On repayment of restructured debt to credit institutions
Wednesday, March 10, 2010 19:42On repayment of restructured debt
credit institutions
Priority creditors’ claims under the settlement agreements entered into between the creditors and credit institutions in accordance with Federal law from 08.07.1999 N 144-FZ “On Restructuring of Credit Organizations”, established on the basis of feasibility st.106 according to the Federal Law of 08.01.1998 N 6-FZ “On Insolvency (Bankruptcy)”.
In accordance with this article, Federal Law satisfaction of creditors’ claims for mandatory payments to the budget and the extrabudgetary funds made in the fourth turn.
However, for purposes of settlement agreements in the framework of the provisions of the Federal Law “On Restructuring of Credit Organizations” the State Corporation “Agency for Restructuring Credit Organizations” (hereinafter – the Agency) proposed the formation of separate groups of creditors, but in view of the law of the claims of creditors.
Thus, all creditors restructured credit institutions are divided into three groups according to the nature of their requirements and regulations st.855 Civil Code and Article 49 of the Federal Law of 25.02.1999 N 40-FZ “On Insolvency (Bankruptcy) of Credit Organizations”.
The first group of creditors include individuals on monetary obligations arising from contracts of bank deposit and bank accounts.
The second group of creditors are creditors of mandatory payments to the budget and extrabudgetary funds (by their own payments and bank charges its customers).
The third group of creditors are creditors (other than creditors of the first group) on monetary obligations arising from civil-law contracts and other grounds under the Civil Code.
Considering that in order to maintain a balance between the interests of creditors and banks of priorities determined in accordance with Federal law “On Insolvency (Bankruptcy), the establishment of separate federal laws and other normative acts of the claims of ministries and departments, as well as other creditors, to restructured banks unacceptable.
Payments to creditors of the fourth group of the order made pursuant to and in the manner provided by the settlement approved by the courts of arbitration, and schedules developed by the Agency and coordinated with the MNF Russia.
Recall that a formal arrangement with the credit institution under the administration of the Agency, a global agreement to settle the debt before the Russia Federation on obligatory payments to the federal budget in accordance with the RF Government Resolution dated 15.04.2000 N 348 “On the representation of the State Corporation” Agency for Restructuring Credit organizations’ interests Russia at the conclusion of settlement agreements with the restructured credit organizations “(hereinafter – the RF Government Decree of 15.04.2000 N 348) are:
a) equitable settlement restructured credit institution (not less than once per quarter) debt to the Russia Federation on obligatory payments (excluding fines and penalties) within 6 years from the date of entry into force of the settlement agreement;
b) equitable settlement restructured credit institution (not less than once per quarter) debt to the Russia Federation on penalties and (or) a fine for 4 years after the repayment of its debt to the Russia Federation on obligatory payments;
c) in respect of restructured credit institutions that have no debt to the Russia Federation on obligatory payments to the federal budget (excluding fines and penalties), equitable settlement of their (at least once per quarter) debt to the Russia Federation on penalties and (or) a fine within 10 years from the date of entry into force of the settlement agreement.
In addition, permitted prepayment of restructured debt to credit institution Russia Federation.
If the terms of the settlement agreement provides for payment of restructured credit institution interest on the balance of outstanding debt to the Russia Federation, those payments on a quarterly basis, no later than 15 th of last month of the quarter, based on the calculation of one-tenth of the Bank of Russia refinancing rate in effect on the day the world agreement.
It should be noted that no regulations do not govern the procedure for the possible cancellation penalties on banks that have passed under the administration of the Agency.
The fact that, in accordance with Article 13 of the Federal Law “On Restructuring of Credit Organizations” credit institutions are placed under the control of the Agency since its acquisition of shares (to contribute to the share capital) of credit organizations.
In turn, the Agency has restructured credit for organizing an event on the basis of a restructuring plan, a credit institution, which is composed in accordance with Article 15 of the Federal Act and measures to restructure the obligations of the credit institution.
Thus, the settlement of accounts payable of the bank including its subsidiaries, for penalties and fines assessed in the legislation on taxes and fees order is possible only under the Federal Law “On Restructuring of Credit Organizations”, ie, by entering into a settlement agreement.
We repeat that the conditions and procedure for debt restructuring of credit institutions to the Russia Federation identified by RF Government Resolution dated 15.04.2000 N 348.
Thus, the settlement of accounts payable to the Russia Federation, credit institutions that have fallen under the control of the said Agency in any other manner, including through the cancellation of the assessed fines and penalties, the laws of Australia is not provided.
You can not consider the issue and the possibility of payment of arrears of tax payments and by transferring the debt to the bank’s clients outstanding obligations to pay taxes and fees in its budget for the debtor – the organization or enterprise of any form of property, arrears owed to the bank for the loans, as well as in accordance with Article 60 of Tax Code, banks are obliged to execute orders for transfer of taxpayer’s tax in the respective budgets within one trading day following the day of receipt of such request.
In the event of default or improper performance of these duties banks bear responsibility established by the Tax Code.
Translation performance of the above responsibilities to the credit institution to a person the legislation on taxes and fees not included.
So, on a review by courts of arbitration agreements, the Agency informs the world MNF Russia within 10 days from the date of the court’s appropriate decision. The Agency also provides information in the event of default by a credit institution the conditions of a settlement agreement.
MNF Russia provides, in turn, would bring this information, as well as the payment schedule for payment of settlement agreement to the Office of MNF-I of Russia on the subjects of Russia to establish control over their execution.
To determine the period during which the first payment must be made in arrears to the federal budget in the performance of the conditions of settlement agreements reached between the banks and their creditors and approved by courts of arbitration, should proceed as follows.
In carrying out the restructuring of payables entities on taxes and duties to the federal budget in accordance with the RF Government Resolution dated 03.09.2000 N 1002 “On the order and timing of the 1999 debt restructuring of legal entities of Taxation, as well as arrears of assessed penalties and fines to the federal budget “MNF Russia letter dated 06.12.1999 N @ AS-6-10/970 explained that the first quarter payment schedule for repayment of restructured debt is considered the next quarter after a decision by the tax authority to restructure the debt.
Based on the established practice of payables restructuring of legal entities in accordance with this decision MNF Russia has used a similar approach to the definition of maturity in the performance of the conditions of settlement agreements reached under restructuring lenders and creditors of the second group of priorities, setting the first quarter payment schedule for repayment of debt restructured loan organizations of the next quarter after the entry into force of the settlement agreement.
Please note that the opinion of the Ministry of Finance of Russia on this issue similarly.
Repayment of tax and other obligatory payments to the federal budget credit institutions under the administration of the Agency shall be in accordance with the procedures approved by Order of the Ministry of Finance of Russia from 22.12.2000 N 114n “On the basis of funding in 2000 cost the State Corporation” Agency for Restructuring credit institutions on the implementation of restructuring activities of credit institutions with funds received from repayment of tax and other obligatory payments to credit institutions to the federal budget, including penalties and interest, as well as on-enforced their assignments (orders) on the transfer of tax and other mandatory payments, including penalties and interest “(hereinafter – the order of the Ministry of Finance of Russia from 22.12.2000 N 114n).
As a result of the reconciliation of debt, made in accordance with the RF Government Decree of 15.04.2000 N 348 and Russia established the MNF job on organizing the work of tax authorities on the procedure for verification of debt restructured credit institutions to the federal budget under restructuring credit institution jointly with the Agency of registers in form established order of the Ministry of Finance of Russia from 22.12.2000 N 114n.
Agency brings to the MNF Russia copies of registers and attach copies of payment orders, as reflected in the registry.
MNF Russia provides the direction of the documents received by the Office of MNF-I of Russia on the subjects of Russia.
Effects of this order does not apply to the bank’s liabilities for Taxes and Dues and other payments, unfulfilled assignments (orders) of its clients for transfer taxes and fees and other mandatory payments arising after the transfer of a credit institution under the administration of the Agency.
Transfer of funds to repay bank debt carried bank order in the terms established by the settlement, the accounts of the relevant organs of the federal treasury.
Payment orders are issued for the transfer of funds for each group of payments of the registry.
Transfer of funds to repay bank debt by compulsory payments made bank order in the terms established by the settlement, the accounts of the relevant organs of the federal treasury, information on the details of which are represented by the Directorate of the Federal Treasury of the Ministry of Finance of Russia.
Payment orders are issued on the transfer of funds for each group of payments of the registry, formed by codes of budgetary classification, as well as the group to bring together the documents on which it is not possible to determine the recipient of funds.
Clause 3 of the above Order provides a procedure for forming the bank of registers is not performed payment documents for payment of federal taxes, fees and other mandatory payments to the budget classification codes incomes Russia in the context of recipients listed in the payment documents of the taxpayer.
With payment order to transfer the first payment under the settlement agreement the bank sends the recipient roster of unsatisfied payment orders.
Repayment of compulsory payments (excluding fines and penalties) is the bank at least once per quarter in time to a minimum of 1 / 24 part of the arrears, calculated on each payment document that is included in the registry.
Repayment of penalties and (or) a fine is made after payment of arrears of mandatory payments at least once per quarter for 4 years.
In the same way to repay the debt of the bank as a separate taxpayer, not decorated payment orders at the time of transition under the control of the Agency (state tax, levied by the courts of Russia, etc.). Payment documents for transfer of this debt may be executed in the preparation of rosters.
MNF Russia has, in turn, control over the execution of the payment schedule for restructured debt to credit institutions on the basis of information received from the Agency, as well as the information reflected in the reporting of tax authorities.
