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 in terms of managing the financial leverage of an enterprise, when carrying out a transaction for the sale and purchase of an enterprise's debts, when foreclosure on the debtor's property, when an enterprise goes bankrupt. In addition, the assessment of rights of claims 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 claims and collateral. The implementation 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 collateral for the full or partial satisfaction of the rights of the creditor's claims.

The appraiser determines the market value of the rights of claims, which is expressed in the amount of money received when the rights of claims are exercised on the open debt market, or when property is sold as collateral. In the event of a 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 techniques for assessing the rights of claims. Appraisers use methods approved or agreed within each credit institution.

Depending on the type of claim rights, the evaluator faces the problem of choosing evaluation methods. This choice is due to a significant difference in prerequisites, that is, the status of the debtor, legal grounds and the expected maturity of the debt. When assessing the rights of claims of an operating enterprise and a bankruptcy enterprise, a significant difference is the prerequisites for assessing the risk of debt recovery in full.

The methodology for assessing the rights of claims for an operating enterprise includes conducting a thorough financial analysis of the company and further forecasting its activities. It follows from this that the modeling of the 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 and determining the financial stability of the enterprise in the future. When assessing the market value of the rights of claims for an enterprise that is in bankruptcy proceedings, the appraiser analyzes, first of all, what assets the borrower has and how promising is the return of debts.

Who is the lender?

A creditor may be a person in whose favor, as a result of civil law 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 future work and business development strategy. As a rule, in bankruptcy, in the process of forming the register of bankruptcy creditors (creditors' committee), it is the banking structures that are the general creditors who control and often regulate the process of conducting the bankruptcy procedure.

The court recognizes as bankruptcy creditors those who have the right to vote when participating in the creditors' meeting. 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 for satisfying claims established by law divides creditors into regular and extraordinary.

Why does asset quality matter?

The obligatory subdivisions of large financial and credit organizations, as a rule, include a credit subdivision that prepares documentation for lending operations, and a subdivision 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 pledge, as well as current guarantees provided to secure the loan, during the period of the loan agreement must undergo mandatory monitoring for the financial well-being of the debtor or guarantor, and also undergo an indicative verification of the market value of the collateralized asset for its reduction or increase.

As a rule, the bulk of "bad" debts arises from 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 face a lot of problems in the assessment of 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 an industrial building. At the time the loan was issued, the borrowing company was active and financially sound, and the assets were liquid and represented a production workshop with a land plot. After two years, the company started bankruptcy proceedings. The appraiser went to the location of the collateral 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 collateral, was practically destroyed.

Another problem in the assessment of rights of claims may be the very identification of rights of claims. In a standard analysis of loan agreements, the appraiser may face the problem of legally unqualified drafting of documents, as a result of which the creditor's claims may be later rejected in court.

What should be the focus?

The main criterion for determining the value of the rights of claims is the collateral sufficient to cover the amount of the debt. The calculation of the value of the right of claim is carried out using the basic formula: market value of collateral / enterprise debt \u003d% of debt coverage.

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

The appraiser calculates the market value of the rights of claims by determining the cash flow and the level of risk, usually expressed in the discount rate required to bring the cash flow to its present value.

The main criterion for the correct determination of the 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. The risks also include the debt collection period, claims of the bankruptcy creditor and additional costs for the sale of the collateral. It follows from this that the value of the cash flow reduced to the present 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 of 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 of claim.

First of all, problems can arise when identifying claims rights. In a standard analysis of loan agreements, the appraiser may face a problem when the property is pledged under several loan agreements at once. This can be due to the negligence of the credit managers or their deliberate mistake. And if this happens within the framework of one financial and credit organization, then for an appraiser who identifies the subject of assessment, this is a certain difficulty, which, however, he can identify and take into account when calculating the value of rights of claim. In this case, the basic assumptions on the implementation of these rights obtained from the bank's management can help the appraiser in the allocation of cash flow between loan agreements.

A more difficult option is when the same property is pledged cross-wise under different loan agreements and different creditors. This is most common when pledging movable property, since when issuing loans, bank managers are not able to check the legal purity of the pledge. In such a case, without having complete information, the appraiser can significantly overestimate the value of the rights of claims, while the value of the pledged property will practically not cover the assessed right.

In addition to real estate, movable property, material values \u200b\u200band other property that is a security for claims, the appraiser analyzes the financial condition of the guarantors.

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

Why do you need a surety?

In order to minimize the risk under the loan agreement, the lending division of the bank as additional guarantees draws up sureties of legal entities and individuals. In accordance with Art. 361 of the Civil Code of the Russian Federation (hereinafter - the Civil Code of the Russian Federation) under a surety agreement, the surety undertakes to the creditor of another person to be responsible for the latter's fulfillment of his obligations in whole 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 department must regularly receive official reports certified by the tax authorities, decryptions of the main balance sheet items in terms of the most expensive assets, information on negative trends in the guarantor's business, as well as the main creditors of the guarantor.

When analyzing guarantors - individuals, credit departments and risk management departments should conduct a minimum regular check of the presence of personal property. In practice, credit departments assess the guarantor's solvency only once - when issuing a loan. An objective factor for banks is the need to process a huge array of information regarding the parties associated with the main borrower. Because of this, in the event of the debtor's bankruptcy, the collection of funds from the guarantors is further complicated by the fact that during the lending period the guarantor's financial position 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 claims, the value under suretyship agreements with individuals is equated to zero, since debt collection from the guarantor's personal property is practically impossible due to legal subtleties with respect to debt collection from citizens' property. When assessing the cash flow from the collection from guarantors - legal entities, the appraiser is faced with the problem of obtaining up-to-date information about the guarantor, namely financial statements, decryptions of assets and liabilities, the current register of creditors, business information and other insider information.

In accordance with 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 essential, since to determine the solvency of the guarantor, it is necessary not only to analyze the 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 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 surety and the possibility of fulfilling obligations under the surety agreement ...

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

Taking into account the difficult current situation with the collection of security on sureties, in 2012 the Supreme Arbitration Court of the Russian Federation prepared a number of documents and resolutions that address the 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 revealed during the revaluation of claims and collateral are the reason for the regrouping of assets by quality category 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 influence of “bad” debts on the level of reserves, banks sell part of bad assets, since even 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 the assignment of a claim. The assignment of the claim, according to the current Russian legislation, is made under an assignment agreement.

Despite the fact that most large banks have created departments for the sale of pledged property and rights of claims, the sale of rights of claims 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, by 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 activities of the debtor company; 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 potential buyers of debt and, most importantly, the price of debt sale.

In this case, market statistics on the implementation of certain types of rights of claim may provide an 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 selling debts, the discount on liquid debt of legal entities can be 10-30% of the nominal value of the debt. Whereas the discount for illiquid debts 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 with a discount of 90–98.5%.

What result are we waiting for?

What can be considered a positive result when assessing the right to claim? A positive result in assessing the right of claim arises from a well-secured loan and is achieved if the debt is fully covered by the collateral. At the same time, the risk level for such debts will be 0%. Otherwise, if the loan is poorly secured or unsecured, the value of the rights of claims 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 paid to the prospective financial recovery of an enterprise, the preservation of its activities, the possibility of debt restructuring in order to further repay it in full as an alternative to the enterprise bankruptcy procedure. To this end, the International Association for Insolvency and Bankruptcy Restructuring (INSOL) has developed a global approach to dealing with lenders to accelerate financial restructuring and improve the likelihood of a borrower's recovery.

In Russian practice, the main assumption in 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 specifics of assessing a particular type of property rights, and therefore, the choice of the methodology for the rights of claims will be associated in most cases either with the bankruptcy procedure in order to satisfy the claims of all creditors, or with the determination of the market level of discount from the offer price when exercising rights on an open market.

1. INTRODUCTORY PROVISIONS

1.1. During 2017 Methodical recommendations (hereinafter - MR) are undergoing a practical testing procedure. Comments and suggestions on the document are accepted atimo @ 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 on the approval of the MR.

1.2. МР are developed in order to improve the quality of the results of rendering services for determining the market value of the right to claim debt (hereinafter - the Debt).

The emphasis in the MR is made on the assessment of the debt of legal entities. The methodological part of the IR, with some restrictions, 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 IR can be used by forensic experts; by persons whose job responsibilities 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 of educational institutions that train specialized specialists.

1.5. MR have a practical focus:

• the structure corresponds to the "chronology" of the evaluation report;
• in Appendices 1 - 4, possible sources of market data are indicated, profile analytical and statistical information is provided;
• in appendices 5, 6 possible options are shown calculation models in the formatMS Excel.

2. DESCRIPTION OF THE ASSESSMENT OBJECT

2.1. The possibility of market turnover of debt claim rights is established by Art. 388. In accordance with the provisions of Art. 5 the subject of assessment can be formed as "rights of claim under ... agreement ...".

2.2. To identify the Indebtedness, the evaluation report shall indicate:

2.3. Typical significant debt pricing parameters:

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 appraisal report contains its description, taking into account the requirements of the specialized FSO for assessing the corresponding type of appraisal objects (for example, if the subject of the pledge is a land plot - FSO No. 7) and the principle of materiality (with a decrease in the share of the cost of the pledge in the total amount of debt impact of this information on the result of the assessment is reduced).

2.6. When the Debt is secured by a surety, the valuation report shall indicate the essential conditions of the surety agreement: identification of the surety; the procedure for collecting security; characteristics of the property of the surety, his income-generating activities, the presence of obligations under other agreements of surety, etc.

2.7. In a number of cases, the analysis of legal documentation confirming the right of the creditor's claim and / or the availability of collateral requires in-depth knowledge of the norms 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 assignment for assessment.

2.8. The following sources of information are used to collect information on the values \u200b\u200bof the pricing parameters of the appraisal object and market conditions:

• customer evaluation;
• the debtor and his beneficiaries;
• public authorities related to the activities of the debtor;
• profile analytical materials;
• sites on which offers for the sale of comparable Indebtedness are placed;
• organizations involved in debt collection;
• specialized experts;
• methodical and educational materials.

2.9. In the absence of material information about the subject of assessment, the Appraiser is recommended to refuse to carry out the assessment.

In the absence of material information on one or several 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 material in the valuation of similar Indebtedness, it is recommended to provide in the valuation 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 appraised object (changes in value if information is received).

3. CONDUCTING ANALYSIS OF THE MARKET

3.1. Debt grouping by the value of pricing parameters.

3.1.1. Depending on the probability of return:

• Debt with signs of a high probability of its recovery, provided that the creditor performs the proper claim work (in accordance with the typical rules prevailing in the market when dealing with similar Debt);
• Debt, the probability of collection of which is insignificant (hereinafter - problem Debt).

3.1.2. Depending on the security of the debt:

• Unsecured debt;
• Debt secured by collateral;
• Debt secured by surety.

3.2. The values \u200b\u200bof typical pricing parameters indicating the presence of signs of problem debt:

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

As a rule, information on fewer pricing parameters is available for troubled Debt presented on the market 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 \u200b\u200bgiven in may be considered expert opinion or guideline values \u200b\u200band are subject to validation 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 pledge or surety, it is recommended to provide an analysis of the market segment to which the relevant property and income generating activities of the surety belong in the valuation report. The scope of the analysis is established taking into account the requirements of the specialized 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 ASSESSMENT

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

4.1.1. Debt collection options, including information on:

• prospects (likelihood) of pre-trial and judicial recovery;
• the likelihood of the debtor's bankruptcy when collecting the estimated Debt;
• the most promising assets of the debtor for the purposes of debt collection (if the potential bankruptcy is associated with the collection of the estimated debt).

4.1.2. Sufficiency and reliability of the information available for the assessment.

4.1.3. Possible error of calculation results for a specific approach (method) to the assessment.

4.2. Depending on the values \u200b\u200bof the pricing parameters of the Debt (clause 2.3), the following approaches to assessment are usually used:

4.2.1. For the valuation of Indebtedness secured by a pledge or surety, as a rule, the income approach is applied to valuation, because:

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

4.2.2. The cost-based approach to assessing Debt is generally not used.

4.3. The conclusion about the impossibility of applying 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. Assessment portfolio Debt (a set of Debts) can be carried out:

• through an individual assessment of each Debt with subsequent adjustment for the scale of the entire portfolio (if necessary);
• a single portfolio, if the values \u200b\u200bof significant pricing parameters are comparable.

5. APPLICATION OF A COMPARATIVE APPROACH TO ASSESSMENT

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

• made between related 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 value (for example, when the transfer of claims led to a change in control over the bankrupt company);
• committed at the liquidation value (with an exposure period different from the market).

5.3. Analog objects are selected based on the analysis of the values \u200b\u200bof the essential pricing parameters (see clause 2.3). The values \u200b\u200bof the pricing parameters used in the calculations of analogue objects should be as close as possible (of those analogs that are on the market) to the values \u200b\u200bof the pricing parameters of the subject of assessment, in particular, they should:

• belong to the same group (see clause 3.1);
• have a comparable par value;
• have comparable estimated maturities and maturities.

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 value of the adjustment for differences for most of the pricing parameters. In such a situation, differences in pricing parameters are taken into account at the stage of selecting analog objects - a sample of analog objects is formed, the values \u200b\u200bof the pricing parameters of which are as close as possible to the values \u200b\u200bof the object of assessment. In further calculations, the average values \u200b\u200bof the indicators for the sample are used (for example, discount).

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

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

6. APPLYING A PROFITABLE APPROACH TO ASSESSMENT

6.1. The main types of proceeds of funds on account of the debt repayment: repayment of the principal amount, payment of interest, fines and penalties.

6.2. The main sources of funds for repayment of 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) - p. 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, recorded 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 of the property complex that are not part of the collateral;
• the debtor is a town-forming enterprise or another enterprise, the termination of which is unlikely.

Typically, 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 costs associated with debt collection: payment for the services of lawyers, legal costs.

6.4. In general, according to the income approach to the assessment, the market value of debt claims 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 proper good faith of the debtor, the Appraiser may be guided by 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 specified in the relevant agreement - in case of out-of-court settlement;
• taking into account the typical exposure time for market conditions - upon court settlement.

6.5.3. The distribution of cash flows from the income-generating activities of the debtor and / or the guarantor takes into account the actual possibilities and prospects of the specified income generation activities (for example, a monthly payment to repay the Debt in the amount of the company'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 the order is carried out on the basis of the analysis of the probability of debt repayment (clause 2.3 and Appendix 2, 4). Typical time frames for various debt collection procedures are given in Appendix 3.

6.5.5. If the pledged items secure 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 pledgee are satisfied from the value of the property after the claims of the previous pledgees 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 value of 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 to determine inthe probabilities of no return are given in Appendix 2, the probability values \u200b\u200bfor individual situations are in Appendix 4 and.Expression (4) takes the following form:

6.6.2. Through the 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 the 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 formatMS Excel is given in Appendix 6.

7. FINAL PROVISIONS

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

7.1.1. If a model of enforcement proceedings is predicted, then the value of the property being sold is taken without VAT (clause 4 of article 161). Those. after the sale of the property at the 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 (clauses 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 it is value in exchange, that is, on sale. Transfer of an object free of charge or with an additional charge is interpreted by Art. 572 as "donation" or "gift". For a "sale" (that is, to draw up a legally binding contract), a specific amount is required (Art. 454). If the results of the calculations indicate that the market value of the Debt tends to zero, the total value of the market value of the Debt in the appraisal report should be indicated at the minimum positive value. For example, in the amount of one currency 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. МР 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 development), Lebedinsky Vladimir Igorevich, Kalinkina Kira Evgenievna, Nekrasova Elena Nikolaevna, Serebryakova Anna Andreevna, Zumberg Aleksey Valerievich.
In preparing the MR, materials of the Association of Banks of the North-West were used.

ASSOCIATION OF RUSSIAN BANKS
Appraisal Committee

Guidelines
"Assessment of claims under credit agreements of banks"
GENERAL RIGHT ASSESSMENT CREDIT AGREEMENT REQUIREMENTS

The recommendations cover general issues of assessing rights of claim. The document was developed in accordance with the requirements of the current legislation in the field of appraisal and contains recommendations due to the specifics of assessing the rights of claim under credit 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 value- the cost for a specific person or group of persons with the investment purposes of using the object of assessment established by this person (persons)

1.5. Liquidation value - a calculated value that reflects the most probable price at which a given object of appraisal can be alienated during the exposure period of the appraisal object, which is less than the typical exposure period for market conditions, in conditions when the seller is forced to conclude a transaction to alienate property

2.1. According to the Regulation of the Bank of Russia of 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 debts" (hereinafter - the Regulation), credit institutions are required to form 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 Regulation “In order to determine the amount of the estimated allowance due to the effect of credit risk factors, loans are classified on the basis of professional judgment (except for loans grouped in a portfolio of similar loans) into one of five quality categories:

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

2.3. Meanwhile, clause 1.3. Of the Regulation regulates that “The reserve is formed by the credit institution in case of impairment of the loan (s), that is, in case of loss of value by the loan due to non-performance or improper performance by the borrower of loan obligations to the credit institution, or the existence of a real threat of such failure (improper performance) ( hereinafter referred to as credit risk on a loan). " Those. if the borrower properly observes the terms of the loan agreement, the reserve is not formed.

2.4. Further, according to the Regulation “the credit institution forms provisions for portfolios of homogeneous loans in accordance with the methodology used by it for assessing risk for the corresponding portfolios of homogeneous loans. The credit institution distributes the formed portfolios of homogeneous loans into the following quality categories:

• I category of quality - portfolios of homogeneous loans with a formed reserve of 0 percent (there are no losses on the portfolio of homogeneous loans);
• II category of quality - portfolios of homogeneous loans with the size 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 over 3 and up to 20 percent of the total book value of the loans combined into 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 book value of the loans combined into the portfolio;
• Quality category V - portfolios of homogeneous loans with the amount of the formed reserve over 50 percent of the total book value of the loans combined into the portfolio.

2.5. According to clause 3.1. Provisions "The credit risk assessment for each issued loan (professional judgment) should be carried out by the 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 his financial position, the quality of the borrower's debt service under the loan, as well as all information available to the credit institution about any risks of the borrower, including information on external liabilities. of the borrower, on the functioning of the market (s) in which the borrower operates. "

Thus, the need for professional judgment (assessment of claims) under credit agreements arises in the event that the Bank classifies loans into the 3-5 quality category (doubtful, problem, bad loans).

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

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 credit agreements can be:

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

3.3. In Fig. 1 is a short diagram showing the composition of the 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 overdraft on payment cards in agreements with consumers, banks usually set an overdraft limit, deadlines for making a monthly payment and the size of the minimum payment.

Figure: 1. Possible composition of collateral under loan agreements

3.4. To determine the fact of the existence of property rights - rights (requirements), 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 a bank who has sufficient competence and knowledge to provide a professional judgment on security.

Table 1. Matrix for the analysis of collateral to determine the presence of material rights - rights (requirements)

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 Unified State Register of Legal Entities, a high degree of risk of impossibility of imposing foreclosure on property Recommended value 30-50%
2. The absence of a decision by the Corporate Body of the borrower carries a high threat of a positive outcome of the property claim process, the recommended value is 50%
3. The correctness of the description of the subject of the pledge is critical in the event of significant errors in the description and the actual subject. Depending on the degree of correctness, the risk can be assessed up to 100%

Movable property:

• The physical absence of the subject of the pledge, confirmed by documents on theft - 100% risk, which does not allow further evaluation of the pledges.
• The presence of disputes on pledged property is assessed depending on the course of the proceedings for challenging the pledges; a lawyer provides an expert assessment of the likelihood of a favorable outcome of the proceedings. The risk can be assessed up to 100%
• The risk is considered zero if the full autonomous use of the pledged item is possible, if the autonomous use of the pledged item involves significant capital investments to its current state, the risk is assessed in proportion to the level of costs.
• As agreed with the Customer's lawyer, the risk of the impact of inconsistencies in the details of the property in the pledge agreements and accounting documents can be assessed up to 100% (for example, if there are cases of challenging similar pledges)

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

• 0-15% - low risk, the possibility of obtaining collateral is high
• 15-25% - medium degree of risk, the possibility of obtaining collateral exists
• 25-50% - a high degree of risk, the possibility of obtaining collateral exists, but it 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 under credit agreements, calculating the aggregate risk of the possibility of collecting collateral, it is assessed using the income, cost and comparative approaches for objects, the aggregate risk for which does not exceed 50%.

Requirements for the assessment of rights of claim are given in the FSO and the standards of self-regulatory organizations of appraisers. Nevertheless, the considered object of assessment presupposes the presence of certain specifics.

The following general requirements should be met to 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 evaluated object.

2) The result of the appraisal is, first of all, necessary for the bank, therefore, when carrying out the appraisal, the Appraiser is recommended, in agreement with the bank, to 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 must contain clear signs that allow the object to be uniquely identified. It is not allowed to be limited to the indication of names and inventory numbers. If the right of claim includes a pledge of immovable property, it is mandatory to inspect the objects and attach to the assessment report an act of verification of pledges signed by representatives of the Bank.

4) In determining the market value, all calculations and assumptions must be based on reliable market data and trends. Assumptions based solely on the expert opinion of the Appraiser 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 assessment report should, with a minimum volume, contain all the information necessary to understand the validity of the results obtained.

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

9) The appraisal of the object by the Appraiser is not allowed without inspecting the object. Photos of the evaluated objects (with a large number of objects, perhaps selectively - the most significant) must be included in the Appendices to the report. Photos must objectively reflect the condition of the object of assessment;

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 appraisal must be completed within a timeframe that is within the limits of the credit process. To minimize the time without loss of quality, the Appraiser at the stage of setting the assignment for evaluation must clearly understand his task, determine the amount of information and the composition of documents required for the work, and agree on the time frame for submitting documents and priorities.

12) In the section of the analysis of the market segment to which the assessed 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 anticipated future demand for this type of property in the region;
• existing and probable needs for an alternative use of the subject matter;
• the degree of impact on the value of the subject of pledge of certain predicted 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 the advantages that put him in a more advantageous position relative to other market participants (benefits, etc.). The existing encumbrances of the object (for example, lease, easement), which will be retained during the transfer of the object, are subject to compulsory consideration 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, work and services; protected results of intellectual activity and means of individualization equated to them (intellectual property); intangible benefits.

One of the main features of the objects of 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. It goes without saying that the rights of claim have such material value, which means 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 norms on the assignment of rights of claim.

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 determines the grounds for the emergence of obligations - this is an agreement, causing harm, unjust enrichment, and 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 relation to a specific object.

By virtue of the obligation, one person (the debtor) is obliged to perform a certain action in favor of another person (the 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 of the performance of his obligation (part 1 of article 307 of the Civil Code of the Russian Federation).

Thus, property law, along with other property, is what obligations arise about.

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

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

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

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

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

In Art. Art. 382 - 390 of the Civil Code of the Russian Federation to designate the person who "owned" the assigned right, the term "creditor" is used. A creditor is an active entity who has the right to demand action (refraining from action) from the debtor.

In an agreement, the content of which is only one legal connection, one simple obligation, the change of the active party in the obligation (the creditor) is also a replacement of the party in 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 the party to the agreement - the lender.

Often times, a legal obligation relationship is complex, i.e. each of its parties has a number of rights and has a number of responsibilities. The totality of a number of counter 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 designated by the term "powers". At the same time, it is indicated that they are part of the subjective law, which has a complex structure. With a change in the persons in the obligation, its subject composition changes, while the systemic links between powers and obligations remain.

The newly interceding person under the contract of assignment of the right of claim does not transfer the separate authority of the retiring person (the right of claim), but the entire totality of his powers that are available at the time of transfer.

4.4. The concept of law (requirement)

In the Civil Code, there is no definition of the right to claim (more precisely, the right (claim).

At the same time, the legislator uses the concept of law (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, a right (claim) belonging to a creditor on the basis of an obligation can be transferred by him to another person under a transaction (assignment of a claim) or transferred to another person on the basis of the law.

When analyzing the rules on the assignment of rights (claims), it can be concluded that the claim is not the right of the subject to demand, but what the authorized person claims (claims) to receive, i.e. the execution of which he (upon the occurrence of certain conditions) can demand from the person obliged by his right, relying on the coercive force of the state.

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

According to paragraph 4 of Article 454 of the Civil Code of the Russian Federation, the general provisions on the sale and purchase apply to the sale of property rights, 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 property-legal status for the rights (claims), from the complete denial of their property-legal nature to the recognition of the ownership right to the right of claim ("right to right") and the difference between law as content and right as an object.

In any case, having the material value of the right (claim), being in essence rights of obligation, at the same time are the object of transactions, along with other property (for example, property 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 clause about the legal nature of their occurrence and regulation.

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

Table 2.

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

Before starting the appraisal, the Customer and the Appraiser agree on possible assumptions and limitations associated with the specifics of the appraisal object and possible difficulties in obtaining information about the appraisal object.

The specificity of the assessment of rights of claim lies in the difficulty of obtaining information about the subject of assessment, since most of the information is with the Borrower. After receiving the information, it is necessary to reconcile the data contained in the credit dossier 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 to prevent cases of valuation based on inaccurate reporting.

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 large for the company, and whether its conclusion was agreed in accordance with the procedure established by law and the company's charter. It is also important to check the powers of an official of a business company to conclude 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 should 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 essence, the amount and the term of the obligation secured by the pledge. It should also contain an indication of which of the parties has the mortgaged property (Article 338 of the Civil Code of the Russian Federation).

Since, in accordance with the Civil Code, the pledger can only be the owner of the thing or a person who has the right of economic management to it (part 2 of article 335) - an important point is to check the documents of title for the subject of 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 this building is located (or the right to lease this site), you should pay attention to the presence of land in the subject of the mortgage. The absence of a pledge of a land plot entails the contestability of the pledge as a whole.

When analyzing the 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 (real estate pledge), 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 - the body that carries out state registration of rights) that registered it the right of the pledger.

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 competence of the Appraiser is not enough to make a professional judgment on the possible level of risk under a specific loan agreement, then the Customer's lawyer or a representative of a specialized consulting company should provide their opinion on this issue in writing.

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

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

Taking into account the shortened limitation period established for collecting debt from the surety, the accepting dossier must immediately calculate this procedural period. To do this, it is necessary to find out under the terms of the loan agreement (taking into account all additional agreements) the deadline for repayment of the loan, and then add one calendar year (clause 4 of article 364 of the Civil Code). This will be the deadline for filing a claim against the surety. It should be understood that during this period, not only must a demand be filed against the surety, but also after the expiration of the period specified in the Surety Agreement for the voluntary performance of his obligations by the surety, but also a statement of claim must be sent to the surety. Taking into account the fact that a problem loan, as a rule, is recognized if there is a delay in repayment, it can be assumed that the loan maturity has already come some time ago, which means that the one-year limitation period for the guarantor has begun its course.

If the competence of the Appraiser is not enough to make a professional judgment on the possible level of risk under a specific loan agreement, then the Customer's lawyer or a representative of a specialized consulting company should provide their opinion on this issue in writing.

The choice of the standard for the determined value of the object of ensuring the rights of claim (hereinafter the object of assessment) is made based on 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 Activity" (29.07.98, No. 135-FZ), the market value of the appraisal object is understood as the most probable price at which this appraisal object can be alienated in 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 does not reflect any extraordinary circumstances, that is, when:

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

Evaluation 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 cost assessment methods based on determining the costs required to restore or replace the object of assessment, taking into account its depreciation. The cost approach is based on the principle of substitution, which means that the buyer will not pay for the property more than the amount required to replace it with another property of similar useful characteristics.

Comparative approach - a set of valuation methods based on a comparison of the appraisal object with similar objects for which there is information about 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, making independent individual decisions.

Income approach - a set of valuation methods based on the determination of the expected income from the subject of valuation. The income approach is based on assessing 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 RF Ministry of Economic Development and Trade of the Russian Federation No. 254, 255 and 256 dated July 20, 2007, the Appraiser has the right to independently determine specific assessment methods within each of the assessment approaches.

Income-based 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:

1. Analyze the market of the appraisal object as income-generating real estate.
2. Specify separately the areas: the total area of \u200b\u200bthe building or property complex, the area for rent.
3. When calculating the rental rate for the appraisal object using a comparative approach, rental rates for analogs should be cleared from 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 price of a unit of comparison of rental rates (rubles / 1 sq. M) of analogue objects must comply with the principle of homogeneity and not exceed 30%.

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

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

When assessing an operating enterprise, it is necessary:

1. The revenue forecast is based on 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 lease) of the appraised enterprise and market prices for the sale of a unit of products / services.
2. Exclude one-time and unplanned income.
3. Explore historical enterprise and industry data.
4. When forecasting costs, exclude unnecessary 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, the discounted cash flow method for equity should be used to estimate equity, without deducting long-term loans and borrowings. 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; the market value of long-term financial investments; the market value of non-core assets.
7. If the enterprise is active, but has a limited remaining life in the market, then income from activities 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 using the Capital Assets Pricing Model (CAPM).

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

Capitalization rate

In the transition from the discount rate to the capitalization rate, to calculate the reversal, the rate of growth of income (revenue) in the post-forecast period should be provided within 3-5%.

A comparative approach to real estate appraisal is based on information about recent transactions with similar properties on the market and comparison of the appraised real estate with analogs.

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:

• Sales comparative analysis method.
• Gross rent method.

The main criteria for the selection of 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. Conditions and time of sale.

After the selection and comparison of analog objects with the object of assessment, if necessary, appropriate amendments should be made.

The adjustments can be percentage or cost.

Basic methods for calculating corrections:

1. Methods based on the analysis of paired sales;
2. Expert calculation and amendment methods;
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 rental income. This method assumes the use of a multiplier of gross rent (MVR). MVR is the ratio of the selling price of a property to the gross rental income for a certain period (month, quarter, year). The cost of the appraised object is determined by multiplying the MVR by the gross income for the corresponding period from the (possibly assumed) lease of the appraised object.

Valuation of movable property

Movable property includes tangible and intangible items 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 moved.

Comparative approach methods are methods based on the analysis of transactions in the sale of analogue objects and comparison with the valuation object 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 the value by comparing recent sales of comparable movable property to the property being valued after making appropriate adjustments to account for the difference between them.
3. Method of statistical modeling (method of mass appraisal): a method of considering an assessed object of movable property as a representative of a certain set of homogeneous objects for which prices are known.
4. Correlation model method: a method for assessing a movable property based on the determination of the weighted average parameter in conventional units characterizing the technical and economic properties of the assessed object and related proportionally to its value

Business / going concern valuation

Assessment methods:

1. Analog 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. Method of transactions. The method is focused on the acquisition prices of the enterprise as a whole or its controlling stake.
3. Industry coefficient method. The method is based on the use of recommended ratios between the price and certain financial parameters.

The cost approach is a set of techniques and methods for determining the market value of the object being assessed, based on the amount of costs required to recreate it under the conditions prevailing on the date of the 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 assessment, necessary to recreate an exact copy of the estimated object, using the same materials, standards, design, quality of work), or the replacement cost ( the amount of costs incurred on the date of assessment for the reconstruction of an object similar to the one assessed in terms of utility, 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 mandatory to determine the amount of depreciation or a discount from the full replacement cost (replacement cost). The appraiser calculates wear not according to regulatory documents, but on the basis of its real physical condition and the compliance of the functions performed with modern market needs. General depreciation of the object includes: physical, functional and economic obsolescence.

The choice of assessment methods for the cost-based approach depends on the purpose of the assessment, the type of the evaluated object, and the prospects for its use. A common technique when using the cost-based approach is to divide the object into its constituent elements, apply correspondence to each of them. assessment techniques taking into account individual wear and tear.

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

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

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

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

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

In the cost-based approach to assessing the cost of machinery and equipment, the methods of direct calculation and holistic cost estimation are used.

A cost-based 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 object being valued. The appraiser can use the creation cost method and the cost benefit method. The method of creating intangible assets involves determining the full replacement cost of an 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. The replacement cost is adjusted according to the obsolescence factor 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 total value of the market value of the object is determined on the basis of the coordination of the obtained assessment results for various approaches by means of mathematical weighing based on the 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 12/30/2008. According to Art. 138 of which 70% is allocated to satisfy the claims of the pledged creditor, 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 obligation secured by the pledge and interest due.

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

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

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

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