FEDERAL TAX SERVICE OF RUSSIA WILL HAVE CAPACITY TO INTERCEPT THE COLLATERAL FROM THE DEBTOR'S CREDITORS

The innovation of granting the fiscal authorities a preemptive right for the debtor’s creditors’ collateral in case the debt to the budget is revealed may soon become a reality.

The latest version of the draft law amending the insolvency law contains a provision that the debtor's secured creditors may lose the right to their collateral in favor of the tax authority.

This possibility is provided in a situation where there is a debt to the budget in terms of taxes and fees or mandatory payments, which the debtor preferred to conceal.

The original version of the draft law included all the secured creditors without exception, but after the intervention of the Central Bank, credit organizations were excluded from the list. This means that the debtors' pledges to banks will remain with the latter, and the tax authorities will not have a right to intercept them.

As for the rest of the creditors, if the amendments are adopted, they will face a difficult struggle to get their money back. It will be possible to legally transfer the pledges to the tax authorities, and the creditors themselves will have to recover the financial damage caused to them from the persons controlling the debtor. It is important that such a measure is possible only in a situation where the creditor was not aware of the fact that the bankrupt was concealing his debts to the budget.