of the assessed Debt).

4.1.2. Sufficiency and reliability of information available for assessment.

4.1.3. Possible error in calculation results based on a specific approach (method) to assessment.

4.2. Depending on the values ​​of the pricing parameters of Debt (clause 2.3), the following approaches to valuation are usually used:

4.2.1. To value Debt secured by a pledge or surety, the income approach to valuation is usually applied because:

• the set of parameters of the collateral and the financial condition of the guarantors is unique, which makes it difficult to select similar objects, as well as to make appropriate adjustments;
• the process of repaying debt using collateral and/or funds from guarantors, as a rule, is significantly distributed over time.

4.2.2. The cost approach to assessing Debt, as a rule, is not applied.

4.3. It is recommended to accompany the conclusion about the impossibility of applying a comparative or income approach to valuation due to the lack of necessary information with a description of the sources of information analyzed by the Appraiser, as well as an explanation of what information is missing.

4.4. Grade Portfolio Debt (a set of Debts) can be carried out:

• through an individual assessment of each Debt with subsequent adjustment to the scale of the entire portfolio (if necessary);
• a single portfolio, in case of comparability of the values ​​of significant pricing parameters.

5. APPLYING A COMPARATIVE APPROACH TO ASSESSMENT

5.1. To increase the accuracy of calculations, it is recommended to use information on market prices of transactions with similar objects as of the valuation date or a date close to it. In the absence of information on transaction prices, it is possible to use information on offer prices with appropriate adjustments (if necessary).

• made between interdependent parties (for example, in court decisions of arbitration courts there may be transactions for the sale of Debt at par; a significant part of such transactions is due to the dependence of the buyer on the seller);
• committed at investment cost (for example, when the transfer of claims led to a change of control over a bankrupt company);
• committed at liquidation value (with an exposure period different from the market one).

5.3. Analogue objects are selected based on an analysis of the values ​​of significant pricing parameters (see clause 2.3). The values ​​of the pricing parameters used in the calculations of analogue objects must be as close as possible (from those analogues that are presented on the market) to the values ​​of the pricing parameters of the object being assessed, in particular, they must:

• belong to the same group (see clause 3.1);
• have a comparable nominal value;
• have comparable expected terms and probability of repayment.

5.4. In theory, differences between the valuation object and an analogue object in terms of significant pricing parameters (clause 2.3) should be eliminated by making appropriate adjustments. In practice, the information available on the market does not allow us to justify the amount of adjustment for differences in most pricing parameters. In such a situation, differences in pricing parameters are taken into account at the stage of selecting analogue objects - a sample of analogue objects is formed, the values ​​of the pricing parameters of which are as close as possible to the values ​​of the object being assessed. In further calculations, average values ​​of indicators for the sample are used (for example, discount).

In general, the calculation of the market value of rights to claim debt using the comparative approach to valuation is carried out using the following formulas:

5.5. Possible type of calculation model for a comparative approach to assessment in the format MS Excel is given in Appendix 5.

6. APPLYING THE INCOME APPROACH TO VALUATION

6.1. The main types of funds received to repay the Debt: return of the principal amount, payment of interest, fines and penalties.

6.2. The main sources of funds to pay off the Debt:

6.2.1. Available funds of the debtor;

6.2.2. Cash from the sale of collateral or other property of the debtor (by court decision) - page 138 and appendix 1;

6.2.3. Cash from future activities of the debtor. The decision to use this source is usually made by the creditor together with the debtor, is fixed in the debt restructuring agreement and occurs in cases where the sale of collateral is difficult, for example:

• the collateral is represented by highly specialized property, the sale of which usually occurs together with other elements of the property complex that are not included in the collateral;
• the debtor is the city-forming enterprise or another enterprise whose activity is unlikely to cease.

Typically, clauses 6.2.2 and 6.2.3 are mutually exclusive.

6.2.4. Funds from guarantors (options - similar to clauses 6.2.1 - 6.2.3).

6.3. The main types of expenses associated with debt collection: legal fees, legal costs.

6.4. In general, according to the income approach to valuation, the market value of rights to claim debt is determined by the following formula:

6.5. Distribution of cash flows over time:

6.5.1. In the absence of a dispute and there is reasonable evidence of the debtor’s due diligence, the Appraiser may rely on the repayment period for the Debt established by the contract or current legislation.

6.5.2. The discount period for cash flows from the sale of collateral is determined:

• taking into account the period established in the relevant agreement - in case of out-of-court settlement;
• taking into account the typical exposure period for market conditions - in case of legal settlement.

6.5.3. The distribution of cash flows from income-generating activities of the debtor and/or guarantor takes into account the actual possibilities and prospects of the specified income-generating activities (for example, a monthly payment to repay the Debt in the amount of the average monthly free cash flow of the enterprise for a comparable retrospective period).

6.5.4. Debt settlement can occur out of court or in court. The choice of procedure is based on an analysis of the probability of debt repayment (clause 2.3 and appendix 2, 4). Typical deadlines for various debt collection procedures are given in Appendix 3.

6.5.5. If collateral secures obligations under several loan agreements, the distribution takes into account the order of repayment of claims. According to Art. 342, the claims of the subsequent mortgagee are satisfied from the value of the property after the claims of the previous mortgagees have been satisfied.

6.6. The probability of debt repayment can be taken into account:

6.6.1. Through a separate coefficient characterizing the probability of return (priority option). In this case, the discount rate does not take into account the risk of non-repayment of debt in excess of the risk-free component. Sources of information for determiningprobabilities of non-return are given in Appendix 2, probability values ​​for individual situations are given in Appendix 4 and .Expression (4) takes the following form:

6.6.2. Through a discount rate, the value of which, in addition to the risk-free component, takes into account the additional risk of non-repayment of a specific Debt. In practice, the implementation of this option is difficult, since existing methods for determining this additional risk do not provide sufficient reliability of the result.

6.7. Possible type of calculation models for the income approach to valuation in the format MS Excel is given in Appendix 6.

7. FINAL PROVISIONS

7.1. The total market value of the rights to claim the debt is not subject to VAT. When taking into account cash flows from sales in the calculation model debtor's property and/or guarantors should note that they may or may not include VAT. For example, in relation to the property of legal entities subject to the general taxation system:

7.1.1. If a model of enforcement proceedings is predicted, then the cost of the property being sold is taken excluding VAT (clause 4 of Article 161). Those. after the sale of property at an auction, the organizer of the auction or the debtor himself pays VAT, and the creditor will not receive this amount in repayment of the debt.

7.1.2. If a bankruptcy model is predicted, then the sale of property is not subject to VAT (clause 15, clause 2, article 146).

7.3. The market value of the Debt cannot be zero. From the definition of market value it follows that this is the value in exchange, that is, when selling. Transfer of an object free of charge or with an additional payment is interpreted by Art. 572 as “gratuitous transfer” or “donation”. For a “sale” (that is, to draw up a legally binding contract), a specific amount is needed (Article 454). If the calculation results indicate that the market value of the Debt tends to zero, the final value of the market value of the Debt in the valuation report should be indicated at the level of the minimum positive value. For example, in the amount of one monetary unit of the Russian Federation (one ruble).

7.4. When drawing up a report on the assessment of the market value of the Debt, the Appraiser is obliged to comply with the requirements of FSO No. 1 - 3.

7.5. Information about the authors. The MRs were developed using a crowdsourcing scheme - more than 30 people took part in their preparation. The greatest contribution was made by: Ilyin Maxim Olegovich (coordinator of the expert group), Kotov Denis Ivanovich (initiator of the development), Lebedinsky Vladimir Igorevich, Kalinkina Kira Evgenievna, Nekrasova Elena Nikolaevna, Serebryakova Anna Andreevna, Zumberg Alexey Valerievich.
In preparing the MR, materials from the Association of Banks of the North-West were used.

The right of claim arises as a result of civil legal relations between two counterparties - the creditor and the debtor. An assessment of the rights of claims is necessary when management makes decisions regarding the management of the financial leverage of an enterprise, when carrying out a transaction for the sale and purchase of debts of an enterprise, when foreclosure on the debtor’s property, or in the event of bankruptcy of an enterprise. In addition, the assessment of rights of claim is carried out when preparing a transaction for the assignment of debts on the free market, and the object of the transaction can be both rights of claim and collateral. The realization of rights of claim can be carried out by banks through the assignment of rights and as a result of bankruptcy proceedings, through the collection of security for full or partial satisfaction of the rights of claim of the creditor.

The appraiser determines the market value of the rights of claim, which is expressed by the amount of money received from the sale of rights of claim on the open debt market, or from the sale of property that serves as security for the debt. In the case of debt restructuring, the appraiser also determines the likely cash receipts to repay the debt that will arise as a result of the future financial and economic activities of the debtor enterprise.

To date, there are no universal, generally accepted assessment methods for assessing rights of claim. Appraisers use methods approved or agreed upon within each credit institution.

Depending on the type of claim rights, the appraiser faces the problem of choosing valuation methods. This choice is due to a significant difference in prerequisites, that is, the status of the debtor, legal grounds and expected repayment periods. When assessing the rights of claim of an operating enterprise and a bankrupt enterprise, a significant difference is the prerequisites for assessing the risk of debt repayment in full.

The methodology for assessing claims for a going concern involves conducting a thorough financial analysis of the company and further forecasting its activities. It follows that modeling cash flow from debt repayment is based on the appraiser’s careful forecasting of the sources of debt repayment, including the company’s net profit, building a forecast balance sheet and determining the financial stability of the enterprise in the future. When assessing the market value of the rights of claim for an enterprise undergoing bankruptcy proceedings, the appraiser analyzes first of all what assets the borrower has and how promising the debt repayment is.

Who is the creditor?

A creditor may be a person in whose favor, as a result of civil legal relations, the right arises to demand from the debtor the fulfillment of certain obligations: to transfer a thing, provide a service, perform work.

The first place in the list of the most frequent lenders is occupied by banks and financial institutions that finance the activities of enterprises and determine their further work and business development strategy. As a rule, in case of bankruptcy, in the process of forming a register of bankruptcy creditors (committee of creditors), the general creditors who control and often regulate the process of carrying out the bankruptcy procedure are banking structures.

The court recognizes as bankruptcy creditors those who have the right to vote when participating in the meeting of creditors. This right must be confirmed in court by documents confirming the occurrence of obligations. For financial and credit organizations, the main documents are: a loan agreement, a mortgage agreement, a pledge agreement, a surety agreement and other documents confirming ownership of the right of claim.

The procedure for satisfying claims established by law divides creditors into priority and priority.

Why does asset quality matter?

As a rule, the mandatory divisions of large financial credit organizations include a credit division, which prepares documentation for lending operations, and a collateral service division, which monitors collateral for the actual presence, condition and value of the asset. The composition of the organization's assets that are the subject of collateral, as well as current guarantees provided to secure a loan, during the term of the loan agreement must undergo mandatory monitoring for the financial well-being of the debtor or guarantor, and must also be subject to an indicative procedure for checking the market value of the collateral asset for its reduction or increase.

As a rule, the bulk of “bad” debts arise due to insufficient monitoring of collateral by banking structures. At the same time, the appraiser, analyzing loan agreements as part of the assessment of rights of claim, may encounter a lot of problems when assessing collateral or guarantees. An example would be a case from practice. The central branch of a large bank located in Moscow provided a long-term loan to a borrower located in the region, secured by an industrial building. At the time the loan was issued, the borrower enterprise was operating and financially prosperous, and the assets were liquid and represented a production workshop with a land plot. After two years, the company began bankruptcy proceedings. The appraiser went to the location of the pledged asset and found that the debtor company had not produced anything for a long time, and the industrial building, which was the object of the pledge, was practically destroyed.

Another problem in assessing claim rights may be the identification of claim rights itself. During a standard analysis of loan agreements, the appraiser may encounter the problem of legally unqualified drafting of documents, as a result of which the lender’s claims may be subsequently rejected in court.

What should be the focus?

The main criterion for determining the value of claims is security sufficient to cover the amount of the debt. Calculation of the value of the right of claim is carried out through the basic formula: market value of collateral / enterprise debt = % debt coverage.

Any assets of the enterprise can serve as collateral. Assets can be real estate under mortgage agreements, equipment and inventory under pledge agreements, security and guarantees provided by both individuals and legal entities under surety agreements.

The appraiser calculates the market value of the claims by determining the cash flow and the level of risk, usually expressed by the discount rate necessary to bring the cash flow to the current value.

The main criterion for the correct determination of cash flow is a fair calculation of the total guarantees to secure the debt, expressed by the market value of the collateral and surety.

The level of the discount rate when assessing the right of claim is influenced by the type and liquidity of the collateral. Risks also include the timing of debt collection, the requirements of the bankruptcy creditor and additional costs for the sale of collateral. It follows from this that the value of the cash flow reduced to the current value, taking into account all risks and excluding all one-time and constant expenses, will be the value of the market value of the right of claim. When determining cash flow to calculate the market value of the claim, the appraiser analyzes all documents confirming ownership of the claim.

First of all, problems may arise when identifying rights of claim. During a standard analysis of loan agreements, the appraiser may encounter a problem when property is collateral under several loan agreements at once. This may happen due to the negligence of credit department managers or intentional mistakes. And if this happens within the framework of one financial and credit organization, then for the appraiser identifying the object of assessment, this is a certain complexity, which, however, he can identify and take into account when calculating the value of the rights of claim. In this case, basic assumptions for the implementation of these rights, obtained from the bank's management, can help the appraiser in distributing cash flow between loan agreements.

A more complex option is when the same property is cross-collateralized under different loan agreements and different creditors. This most often occurs when pledging movable property, since when issuing loans, bank managers are not able to verify the legal purity of the collateral. In such a case, without having complete information, the appraiser can significantly overestimate the value of the rights of claim, while the value of the collateral will practically not cover the right being valued.

In addition to real estate, movable property, material assets and other property that serves as security for claims, the appraiser analyzes the financial condition of the guarantors.

The analysis and valuation of assets must be carried out by an appraiser in accordance with the requirements of valuation standards. The standard stages of the assessment procedure are analysis of the composition and structure of assets, determination of quantitative and qualitative characteristics of objects (if necessary, a visit and inspection of assets is carried out), analysis of the relevant industry and asset market. Depending on the type of asset, the appraiser determines the choice of method for assessing the market value of a particular object and calculates the market value in accordance with generally accepted valuation methods.

Why do you need a guarantor?

In order to minimize the risk under a loan agreement, the lending division of the bank issues guarantees from legal entities and individuals as additional guarantees. In accordance with Art. 361 of the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code of the Russian Federation), under a guarantee agreement, the guarantor undertakes to be responsible to the creditor of another person for the fulfillment by the latter of his obligations in whole or in part.

In theory, the lending department should monitor and update information about the guarantor - a legal entity or individual. In the course of monitoring the financial condition of legal entities that are guarantors, the credit department must regularly receive official statements certified by tax authorities, transcripts of the main balance sheet items regarding the most expensive assets, information about negative trends in the guarantor’s business, as well as the guarantor’s main creditors.

When analyzing guarantors - individuals, credit and risk management departments should conduct a minimum regular check of the availability of personal property. In practice, credit departments assess the solvency of the guarantor only once - when issuing a loan. An objective factor for banks is the need to process a huge amount of information regarding parties associated with the main borrower. Because of this, in the event of bankruptcy of the debtor, the collection of funds from the guarantors is also complicated by the fact that during the loan period the financial position of the guarantor may deteriorate significantly, and by the time bankruptcy proceedings are carried out against the main debtor, the guarantor may also become uncreditworthy .

Often, when assessing the market value of claims, the value under surety agreements with individuals is equal to zero, since collecting debt from the personal property of the guarantor is practically impossible due to legal subtleties in relation to collecting debt from the property of citizens. When assessing the cash flow from collection from guarantors - legal entities, the appraiser is faced with the problem of obtaining up-to-date information about the guarantor, namely financial statements, breakdowns of assets and liabilities, the current register of creditors, business information and other insider information.

In accordance with regulations and documents regulating valuation activities, the appraiser is obliged to collect information that meets the requirements of sufficiency and reliability.

The main information that the appraiser will use to analyze the guarantor - a legal entity - will be the financial performance of the company. The amount of data that needs to be collected during the analysis is significant, since in order to determine the solvency of the guarantor it is necessary not only to analyze accounting data, but also to assess the market value of all assets and liabilities. Financial and analytical data can be obtained from various sources, for example, statistical databases that include information on financial statements, quarterly reports of issuers, registrar databases, etc. The ultimate goal of this analysis is to determine the level of solvency of the guarantor and the possibility of fulfilling obligations under the guarantee agreement .

In current practice, the market value of a guarantee is assessed with a significant discount, which can range from 50 to 100% to the nominal value of the guarantee. This discount is confirmed by a number of largest banks. This is due to the fact that the practice of collecting obligations from guarantors is rather negative.

Taking into account the current difficult situation with the collection of collateral under sureties, in 2012 the Supreme Arbitration Court of the Russian Federation prepared a number of documents and decisions that address issues of resolving disputes related to sureties. These documents propose to significantly increase the level of responsibility of guarantors.

When is it easier to sell debt on the market?

At the time of drawing up bank statements, losses identified during the revaluation of claims and collateral are the reason for the regrouping of assets by quality categories towards a lower category and, as a result, lead to an increase in bank reserves. The higher the level of reserves, the lower the final cost of the bank's equity capital and the lower the level of liquidity indicators.

To reduce the impact of “bad” debts on the level of reserves, banks sell part of the problem assets, since even the losses received from the sale can be significantly lower than the consequences of the formation of additional reserves. According to Art. 382 of the Civil Code of the Russian Federation, the right (claim) belonging to the creditor on the basis of an obligation can be transferred by him to another person under a transaction called assignment of the claim. The assignment of a claim, according to current Russian legislation, is made under an assignment agreement.

Despite the fact that most large banks have created departments for the sale of collateral and claims, the sale of claims through specialized trading platforms is becoming increasingly popular. An example would be electronic platforms: the automated trading platform "Sberbank-AST", B2B, the Russian portal of collateral, as well as many electronic platforms of collection agencies specializing in the sale of problem assets and debts. As a rule, by studying information on the sale of debts on such sites, you can obtain complete data on the amount of debt, the nature of the debt, and the specifics of the debtor company’s activities; determine the industry affiliation and location of the debtor; confirm the existence of a court decision on debt collection, as well as assess the range of possible buyers of the debt and, most importantly, the sale price of the debt.

In this case, market statistics on the sale of certain types of claims can provide the appraiser with valuable information about the real market value of the discount to the amount of debt. In practice, after studying and analyzing data from collection agencies and trading platforms, it was found that on average in the debt sale market, the discount on liquid debt of legal entities can be 10–30% of the nominal value of the debt. Whereas for illiquid debts the discount can reach 70–95%. When selling the rights of claims of individuals, the discount level is higher: for liquid debt (at the stage of legal proceedings) - 50–70%; low-liquidity debts are sold at a discount of 90–98.5%.

What result are we expecting?

What can be considered a positive result when assessing the right of claim? A positive result in assessing the right of claim follows from a well-secured loan and is achieved if the debt is fully covered by the amount of security. In this case, the risk level for such debts will be 0%. Otherwise, if the loan is classified as poorly secured or unsecured, the value of the rights of claim will always be assessed below par and in the amount of risk determined by the appraiser.

In world practice, when choosing a method for assessing the rights of claims, special attention is focused on the long-term financial recovery of the enterprise, the preservation of its activities, the possibility of debt restructuring with the aim of further repaying it in full as an alternative to the bankruptcy procedure of the enterprise. For these purposes, the International Association of Insolvency and Bankruptcy Restructuring Specialists (INSOL) has developed the basic principles of a global approach to working with creditors, designed to speed up financial restructuring and increase the likelihood of recovery of the borrower enterprise.

In Russian practice, the main assumption when assessing the rights of claims will be either the assignment of the rights of claims or the bankruptcy of the debtor. Accordingly, the question of the peculiarities of assessing one or another type of property rights, and therefore the choice of methodology for rights of claim, will be associated in most cases either with the bankruptcy procedure in order to satisfy the claims of all creditors, or with determining the market level of discount from the offer price when selling rights in the open market.

Techniques

ASSOCIATION OF RUSSIAN BANKS
Valuation Committee

Guidelines
“Assessment of claims under bank loan agreements”
GENERAL ISSUES OF ASSESSMENT OF RIGHTS OF CLAIM UNDER CREDIT AGREEMENTS

The recommendations cover general issues of assessing claims. The document was developed in accordance with the requirements of current legislation in the field of valuation and contains recommendations determined by the specifics of the valuation of claims under loan agreements.

1.1. Bank - credit organisation.

1.3. Property assets- in the context of these Recommendations, tangible assets in the form of real estate, machinery and equipment or goods.

1.4. Investment cost- the cost for a specific person or group of persons for the investment purposes established by this person (persons) for using the valuation object

1.5. Liquidation value- an estimated value reflecting the most likely price at which a given valuation object can be alienated during the period of exposure of the valuation object, which is less than the typical exposure period for market conditions, in conditions where the seller is forced to make a transaction for the alienation of property.

2.1. According to the Regulation of the Bank of Russia dated March 26, 2004 N 254-P “On the procedure for credit institutions to form reserves for possible losses on loans, loan and equivalent debt” (hereinafter referred to as the Regulation), credit institutions are required to create reserves for possible losses on loans (hereinafter referred to as the reserve) in accordance with the procedure established by the Regulations.

2.2. According to clause 1.7 of the Regulations “In order to determine the amount of the estimated reserve in connection with the effect of credit risk factors, loans are classified based on professional judgment (except for loans grouped into a portfolio of homogeneous loans) into one of five quality categories:

• I (highest) quality category (standard loans));
• II quality category (non-standard loans);
• III quality category (doubtful loans) - significant credit risk (the probability of financial losses due to non-fulfillment or improper fulfillment by the borrower of obligations under the loan causes its depreciation in the amount of 21 to 50 percent);
• IV quality category (problem loans) - high credit risk (the probability of financial losses due to non-fulfillment or improper fulfillment by the borrower of obligations under the loan causes its depreciation in the amount of 51 percent to 100 percent);
• V (lowest) quality category (bad loans) - there is no probability of loan repayment due to the borrower’s inability or refusal to fulfill loan obligations, which leads to complete (100 percent) depreciation of the loan.

2.3. Meanwhile, clause 1.3 of the Regulations regulates that “The reserve is formed by a credit institution in the event of depreciation of a loan (loans), that is, when the loan loses value due to the borrower’s failure to fulfill or improper fulfillment of loan obligations to the credit institution or the existence of a real threat of such non-fulfillment (improper fulfillment) ( hereinafter referred to as credit risk for the loan). Those. If the borrower properly complies with the terms of the loan agreement, no reserve is formed.

2.4. Further, according to the Regulations, “a credit institution creates reserves for portfolios of homogeneous loans in accordance with the risk assessment methodology used by it for the corresponding portfolios of homogeneous loans. The credit organization distributes the formed portfolios of homogeneous loans into the following quality categories:

• Quality category I - portfolios of homogeneous loans with the amount of the formed reserve being 0 percent (there are no losses on the portfolio of homogeneous loans);
• Quality category II - portfolios of homogeneous loans with the amount of the formed reserve not exceeding 3 percent of the total book value of the loans combined into the portfolio;
• III quality category - portfolios of homogeneous loans with the amount of the formed reserve exceeding 3 and up to 20 percent of the total book value of loans combined into the portfolio;
• Quality category IV - portfolios of homogeneous loans with the amount of the formed reserve exceeding 20 and up to 50 percent of the total book value of loans combined into the portfolio;
• Quality category V - portfolios of homogeneous loans with the amount of the formed reserve exceeding 50 percent of the total book value of the loans combined into the portfolio.

2.5. According to clause 3.1. Provisions “Assessment of credit risk for each loan issued (professional judgment) must be carried out by the credit institution on an ongoing basis.” Further in paragraph 3.1.1 “Professional judgment is made based on the results of a comprehensive and objective analysis of the borrower’s activities, taking into account his financial situation, the quality of the borrower’s debt service on the loan, as well as all information available to the credit institution about any risks of the borrower, including information about external obligations borrower, about the functioning of the market (markets) in which the borrower operates.”

Thus, the need for professional judgment (assessment of claims) under loan agreements arises if the Bank classifies a loan as quality category 3-5 (doubtful, problematic, bad loans).

3.1. The main task in assessing the right of claim is to determine the availability and possibility of claiming, in accordance with the legally established procedure, movable and immovable property, securities, cash and other property that is collateral under a loan agreement.

3.2. According to established banking practice in the field of lending to legal entities, the most common types of security for the fulfillment of obligations under loan agreements can be:

• pledge of inventory, land plots, real estate, vehicles, securities and other assets;
• guarantee of a legal entity;
• guarantee of an individual.

3.3. In Fig. 1 shows a brief diagram showing the composition of possible collateral used by Russian Banks in the practice of business transactions under loan agreements between the Bank and legal entities.

As can be seen from Fig. 1, the loan agreement may not have “hard” collateral, i.e. the loan can be provided in the form of an overdraft, which is a line of credit in the form of a debt limit. When providing loans in the form of an overdraft on payment cards in contracts with consumers, banks usually set an overdraft limit, deadlines for making monthly payments and the amount of the minimum payment.

Rice. 1. Possible composition of collateral under loan agreements

3.4. To determine the existence of property rights - rights (requirements), it is necessary to fill out the table below. The table is filled out with the assistance of a specialist - a lawyer from the bank who has sufficient competence and knowledge to provide a professional judgment on the collateral.

Table 1. Collateral analysis matrix for determining the presence of material rights - rights (requirements)

Real estate	Factor	Registration of the Unified State Register	Decision of the Corporate Body	Correct description of the collateral in the Agreement		Total risk
	% risk
Movable property	Factor	Actual availability	Presence of disputes regarding collateral property	Possibility of autonomous use	Availability of identification (inventory, technical numbers) and their compliance with collateral and accounting agreements. accounting	Total risk
	% risk

3.5. When filling out the matrix, you should be guided by the following recommendations:

Real estate:

1. The absence of a registration record in the Unified State Register of Entrepreneurs is a high risk of impossibility of levying a penalty on the property. Recommended value 30-50%
2. The absence of a decision from the borrower’s Corporate Body carries a high risk of a positive outcome of the process of reclaiming property, the recommended value is 50%
3. The correctness of the description of the collateral is critical in the event of significant errors in the description and the actual item. Depending on the degree of correctness, the risk can be assessed up to 100%

Movable property:

• The physical absence of the collateral, confirmed by documents of theft, is a 100% risk that does not allow further assessment of the collateral.
• The presence of disputes regarding collateral is assessed depending on the progress of the processes to challenge the collateral; an expert assessment of the likelihood of a favorable outcome of the litigation is provided by a lawyer. Risk can be assessed up to 100%
• The risk is considered zero if complete autonomous use of the collateral is possible; if the autonomous use of the collateral involves significant capital investments in addition to its current state, the risk is assessed in proportion to the level of costs.
• In agreement with the Customer's lawyer, the risk of the impact of inconsistency of property details in the pledge agreements and accounting documents can be assessed up to 100% (for example, in the case of cases challenging similar pledges)

3.6. The results obtained are assessed according to the following gradation of total risks

• 0-15% - low risk, high possibility of obtaining collateral
• 15-25% - average degree of risk, the possibility of obtaining collateral exists
• 25-50% - a high degree of risk, the possibility of obtaining collateral exists, but is associated with additional costs
• Above 50% is a high degree of risk, which does not allow us to talk about the possibility of foreclosure on the collateral.

3.7. After identifying the entire list of collateral under credit agreements and calculating the total risk of the possibility of collecting collateral, it is assessed using income, cost and comparative approaches for objects for which the total risk does not exceed 50%.

Requirements for the assessment of rights of claim are given in the Federal Security Service and the standards of self-regulatory organizations of appraisers. However, the object of assessment under consideration assumes the presence of certain specifics.

When assessing rights of claim, the Appraiser must be subject to the following general requirements.

1) The main task of the Appraiser is to show the quantitative and qualitative prospects for the feasibility of the assessed object.

2) The result of the assessment, first of all, is necessary for the bank, therefore, when conducting the assessment, the Appraiser is recommended, in agreement with the bank, to interact with its authorized specialists. This interaction does not imply pressure on the Appraiser from the bank and does not violate the principle of independence of its activities.

3) The description of the objects of assessment must contain clear signs that allow the object to be unambiguously identified. It is not allowed to be limited to indicating names and accession numbers. If the right of claim includes a pledge of real estate, it is mandatory to inspect the objects and attach to the assessment report an inspection report of the pledges, signed by representatives of the Bank.

4) When determining market value, all calculations and assumptions must be based on reliable market data and trends. Assumptions based solely on the Appraiser's expert opinion should be minimized.

5) All sources of information used in the report must be indicated in a form that allows one to verify their adequacy.

6) The assessment report should contain, in a minimum volume, all the information necessary to understand the validity of the results obtained.

7) In order to increase the efficiency of work, interim assessment results can be submitted to the bank in a form agreed with the bank.

8) If there is a significant discrepancy in the results obtained using different approaches, an analysis of the reasons for such discrepancy must be carried out and the most reliable result, in the reasonable opinion of the Appraiser, must be selected as the final result.

9) It is not allowed to evaluate the object by the Appraiser without inspecting the object. Photographs of the objects being assessed (if there is a large number of objects, perhaps selectively the most significant ones) must be included in the Appendices to the report. Photographs must objectively reflect the condition of the object being assessed;

10) By agreement with the bank and the customer, the Appraiser can determine the characteristics of the appraisal object that are not provided for by the requirements of federal appraisal standards, but are necessary for the bank to make a decision.

11) The assessment must be completed within a time frame that does not exceed the limits determined by the credit process. To minimize deadlines without loss of quality, the Appraiser, at the stage of setting up an assessment task, must clearly understand his task, determine the amount of information and composition of documents required for the work, and stipulate the deadlines for submitting documents and priorities.

12) In the analysis section of the market segment to which the valued object belongs as part of the right of claim, the following information must be present:

• analysis of current activities and main trends in the relevant market segment;
• retrospective, current and expected future demand for this type of property in the region;
• existing and likely needs for alternative uses of the property being assessed;
• the degree of impact on the value of the collateral of certain forecast factors (at the time of the assessment);

13) When using the income approach when constructing cash flows, it is necessary to rely on market indicators, including in a situation where the owner of the object enjoys advantages that put him in a more advantageous position relative to other market participants (benefits, etc.). Existing encumbrances of the object (eg lease, easement), which will be preserved upon alienation of the object, are subject to mandatory consideration during the assessment.

4.1. Property rights as objects of civil circulation

Article 128 of the Civil Code of the Russian Federation, which provides a list of types of objects of civil circulation, classifies property rights as objects of civil rights along with things, including money and securities, other property, works and services; protected results of intellectual activity and means of individualization equivalent to them (intellectual property); intangible benefits.

One of the main features of the objects of a legal relationship is that such objects must represent a certain value, which is manifested in its ability to satisfy certain legally significant interests of subjects of law. Of course, the rights of claim have such material value, which suggests that the right (claim) can be the object of civil circulation.

This provision is confirmed by the presence in Chapter 24 of the Civil Code of articles containing rules on the assignment of claims.

4.2. Grounds for the emergence of rights (requirements)

According to Art. 8 of the Civil Code of the Russian Federation, the basis for the emergence of civil rights and obligations is an agreement and other transactions, etc.

Article 307 of the Civil Code of the Russian Federation defines the grounds for the emergence of obligations - this is a contract, harm, unjust enrichment, others (Part 2 of Article 307 of the Civil Code of the Russian Federation).

Thus, the contract is the basis for the emergence of civil rights and obligations and obligations.

Civil rights, duties and obligations arise in relation to a specific object.

By virtue of an obligation, one person (debtor) is obliged to perform a certain action in favor of another person (creditor), such as: transfer property, perform work, pay money, etc., or refrain from a certain action, and the creditor has the right to demand the debtor to fulfill his obligation (Part 1 of Article 307 of the Civil Code of the Russian Federation).

Thus, property rights, along with other property, are what obligations arise about.

4.3. Obligation as the basis for the emergence of rights of claim, the structure of obligatory legal relations

Civil legislation uses the concept of “obligation” in various meanings, namely: obligation in the broad sense, and in the narrow sense, i.e. specific rights of claim of the creditor against the debtor.

An agreement may contain (and most often does contain) a set of rights and corresponding obligations. Thus, in a purchase and sale agreement, one can distinguish the buyer’s right to demand the transfer of goods and the corresponding obligation of the seller to transfer the goods (the first obligatory relationship). Within the framework of this agreement, there is the seller’s right to demand payment for the goods and the buyer’s obligation to pay for it (the second obligation).

The creditor and debtor can only be identified in a simple obligatory legal relationship, and not within the framework of the agreement as a whole.

In a complex legal relationship of obligations, which is usually a contract, there are parties, i.e. subjects endowed with both rights and responsibilities, i.e. creditors and debtors at the same time.

Chapter 24 of the Civil Code of the Russian Federation “Change of persons in an obligation” provides for the procedure for replacing a party in one obligatory legal relationship (debtor or creditor), and not a party to an agreement (or other obligation in a broad sense), each of which can be both a debtor and a creditor for various reasons. obligations covered by the design of one contract.

In Art. Art. 382 - 390 of the Civil Code of the Russian Federation, the term “creditor” is used to designate the person who “owned” the assigned right. A creditor is an active subject endowed with the right to demand the performance of actions (abstinence from actions) from the debtor.

In an agreement, the content of which is only one legal connection, one simple obligation, a change in the active party to the obligation (creditor) is also a replacement of the party to the agreement. An example of such an obligation is a loan: the transfer of the right of claim to another person means the replacement of a party to the agreement - the lender.

Often the obligatory legal relationship is complex, i.e. each of its parties has a number of rights and bears a number of responsibilities. The entire set of a number of counter-rights and obligations of the parties should be considered as one legal relationship. In legal literature, individual rights of the parties to an obligation are designated by the term “powers”. At the same time, it is indicated that they are part of subjective law, which has a complex structure. When there is a change of persons in an obligation, its subject composition changes, but the systemic connections between powers and responsibilities are preserved.

Under an agreement on the assignment of the right of claim, the newly interceding person receives not the individual power of the retiring party (the right of claim), but the entire set of his powers available at the time of transfer.

4.4. Concept of law (requirements)

The Civil Code does not contain a definition of the right of claim (more precisely, the right (claim).

At the same time, the legislator uses the concept of right (requirement) in the norms of Chapter 24 of the Civil Code of the Russian Federation. So, by virtue of Art. 382 of the Civil Code of the Russian Federation, the right (claim) belonging to the creditor on the basis of an obligation may be transferred by him to another person under a transaction (assignment of the claim) or transferred to another person on the basis of law.

When analyzing the rules on the assignment of a right (claim), we can conclude that a claim is not the subject’s right to demand, but something that an entitled person claims (claims) to receive, i.e. the execution of which he (upon the occurrence of certain conditions) may demand from the person obligated by his right, relying on the coercive power of the state.

In this case, it is only necessary to keep in mind that when assigning rights in the manner provided for in Chapter. 24 of the Civil Code of the Russian Federation, both practice and theory proceed from the fact that assignment is allowed only in relation to the right arising from an obligation.

According to paragraph 4 of Article 454 of the Civil Code of the Russian Federation, the general provisions on purchase and sale apply to the sale of property rights, unless otherwise follows from the content and nature of these rights.

At the same time, regarding the recognition of rights (claims) as a property-legal status, there are several points of view, from the complete denial of their property-law nature to the recognition of ownership of the right of claim (“right to right”) and the distinction between right as content and right as an object.

In any case, having a material value, rights (claims), being in essence rights of obligation, are at the same time the object of transactions, along with other property rights (for example, real rights)

Conclusion: rights (claims) are an independent object of civil legal relations, along with things and other subjects, and, consequently, objects of assessment, with a reservation about the legal nature of their occurrence and regulation.

The assessment of claims is carried out in several stages. The main stages of assessing claims are shown in Table 2.

Table 2.

		Ongoing events
1.	Approval of the assessment task	The object of assessment, rights and encumbrances are determined, the approaches used, assumptions and limitations are discussed (the required amount of information and the timing of the assessment are determined). As a rule, it is carried out with the participation of the customer and, if possible, combined with an inspection of the facility.
2.	Conclusion of an agreement	The agreement has a bilateral form.
3.	Ongoing consultations	The appraiser informs the bank employee about emerging problems (for example, with the provision of information), controversial issues are discussed together
4.	Submission of summary assessment results to the bank	The appraiser provides the bank with the results obtained in a brief form. When the bank agrees on the results, the Appraiser prepares an assessment report
5.	Presentation to the customer	The prepared report is presented to the customer

When forming an assessment task, it is necessary to identify all the components included in the assessment object. As was shown in section 2 of these guidelines, the object of assessment “right of claim” may include various types of security. Identification of the collateral included in the valuation object is carried out on the basis of loan agreements and security documentation, which is an integral part of the loan agreements.

Before starting the assessment, the Customer and the Appraiser stipulate possible assumptions and restrictions related to the specifics of the assessment object and possible difficulties in obtaining information about the assessment object.

The specificity of the assessment of receivables lies in the difficulty of obtaining information about the object of assessment, since most of the information is held by the Borrower. After receiving the information, it is necessary to reconcile the data in the credit file and received from the Borrower. In some cases, it is recommended to reconcile the accounting statements received from the Borrower with the data submitted to the tax office to prevent cases of assessment based on unreliable statements.

1. If a loan agreement was concluded with a business company (limited liability company, joint-stock company), then it is necessary to check whether such a transaction was a major one for the company, and whether its conclusion was agreed upon in the manner prescribed by law and the company’s charter. It is also important to check the powers of an official of a business company to carry out such a transaction, since the charter may establish restrictions on the powers of the sole executive body of the company.

When analyzing collateral agreements, the Appraiser must pay attention to the fact that, in accordance with Art. 339 of the Civil Code of the Russian Federation, the pledge agreement must indicate: the subject of the pledge and its valuation, the essence, size and deadline for fulfilling the obligation secured by the pledge. It must also contain an indication of which party has the pledged property (Article 338 of the Civil Code of the Russian Federation).

Since, in accordance with the Civil Code, the pledgor can only be the owner of the thing or a person who has the right of economic management over it (Part 2 of Article 335), an important point is to check the title documents for the subject of the pledge.

Since, in accordance with current legislation, the mortgage of a building (structure) must necessarily be accompanied by a mortgage of the land plot on which the building is located (or the right to lease this plot), attention should be paid to the presence of land as part of the subject of the mortgage. The absence of a pledge of a land plot makes the pledge as a whole voidable.

When analyzing a mortgage agreement, it is necessary to pay attention to the fact that in accordance with the Federal Law of July 16, 1998 No. 102-FZ “On Mortgage (Pledge of Real Estate), the subject of the mortgage is determined in the agreement by indicating its name, location and sufficient to identify this subject description. Also, the mortgage agreement must indicate the right by virtue of which the property that is the subject of the mortgage belongs to the mortgagor, and the name of the body that carries out state registration of rights to real estate and transactions with it (hereinafter referred to as the body that carries out state registration of rights) that registered it pledgor's right.

It is also necessary to check that the mortgage agreement, as well as additional agreements to it (if any) were registered in the manner prescribed by law (the Mortgage Agreement is considered concluded and comes into force from the moment of its state registration).

If the Appraiser’s competence is not sufficient to make a professional judgment about the possible level of risk for a specific loan agreement, then a lawyer representing the Customer or a representative of a specialized consulting company must provide his opinion on this issue in writing.

When analyzing surety agreements, the Appraiser must check the presence of signatures and seals on copies of the agreement, the correspondence of the persons named in the “header” of the agreement with the full names of the actual signatories.

The availability of relevant decisions (Protocols) of the bodies of the guarantor - a legal entity - is also checked.

Taking into account the shortened limitation period established for collecting debt from the guarantor, the person receiving the dossier must immediately calculate this procedural period. To do this, you should find out under the terms of the loan agreement (taking into account all additional agreements) the deadline for repaying the loan, and then add one calendar year (clause 4 of Article 364 of the Civil Code). This will be the statute of limitations for filing a claim against the guarantor. It should be understood that within this period a claim must not only be filed against the guarantor, but also after the expiration of the period specified in the Guarantee Agreement for the voluntary performance of his duties by the guarantor, but also a statement of claim must be sent to the guarantor. Taking into account the fact that a loan is usually recognized as problematic if there is a delay in repayment, it can be assumed that the loan repayment period has already arrived some time ago, which means that the one-year statute of limitations against the guarantor has begun to run.

If the Appraiser’s competence is not sufficient to make a professional judgment about the possible level of risk for a specific loan agreement, then a lawyer representing the Customer or a representative of a specialized consulting company must provide his opinion on this issue in writing.

The choice of the standard for determining the value of the object of securing the rights of claim (hereinafter referred to as the object of assessment) is made based on the purpose of the assessment, taking into account current legislative norms.

In accordance with Art. 3 of the Law of the Russian Federation “On Valuation Activities” (29.07.98, No. 135-FZ), the market value of the valuation object is understood as the most probable price at which this valuation object can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and the value of the transaction price is not reflected in any extraordinary circumstances, that is, when:

• one of the parties to the transaction is not obliged to alienate the object of valuation, and the other party is not obliged to accept execution;
• the parties to the transaction are well aware of the subject of the transaction and act in their own interests;
• the valuation object is presented on the open market through a public offer, typical for similar valuation objects;
• the price of the transaction represents a reasonable remuneration for the object of evaluation and there was no coercion to complete the transaction in relation to the parties to the transaction on any part;
• payment for the valuation object is expressed in monetary form.

The assessment of any object of property rights is an orderly, targeted process of determining its value in monetary terms, taking into account the potential and actual income brought by it at a certain point in time in a particular market.

In accordance with valuation standards, the process of determining market value involves the use of three approaches to valuation:

Cost-effective approach- a set of cost assessment methods based on determining the costs necessary to restore or replace the valued object, taking into account its wear and tear. The cost approach is based on the principle of substitution, which states that the buyer will not pay more for a piece of property than what is required to replace it with another property that has similar useful characteristics.

Comparative approach- a set of methods for assessing value based on comparison of the object of assessment with similar objects for which information is available on the prices of transactions with them. The sales comparison approach is based on the principle of an efficiently functioning market in which investors buy and sell similar assets while making independent individual decisions.

Income approach- a set of methods for assessing value based on determining the expected income from the object of assessment. The income approach is based on assessing the investor's expectations regarding future economic benefits from owning the property being valued.

According to the Federal Valuation Standards, approved by orders of the Ministry of Economic Development of the Russian Federation dated July 20, 2007 No. 254, 255 and 256, the Appraiser has the right to independently determine specific valuation methods within each approach to valuation.

Valuation using the income approach is used when assessing the pledge of buildings and structures, machinery, equipment, vehicles, and pledge of company shares.

When assessing buildings and property complexes it is necessary:

1. Conduct a market analysis of the property being assessed as income-producing real estate.
2. Separately indicate the area: the total area of ​​the building or property complex, the area for rent.
3. When calculating the rental rate for an object of assessment using a comparative approach, the rental rates of analogues should be cleared of VAT, utility and operating costs, and the corridor coefficient should be taken into account. Indicate the contact phone number of the analogue object.
4. The unit price for comparison of rental rates (RUB/1 sq. m) of similar objects must comply with the principle of homogeneity and not exceed 30%.

When valuing equipment, the income approach is used to evaluate production lines.

Vehicles. The income approach is used for specialized transport (railway, water, freight intercity and international transportation, etc.).

When assessing an existing enterprise, you must:

1. The revenue forecast should be based on forecasts of sales volumes of products/services and prices for each type of product/service produced. It is carried out based on the capacity (available space for rent) of the enterprise being assessed and market prices for selling a unit of products/services.
2. Exclude one-time and unplanned income.
3. Explore historical data about the enterprise and industry.
4. When forecasting costs, exclude unjustified costs.
5. Since the interest rates on loans offered by banks require an increase in profitability, which enterprises cannot guarantee both now and in the forecast period, to evaluate equity, the discounted cash flow method for equity should be used without deducting long-term loans and credits. That is, the market value of an operating enterprise is determined using its own funds.
6. Final adjustments are made: surplus/deficit of own working capital; market value of long-term financial investments; market value of non-core assets.
7. If the enterprise is operating, but has a limited remaining life in the market, then income from operations may decrease rather than increase.

Discount rate

When assessing the market value of equity capital, the discount rate is calculated using the cumulative construction method in the event that it is not possible to perform the calculation when applying the capital asset pricing model (CAPM).

The bonus for company size is based on an analysis of the net assets of comparable companies.

Capitalization rate

When moving from the discount rate to the capitalization rate to calculate the reversion, the growth rate of income (revenue) in the post-forecast period should be within the range of 3-5%.

The comparative approach to real estate valuation is based on information about recent transactions with similar properties on the market and comparison of the property being valued with analogues.

The initial prerequisite for applying the method is the presence of a developed market.

Within the framework of a comparative approach to real estate valuation, two methods can be distinguished:

• Method of comparative sales analysis.
• Gross rent method.

The main criteria for selecting analogue objects:

1. Type and type of use of the property;
2. Quality;
3. Transferable rights;
4. Location;
5. Physical characteristics;
6. Terms and financing;
7. Terms and time of sale.

After selecting and comparing analogous objects with the object of evaluation, appropriate amendments must be made, if necessary.

Adjustments can be percentage or cost.

Basic methods for calculating corrections:

1. Methods based on the analysis of paired sales;
2. Expert methods of calculation and amendments;
3. Statistical methods.

Gross rent method is based on the assumption that there is a direct relationship between the selling price of real estate and rental income. This method involves the use of a gross rent multiplier (GRM). MVR is the ratio of the sales price of a property to the gross income from renting it out for a certain period (month, quarter, year). The value of the property being assessed is determined by multiplying the MVR by the gross income for the corresponding period from the (possibly expected) rental of the property being assessed.

Valuation of movable property

Movable property includes tangible and intangible objects that are not real estate. This property is not permanently attached to real estate and, as a category, such property is characterized by the ability to be moved.

Methods of the comparative approach - methods based on the analysis of sales transactions of analogous objects and comparison with the object of evaluation to make appropriate adjustments:

1. Market information method: determining the value of movable property by using information on sales prices published in the price lists of manufacturers, dealers or other sources of information on sales prices.
2. Comparative sales method: Determining value by comparing recent sales of comparable personal property with the subject property after making appropriate adjustments to account for differences between them.
3. Statistical modeling method (mass valuation method): a method of considering the valued object of movable property as a representative of a certain set of homogeneous objects for which prices are known.
4. Method of correlation models: a method for assessing a movable property object, based on determining the weighted average parameter in conventional units, characterizing the technical and economic properties of the assessed object and related proportionally to its value

Valuation of a business/operating enterprise

Evaluation methods:

1. Analogue company method. This method is based on the use of prices generated by the open stock market. The basis for comparison is the price of one share of open joint stock companies.
2. Transaction method. The method is focused on the acquisition prices of the enterprise as a whole or its controlling stake.
3. Method of industry coefficients. The method is based on the use of recommended relationships between price and certain financial parameters.

The cost approach is a set of techniques and methods for determining the market value of the appraised object, based on the amount of costs necessary to recreate it in the conditions prevailing on the valuation date, taking into account adjustments for the level of depreciation of the object.

To calculate the amount of costs, depending on specific conditions, either the replacement cost is used (the estimated amount of costs in current prices on the date of assessment, necessary to recreate an exact copy of the assessed object, using the same materials, standards, design, quality of work), or replacement cost ( the amount of costs incurred as of the assessment date to recreate an object similar to that assessed in terms of usefulness; therefore, the use of modern materials, technical and technological solutions, compliance with current technical and sanitary requirements is allowed).

With the Cost Approach, it is necessary to determine the amount of depreciation or discount from the full replacement cost (replacement cost). The appraiser calculates wear and tear not according to regulatory documents, but based on its real physical condition and the compliance of the functions performed with modern market needs. The general deterioration of an object includes: physical, functional and economic obsolescence.

The choice of valuation methods in the cost approach depends on the purpose of the valuation, the type of object being valued, and the prospects for its use. A general technique when using the cost approach is to divide an object into its component elements and apply correspondence to each of them. assessment techniques taking into account individual wear.

With a cost approach to assessing the value of an enterprise, the following methods are used: net assets and liquidation value. The net asset method is used to evaluate profitable enterprises with development prospects.

The liquidation value is the sum of discounted proceeds from the sale of assets, reduced by the amount of liabilities and liquidation costs.

In the cost-based approach to assessing the value of real estate, the market value of the land and objects located on the area being assessed is determined.

To evaluate a land plot, the following methods are used: comparable sales; correlation (transfer); capitalization of land rent: residual techniques for land; development (development) of a land plot.

In the cost approach to assessing the cost of buildings and structures, the following methods are used: comparative unit; element-by-element cost estimation; estimate, as well as index method of assessment.

With a cost approach to estimating the cost of machinery and equipment, methods of direct calculation and holistic cost assessment are used.

The cost approach to assessing the value of intangible assets is advisable if they are unique or it is impossible to calculate the share of profit brought by the valued object. The appraiser can use the creation cost method and the cost gain method. The method of cost of creation of intangible assets involves determining the full replacement cost of the asset, which includes the costs of creating, acquiring and bringing the object to a state that allows it to be used for its intended purposes. The replacement cost is adjusted in accordance with the obsolescence rate of the intangible asset. The cost benefit method allows you to find the market value of an intangible asset based on the cost savings achieved through its use.

The final value of the market value of the object is determined based on the coordination of the obtained assessment results for various approaches by mathematical weighing based on an expert determination of the significance of a particular approach.

After agreeing on the weights of the approaches, it is necessary to take into account the provisions of the Law “On Insolvency (Bankruptcy)” as amended on December 30, 2008. According to Art. 138 of which 70%, and for creditors under loan agreements 80% of the market value of the property pledged to the given creditor, is allocated to satisfy the claims of the secured creditor, but not more than the principal amount of debt on the obligation secured by the pledge and interest due.

After the Appraiser has calculated the amount that the Pledgor will receive in the future when selling the property upon completion of the bankruptcy procedure, it is necessary to assess the value of the right of claim by discounting the resulting value of the collateral to the current moment. The discount period is determined by the expected duration of the bankruptcy procedure. The Customer provides an opinion on the timing of each stage of the bankruptcy procedure.

1. International assessment standards. Seventh edition. 2005 /Trans. from English I.L. Artemenkova, G.I. Mikerin, N.V. Pavlova. - M.: Russian Society of Appraisers LLC, 2006.

2. European assessment standards. 2000/Per. from English G.I. Mikerin, N.V. Pavlova, I.L. Artemenkova, - M.: Russian Society of Appraisers LLC, 2003.

3. International Valuation Standards, Eighth Edition, International Valuation Standards Committee, 2007.