The right of claim arises as a result of civil law 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 enterprise debts, when foreclosing a debtor's property, or when an enterprise goes bankrupt. In addition, an assessment of the rights of claims is carried out when preparing a transaction for the assignment of debts on the free market, and both the rights of claims and pledged property can be the object of the transaction. Realization of the rights of claims 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 claims of the creditor.

The appraiser determines the market value of the rights of claim, which is expressed as the amount of money received from the sale of rights of claim on the open debt market, or from the sale of property that is collateral for the debt. In the case of debt restructuring, the appraiser also determines the probable 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 valuation methods for assessing the rights of claims. Assessors use methodologies approved or agreed within each credit institution.

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

The methodology for assessing the rights of claims for an operating enterprise includes a thorough financial analysis of the company and further forecasting of its activities. From this it follows that the modeling of cash flow from the return of debts is based on a careful forecasting by the appraiser of the sources of repayment of debts, including the net profit of the company, the construction of the forecast balance sheet and the determination of the financial stability of the enterprise in the future. When assessing the market value of the rights of claim for an enterprise in bankruptcy proceedings, the appraiser first of all analyzes what assets the borrower has and how promising the repayment of debts is.

Who is the lender?

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

The first place in the list of the most frequent creditors 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 that control and often regulate the process of conducting the bankruptcy procedure are precisely banking structures.

The court recognizes as bankruptcy creditors those who have the right to vote when participating in a meeting of creditors. This right must be confirmed in court by documents on 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 the ownership of the right to claim.

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

Why does asset quality matter?

The mandatory divisions of large financial and credit institutions, as a rule, include a lending division that prepares documentation for lending operations, and a division of the collateral service that monitors collateral for the actual availability, condition and value of the asset. The composition of the organization's assets that are the subject of collateral, as well as the current guarantees provided to secure the loan, during the term of the loan agreement, must undergo mandatory monitoring for financial well-being debtor or guarantor, as well as be subject to the procedure of indicative verification of the market value of the collateral asset for its decrease 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, when analyzing loan agreements, as part of the assessment of claims, may encounter a lot of problems when evaluating collateral or surety. An example is 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 a production building. At the time of issuing the loan, the borrowing enterprise was active and financially sound, and the assets were liquid and consisted of a production workshop with a land plot. After two years, bankruptcy proceedings were initiated at the enterprise. The appraiser went to the location of the pledged asset and found that the debtor enterprise had not produced anything for a long time, and the production building, which was the object of the pledge, turned out to be practically destroyed.

Another problem in evaluating claims may be the identification of claims itself. In the routine analysis of loan agreements, the appraiser may encounter the problem of legally unqualified drafting of documents, as a result of which the claims of the creditor may be subsequently rejected in court.

What should be the focus?

The main criterion for determining the value of claims is the security sufficient to cover the amount of the debt. The calculation of the value of the right to claim is carried out using the basic formula: market value of collateral / debt of the enterprise = % of 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 claims by determining the cash flow and the level of risk, usually expressed in terms of the discount rate necessary to bring the cash flow to present value.

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

The level of the discount rate in assessing the right to claim is affected by the type and liquidity of the collateral. The risks also include the period of debt collection, claims of the bankruptcy creditor and additional costs for the sale of collateral. From this it follows that the value of the cash flow reduced to the current value, taking into account all risks and excluding all one-time and fixed costs, will be the value of the market value of the right to claim. When determining the cash flow for calculating the market value of the rights of claim, the appraiser analyzes all documents confirming the ownership of the right to claim.

First of all, problems may arise in the identification of claims rights. In a standard analysis of loan agreements, an appraiser may encounter a problem when property is collateral for several loan agreements at once. This may be due to the negligence of credit managers or deliberate error. 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 cost of claims. In such a case, the basic assumptions on the exercise of these rights received from the bank's management can help the appraiser in the allocation of cash flow between loan agreements.

More complicated is the option when the same property is pledged cross under different loan agreements and different creditors. This is most often encountered 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 complete information, the appraiser may 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 is a security for claims, the appraiser analyzes the financial condition of the guarantors.

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

Why is a guarantor needed?

In order to minimize the risk under the loan agreement, the lending division of the bank, as additional guarantees, issues a guarantee of legal and individuals. 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 surety agreement, the guarantor is obliged to the creditor of another person to be responsible for the fulfillment by the latter of his obligations in full or in part.

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

When reviewing individual guarantors, credit and risk management units should conduct a minimum regular check on the existence of personal assets. 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 array of information relating to the parties associated with the main borrower. Because of this, in the event of the bankruptcy of the debtor, the recovery of funds from the guarantors is further complicated by the fact that during the lending period the financial position of the guarantor may deteriorate significantly, and by the time the bankruptcy procedure is carried out against the main debtor, the guarantor may also become insolvent .

Often, when assessing the market value of rights of claim, the value under surety agreements with individuals is equated to zero, since the collection of debts from the personal property of the guarantor is practically impossible due to legal subtleties regarding the collection of debts from the property of citizens. When assessing the cash flow from recovery from guarantors - legal entities, the appraiser is faced with the problem of obtaining up-to-date information about the guarantor, namely financial reporting, transcripts of assets and liabilities, the current register of creditors, business information and other insider information.

In accordance with the regulatory legal acts 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 array 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, these are statistical databases, including information on financial statements, quarterly reports of issuers, databases of registrars, 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 surety agreement .

In current practice, the assessment of the market value of the guarantee is carried out 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 major banks. This is due to the fact that the practice of collecting obligations from guarantors is rather negative.

Given the difficult current situation with the collection of collateral on guarantees, in 2012 the Supreme Arbitration Court Russian Federation prepared a number of documents and resolutions that affect the resolution of disputes related to the guarantee. In these documents, it is proposed to significantly increase the level of responsibility of guarantors.

When is debt easier to sell on the market?

At the time of preparation of bank statements, losses identified during the revaluation of claims and collateral property 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 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 may be transferred by him to another person in a transaction called the assignment of a claim. The assignment of a claim, according to the current Russian legislation, is carried out under an assignment agreement.

Despite the fact that most large banks have established departments for the sale of collateral and rights of claim, the sale of rights of claim through specialized trading platforms is becoming increasingly popular. An example can 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 distressed assets and debts. As a rule, studying information on the sale of debts on such sites, you can get complete data on the amount of debt, the nature of the debt, the specifics of the debtor company; determine the industry affiliation and location of the debtor; confirm the presence 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 realization of certain types of claims may 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 the data of collection agencies and trading floors, it was found that, on average, in the market for the sale of debts, the discount on the 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 level of discount is higher: for liquid debt (at the stage of legal proceedings) - 50-70%; low-liquid debts are sold at a discount of 90–98.5%.

What result are we waiting for?

What can be considered a positive result in the assessment of the right of claim? A positive result in the assessment of the right of claim follows from a well-secured loan and is achieved if the debt is fully covered by the amount of collateral. At the same time, the risk level for such debts will be 0%. Otherwise, if the loan is classified as poorly secured or unsecured, the value of claims will always be valued below par and in the amount of risk, which will be determined by the appraiser.

In world practice, when choosing a method for assessing the rights of claims, special attention is focused on the prospective financial recovery of an enterprise, the preservation of its activities, the possibility of debt restructuring with a view to its further repayment in full as an alternative to the bankruptcy procedure of an enterprise. To this end, the International Association of Insolvency Restructuring and Bankruptcy Professionals (INSOL) has developed guidelines for a global approach to working with creditors, designed to accelerate financial restructuring and increase the likelihood of recovery of the borrowing enterprise.

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

1. INTRODUCTORY

1.1. During 2017 Guidelines(hereinafter - MR) undergo a practical testing process. Comments and suggestions on the document are accepted to the address imo @ srosovet . ru.

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

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

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

1.3. The target audience of the MR is Appraisers. Certain provisions of the MR can be used by forensic experts; persons in official duties which include the formation of a judgment on the market value of the Debt, quality control of the results of the provision of relevant valuation services; representatives educational institutions training specialized specialists.

1.5. MRs have a practical focus:

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

2. DESCRIPTION OF THE OBJECT OF ASSESSMENT

2.1. The possibility of market turnover of the 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 "rights of claim under ... the contract ...".

2.2. To identify the Debt, the valuation report indicates:

2.3. Typical significant pricing parameters of the Debt:

2.4. With regard 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 a pledge, the assessment report provides a description of it, taking into account the requirements of the relevant FSO for assessing the relevant type of appraisal objects (for example, if the subject of pledge is a land plot - FSO No. 7) and the materiality principle (with a decrease in the share of the value of the pledge in the total amount of debt this information on the evaluation result is reduced).

2.6. When securing the Debt with a surety, the valuation report shall specify the essential terms of the surety agreement: identification of the surety; the procedure for collecting collateral; characteristics of the property of the guarantor, his income-generating activities, the existence of obligations under other guarantee agreements, etc.

2.7. In a number of cases, the analysis of legal documentation confirming the creditor's right to claim and/or the availability of collateral requires deep knowledge of the norms of various branches of law that lie outside the competence of the Appraiser. In such situations, it is recommended to involve specialized specialists or limit the scope of the study in the assessment task.

2.8. The following sources of information are used to collect information on the values ​​of the pricing parameters of the appraised object and market conditions:

• customer of the assessment;
• the debtor and his beneficiaries;
• bodies state power relating to the activities of the debtor;
• specialized analytical materials;
• platforms where offers for the sale of comparable Debt are placed;
• debt collection organizations;
• subject matter experts;
• methodical and educational materials.

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

In the absence of material information on one or more positions in portfolio Debt, it is recommended to adjust the Assignment for Evaluation by excluding these positions.

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

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

3. MARKET ANALYSIS

3.1. Grouping Debts by the value of pricing parameters.

3.1.1. Depending on the return probability:

• 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 a similar Debt);
• Debt, the probability of collection of which is insignificant (hereinafter - problem Debt).

3.1.2. Depending on the security of the debt:

• Debt without security;
• Debt secured by collateral;
• A debt secured by a surety.

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

3.3. The market analysis of the appraised object is carried out mainly for the market segment to which the appraised Debt belongs (clause 3.1).

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

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

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

3.7. When securing the Debt with a pledge or surety, it is recommended that the valuation 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 profile FSO, which regulates the assessment of the corresponding type of objects of assessment, and the principle of materiality (see clause 2.5).

4. CHOICE OF APPROACHES AND METHODS IN EVALUATION

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

4.1.1. Debt collection options, including, including data on:

• prospects (probability) of pre-trial and judicial recovery;
• the probability of bankruptcy of the debtor in the recovery of the assessed Debt;
• the assets of the debtor that are the most promising for the purpose of collecting the Debt (if the potential bankruptcy is related to the recovery of the assessed Debt).

4.1.2. The sufficiency and reliability of the information available for the assessment.

4.1.3. Possible error in the results of calculations for a specific approach (method) to the 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. For the valuation of Debt secured by a pledge or surety, as a rule, the income approach to valuation is applied, because:

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

4.2.2. As a rule, the cost approach to the assessment of Debt is not applied.

4.3. The conclusion that it is impossible to apply a comparative or income approach to valuation due to the lack of necessary information is recommended to be accompanied by 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 (aggregate of Debts) can be carried out:

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

5. APPLICATION OF THE COMPARATIVE APPROACH TO ASSESSMENT

5.1. To improve the accuracy of calculations, it is recommended to use information on the market prices of transactions with analogous 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 the judgments of arbitration courts there may be transactions for the sale of the Debt at face value; a significant part of such transactions is due to the dependence of the buyer on the seller);
• made at investment cost (for example, when the transfer of claims resulted in a change of control over the bankrupt company);
• made at liquidation value (with an exposition period different from the market one).

5.3. Similar objects are selected on the basis of an analysis of the values ​​of significant pricing parameters (see clause 2.3). The values ​​of the pricing parameters used in the calculations of analogous objects should be as close as possible (of those analogues that are presented on the market) to the values ​​of the pricing parameters of the appraised object, in particular, they should:

• belong to the same group (see clause 3.1);
• have a comparable face value;
• have comparable expected maturities and probabilities of repayment.

5.4. In theory, the differences between the object of assessment and the object-analogue 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 justifying the amount of adjustment for the difference for most pricing parameters. In such a situation, differences in pricing parameters are taken into account at the stage of selecting analogous objects - a sample of analogous objects is formed, the values ​​of the pricing parameters of which are as close as possible to the values ​​of the object of assessment. In further calculations, the average values ​​of indicators for the sample (for example, discount) are used.

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

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

6. APPLYING THE INCOME APPROACH TO VALUATION

6.1. The main types of receipts of funds to repay the Debt: repayment 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. Free 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 debtor. The decision to use this source is usually taken 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:

• collateral is represented by highly specialized property, the sale of which usually takes place together with other elements property complex which are not included in the collateral;
• the debtor is a city-forming enterprise or another enterprise, the termination of which is unlikely.

Generally, clauses 6.2.2 and 6.2.3 are mutually exclusive.

6.2.4. Cash from guarantors (options - similar to paragraphs 6.2.1 - 6.2.3).

6.3. The main types of expenses associated with the collection of Debt: payment of lawyers' services, legal costs.

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

6.5. Distribution of cash flows in 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 Debt repayment period established by the agreement or current legislation.

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

• 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 - subject to judicial settlement.

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

6.5.4. Debt settlement can take place out of court or in court. The choice of order is based on an analysis of the probability of repayment of the debt (clause 2.3 and Appendix 2, 4). Typical time frames for various debt collection procedures are given in Annex 3.

6.5.5. If the collateral secures obligations under several loan agreements, the distribution takes into account the sequence of repayment of claims. According to Art. 342, the claims of the subsequent pledgee are satisfied from the value of the property after the claims of the previous pledgees are satisfied.

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

6.6.1. Through a separate coefficient characterizing the probability of return (priority option). In this case, the value of the discount rate does not take into account the risk of debt default in excess of the risk-free component. Sources of information to determine inthe probabilities of non-return are given in Appendix 2, the probability values ​​for individual situations - 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 this option difficult, since the existing methods for determining this additional risk do not provide sufficient reliability of the result.

6.7. A 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 value of the market value of the rights to claim debts is not subject to VAT. When accounting in the calculation model for cash flows from sales debtor's property and/or from guarantors, attention should be drawn to the fact that they may or may not include VAT. For example, in relation to the property of legal entities that are on the general taxation system:

7.1.1. If a model of enforcement proceedings is predicted, then the cost of the property being sold is accepted without VAT (clause 4, article 161). Those. after the sale of property at 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 Indebtedness cannot be equal to zero. From the definition of market value, it follows that this is the value in exchange, that is, in the sale. The transfer of an object free of charge or with a surcharge is interpreted by Art. 572 as " free transfer or donation. For the "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 minimum positive value. For example, in the amount of one monetary unit of the Russian Federation (one ruble).

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

7.5. Information about the authors. MRs were developed according to the 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 IR, materials from the Association of Banks of the North-West were used.

ASSOCIATION OF RUSSIAN BANKS
Evaluation Committee

Guidelines
"Assessment of the rights of claim under credit agreements of banks"
GENERAL QUESTIONS OF EVALUATION OF RIGHTS OF CLAIMS UNDER LOAN AGREEMENTS

The recommendations cover the general issues of evaluating claims. The document was developed in accordance with the requirements of the current legislation in the field of assessment and contains recommendations due to the specifics of the assessment 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 particular person or group of persons with the investment purposes of using the appraisal object established by this person (persons)

1.5. Liquidation value- a calculated value that reflects the most probable price at which this appraisal object can be alienated for the exposition period of the appraisal object, which is less than the typical exposition period for market conditions, in conditions when 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 the formation by credit institutions of reserves for possible losses on loans, on loan and equivalent debt" (hereinafter - the Regulation), credit institutions are required to form reserves for possible losses on loans (hereinafter - the reserve) in accordance with the procedure established by the Regulations.

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

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

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 the loan (loans), that is, when the loan loses value due to non-fulfillment or improper fulfillment by the borrower of loan obligations to the credit institution or the existence of a real threat of such non-performance (improper performance) ( hereinafter - the credit risk on the loan). Those. if the borrower properly complies with the terms of the loan agreement, the reserve is not formed.

2.4. Further, according to the Regulation, “a credit institution forms provisions for portfolios of homogeneous loans in accordance with its risk assessment methodology for the corresponding portfolios of homogeneous loans. The credit institution distributes the formed portfolios of homogeneous loans according to the following quality categories:

• I category of quality - portfolios of homogeneous loans with the size of the formed reserve of 0 percent (there are no losses in the portfolio of homogeneous loans);
• II category of quality - portfolios of homogeneous loans with the size of the created reserve not more than 3 percent of the total balance sheet value of loans combined in the portfolio;
• III category of quality - portfolios of homogeneous loans with the size of the formed reserve over 3 and up to 20 percent of the total balance sheet value of loans combined in the portfolio;
• IV quality category - portfolios of homogeneous loans with the size of the formed reserve over 20 and up to 50 percent of the total balance sheet value of loans combined in the portfolio;
• Quality category V - portfolios of homogeneous loans with the size of the formed reserve over 50 percent of the total balance sheet value of loans combined in the portfolio.

2.5. According to clause 3.1. of the Regulations "Credit risk assessment for each issued loan (professional judgment) must be carried out by a credit institution on an ongoing basis." Further, in clause 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 its financial position, the quality of servicing the borrower’s loan debt, as well as all information available to the credit institution about any risks of the borrower, including information about external obligations of the borrower, on the operation of the market(s) in which the borrower operates.”

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

3.1. The main task in assessing the right to claim is to determine the availability and possibility of claiming movable and immovable property, securities, cash and other property that is collateral for loan agreements in the legally established manner.

3.2. According to the 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 objects, Vehicle, securities and other assets;
• guarantee of a legal entity;
• guarantee of an individual.

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

As can be seen from Fig. 1, a loan agreement may not have a "hard" security, 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 granting loans in the form of an overdraft on payment cards in contracts with consumers, banks usually set an overdraft limit, deadlines for making a monthly payment and a minimum payment.

Rice. 1. Possible composition of collateral under loan agreements

3.4. To determine the fact of the existence of property rights - rights (claims), it is necessary to fill in the table below. Filling in the table is carried out with the involvement of a specialist - a lawyer from the bank, who has sufficient competence and knowledge to provide a professional opinion on the collateral.

Table 1. Collateral analysis matrix for determining the existence of material rights - rights (claims)

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

Real estate:

1. The absence of a record of registration in the USRR is a high degree of risk of impossibility of imposing a penalty on property. Recommended value 30-50%
2. The absence of a decision of the Borrower's Corporate body carries a high risk of a positive outcome of the property recovery process, the recommended value is 50%
3. The correctness of the description of the subject of pledge is critical in case of significant errors in the description and the actual subject. Depending on the degree of correctness, the risk can be estimated up to 100%

Movable property:

• The physical absence of the collateral, confirmed by documents of theft - 100% risk, which does not allow further assessment of collateral.
• The presence of disputes on 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 represented by a lawyer. Risk can be assessed up to 100%
• The risk is considered zero if it is possible to use the collateral completely autonomously, if the autonomous use of the collateral involves significant capital investments to its current state, the risk is estimated in proportion to the level of costs.
• In agreement with the Customer's lawyer, the risk of the impact of inconsistencies in the details of the property in the pledge agreements and documents accounting can be assessed up to 100% (for example, if there are cases challenging similar pledges)

3.6. The results obtained are evaluated according to the following gradation of cumulative risks

• 0-15% - low degree of risk, the possibility of obtaining collateral is high
• 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% - a high degree of risk, which does not allow us to talk about the possibility of foreclosure on the pledge.

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

Requirements for the assessment of claims are given in the FSO and the standards of self-regulatory organizations of appraisers. However, the object of assessment under consideration implies the presence of certain specifics.

The following general requirements should be imposed on the Appraiser when assessing the rights of claim.

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

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

3) The description of the objects of assessment should contain clear signs that allow the object to be uniquely identified. It is not allowed to be limited to indicating the names and inventory numbers. If the right of claim includes a pledge of immovable property, it is obligatory to inspect the objects and attach to the assessment report an act of verification of pledges signed by the Bank's representatives.

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

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

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

7) In order to increase the efficiency of work, interim results of the assessment may 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 a discrepancy should be carried out and the most reliable result, in the Appraiser's reasonable opinion, should be selected as the final one.

9) It is not allowed to evaluate the object by the Appraiser without inspecting the object. Photographs of the assessed objects (with a large number of objects, possibly selectively - the most significant ones) must be included in the Annexes to the report without fail. Photographs must objectively reflect the condition of the object of assessment;

10) In agreement with the bank and the customer, the Appraiser may 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 appraisal must be completed within the time limits set by the lending process. In order to minimize the time without loss of quality, the Appraiser, at the stage of setting the assignment for assessment, must clearly understand his task, determine the amount of information necessary for the work and the composition of the documents, and stipulate the deadlines for submitting documents and priorities.

12) In the analysis section of the market segment to which the object being valued 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 probable needs for alternative use of the object of assessment;
• the degree of impact on the value of the collateral of certain predictable 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 the situation when 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, servitude), which will be preserved during the alienation of the object, are subject to mandatory accounting during the assessment.

4.1. Property rights as objects of civil circulation

Article 128 of the Civil Code of the Russian Federation, which gives 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 equivalent means of individualization (intellectual property); intangible benefits.

One of the main features of the objects of legal relations 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, that the rights of claim have such material value, which indicates that the right (claim) can be an 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. The basis for the emergence of rights (claims)

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, causing 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 and obligations, and obligations arise in connection with a particular 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 from the debtor to fulfill his obligations (part 1 of article 307 of the Civil Code of the Russian Federation).

Thus, a property right, along with other property, is something about which obligations arise.

4.3. Obligation as a basis for the emergence of rights of claim, the structure of legal obligations

Civil law uses the concept of "obligation" in different values, namely: an obligation in a broad sense, and a narrow one, i.e. specific rights of claim of the creditor against the debtor.

The contract may contain (and most often contains) a set of rights and corresponding duties. So, in the contract of sale, one can single out the right of the buyer to demand the transfer of goods and the corresponding obligation of the seller to transfer the goods (the first obligation). Within the framework of this agreement, the seller has the right to demand payment for the goods and the buyer's obligation to pay for it (the second obligation).

The creditor and the debtor can be specified only in a simple legal relationship of obligations, and not within the framework of the contract as a whole.

In a complex legal relationship of obligations, which, as a rule, is a contract, there are parties, i.e. subjects endowed with both rights and obligations, 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 legal obligation relationship (debtor or creditor), and not a party to an agreement (or other obligation in the broad sense), each of which can be both a debtor and a creditor for various obligations covered by the construction of one treaty.

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 actions (refrain from actions) from the debtor.

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

Often, the legal relationship of obligations is complex, i.e. each of its parties has a number of rights and bears a number of responsibilities. The whole set of a number of mutual rights and obligations of the parties should be considered as one legal relationship. Separate rights of the parties to obligations in the legal literature are denoted by the term "powers". At the same time, it is indicated that they are part of the subjective right, which is characterized by a complex structure. With a change of persons in an obligation, its subject composition changes, while the systemic connections between powers and duties remain.

Under the contract of assignment of the right to claim, the newly intervening person is transferred not a separate authority of the departing person (the right to claim), but the entire set of his powers available at the time of transfer.

4.4. The concept of law (requirements)

There is no definition of the right of claim (more precisely, the right (requirement) in the Civil Code).

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 in a transaction (assignment of a claim) or transferred to another person on the basis of the law.

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

In this case, it is only necessary to bear in mind that upon assignment of the right in the manner provided for in Ch. 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 a right arising from an obligation.

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

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

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

Conclusion: rights (requirements) 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 steps in evaluating claims are shown in Table 2.

Table 2.

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

Before the start of the appraisal, the Customer and the Appraiser agree on possible assumptions and restrictions related to the specifics of the appraisal object and possible difficulties in obtaining information about the appraisal object.

The specificity of the assessment of the rights of claim 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 verify the data in the credit file and received from the Borrower. In some cases, it is recommended to reconcile the financial statements received from the Borrower with the data submitted to the tax office in order to prevent cases of assessment based on unreliable statements.

1. If a loan agreement is 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 accordance with the procedure established by law and the charter of the company. It is also important to verify the powers of an official of a business company to make such a transaction, since the charter may establish restrictions on the powers of the sole executive body of the company.

When analyzing pledge agreements, the Appraiser needs to pay attention to the fact that, in accordance with Art. 339 of the Civil Code of the Russian Federation, the pledge agreement must specify: the subject of the pledge and its assessment, the nature, amount and term of the obligation secured by the pledge. It should 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, only the owner of a thing or a person who has the right of economic management to it (part 2 of article 335) can be a pledgor - important point is to check title documents for collateral.

Since, in accordance with applicable law, a pledge of a building (structure) must be accompanied by a pledge land plot on which this building is located (or the right to lease this plot), you should pay attention to the presence of the subject of mortgage - land. The absence of a pledge of a land plot entails the voidability of the pledge as a whole.

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 mortgage is determined in the contract by indicating its name, location and sufficient to identify this subject description. Also, the mortgage agreement must specify the right by virtue of which the property that is the subject of the mortgage belongs to the pledgor, 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 this property. pledger's right.

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

If the competence of the Appraiser is not enough to make a professional judgment about the possible level of risk for a specific loan agreement, then a legal representative of 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, the full names of the actual signatories.

It also checks the availability of relevant decisions (Protocols) of the bodies of the guarantor - a legal entity.

Taking into account the shortened limitation period established for the collection of debts from the guarantor, the receiver of 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 surety. It should be understood that within this period, not only a claim must be filed against the guarantor, but also after the expiration of the period specified in the Guarantee Agreement for the voluntary fulfillment of its obligations by the guarantor, but also a statement of claim must be sent to the guarantor. Taking into account the fact that a problem loan, as a rule, is recognized in the presence of a repayment delay, it can be assumed that the loan repayment period has already come some time ago, which means that the one-year limitation period against the guarantor has begun to flow.

If the Appraiser's competence is not sufficient to make a professional judgment on the possible level of risk under a particular loan agreement, then a legal representative of the Customer or a representative of a specialized consulting company must provide his opinion on this issue in writing.

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

In accordance with Art. 3 of the Law of the Russian Federation "On Appraisal Activities" (29.07.98, No. 135-FZ), the market value of an appraisal object is understood as the most probable price at which this appraisal 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 any extraordinary circumstances are not reflected in the value of the transaction price, that is, when:

• one of the parties to the transaction is not obliged to alienate the object of assessment, and the other party is not obliged to accept the performance;
• 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 is a reasonable remuneration for the object of assessment and there was no coercion to conclude a transaction in relation to the parties to the transaction from either side;
• payment for the object of assessment is expressed in monetary terms.

The valuation of any object of property rights is an orderly, purposeful process of determining its value in monetary terms, taking into account the potential and real income that it brings at a certain point in time in a particular market.

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

Cost approach- a set of methods for estimating the cost, based on determining the costs necessary to restore or replace the object of assessment, taking into account its wear and tear. The cost approach is based on the principle of substitution, which means that the buyer will not pay more for an item of property than is required to replace it with another item of similar utility.

Comparative approach- a set of valuation methods based on a comparison of the object of assessment with similar objects in respect of which there is information on the prices of transactions with them. The sales comparison approach is based on the principle of a well-functioning market in which investors buy and sell similar assets while making independent individual decisions.

income approach- a set of valuation methods based on the determination of the expected income from the valuation object. The income approach is based on an assessment of the investor's expectations regarding the future economic benefits of 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 20.07.2007 No. 254, 255 and 256, the Appraiser has the right to independently determine specific valuation methods within each of the approaches to valuation.

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

When evaluating buildings and property complexes, it is necessary to:

1. Conduct an analysis of the market of the appraisal object as income-generating real estate.
2. Separately indicate the areas: the total area of ​​the building or property complex, the area for rent.
3. When calculating the rental rate for the object of assessment using the 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. Specify the contact phone number of the object-analogue.
4. The unit price for comparison of rental rates (rubles/1 sq. m) of analogous objects must comply with the principle of homogeneity and not exceed 30%.

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

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

When evaluating an existing enterprise, it is necessary:

1. Justify the revenue forecast with forecasts of sales volumes of products / services, prices for each type of products / services. It is carried out on the basis of the capacity (available space for rent) of the assessed enterprise and market prices for the sale of a unit of products / services.
2. Eliminate 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 offered by banks on loans require an increase in profitability, which enterprises cannot guarantee both at present and in the forecast period, the method of discounting cash flow for equity without deducting long-term loans and credits should be used to assess equity. 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 the income from the activity will probably decrease rather than increase.

Discount rate

When estimating 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 using the Capital Asset Pricing Model (CAPM).

Perform the company size premium based on an analysis of the net assets of comparable companies.

Capitalization rate

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

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

The initial prerequisite for the application of 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 analysis of sales.
• 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. Conditions and financing;
7. Terms and conditions of sale.

After selecting and comparing the objects-analogues with the object of assessment, if necessary, appropriate amendments should be made.

Adjustments can be percentage or cost.

The main methods for calculating corrections:

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

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

Valuation of movable property

Movable property includes tangible and intangible objects that are not real estate. This property is not permanently associated with real estate and, as a category, such property is characterized by the possibility of being relocated.

Methods of a comparative approach - methods based on the analysis of sales transactions of objects-analogues and comparison with the object of assessment 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. Sales Benchmarking Method: Determining value by comparing recent sales of comparable movable property with the property being valued, after making appropriate adjustments to account for the difference between them.
3. Statistical modeling method (mass valuation method): a way of considering the movable property being valued as a representative of a certain set of homogeneous objects for which prices are known.
4. Correlation model method: a method for evaluating a movable property object based on determining a weighted average parameter in conventional units that characterizes the technical and economic properties of the object being evaluated and is associated with a proportional relationship with its value

Business/going business valuation

Assessment Methods:

1. Analog company method. This method is based on the use of prices formed by the open stock market. The basis for comparison is the price of one share joint-stock companies open type.
2. Deal method. The method is focused on the acquisition prices of the enterprise as a whole or its controlling stake.
3. Method of branch coefficients. The method is based on the use of recommended ratios between the price and certain financial parameters.

Cost approach - a set of techniques and methods for determining the market value of the object being valued, based on the amount of costs necessary to recreate it under the conditions prevailing on the date of assessment, taking into account the adjustment 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 as of the date of appraisal required to recreate an exact copy of the property under appraisal, using the same materials, standards, design, quality of work), or replacement cost (the amount of costs incurred as of the appraisal date to recreate an object similar to the one appraised in terms of utility, therefore, it is allowed to use modern materials, technical and technological solutions, compliance with current technical and sanitary requirements).

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

The choice of evaluation methods for cost approach depends on the purpose of the assessment, the type of the assessed object, the prospects for its use. A common technique when using the cost approach is to divide the object into its constituent elements, applying a correspondence to each of them. evaluation methods taking into account individual wear.

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

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

With the cost approach to assessing the value of real estate, the market value of land and objects located on the assessed site is determined.

The following methods are used to evaluate a land plot: comparable sales; correlation (transfer); capitalization of ground rent: techniques of the remainder for land; development (development) of the land plot.

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

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

The cost approach to assessing the value of intangible assets is appropriate if they are unique or it is impossible to calculate the share of profit brought by the object being valued. The appraiser can use the creation cost method and the cost win method. The cost method for creating 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 the planned purposes. replacement cost adjusted in accordance with the obsolescence coefficient of the intangible asset. The cost win method finds 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 on the basis of coordination of the results of the assessment for various approaches by mathematical weighting 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 this creditor, but not more than the principal amount of the debt under the secured obligation and interest due, is allocated to satisfy the claims of the secured creditor, and for creditors under loan agreements.

After the Appraiser calculates the amount that the Pledgor will receive in the future when selling property upon completion of the bankruptcy procedure, it is necessary to assess the value of the right to claim by discounting the received value of collateral to the current moment. The discount period is determined by the expected duration of the bankruptcy proceedings. The conclusion on the terms of each stage of the bankruptcy procedure is provided by the Customer.

1. International valuation standards. Seventh edition. 2005 /Trans. from English. I.L. Artemenkova, G.I. Mikerin, N.V. Pavlova. - M .: OOO " Russian society appraisers", 2006.

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

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