Inna Rykova: “Our task is to make subsidies transparent”

It is quite possible that serious changes may occur in the system of public administration of agriculture in the coming years. The total digitalization of public administration in this area will occur if the concept of "E-agriculture in budget policy: the concept of openness and efficiency in obtaining subsidies for the agro-industrial complex", developed at the Research Financial Institute of the Ministry of Finance of the Russian Federation, is implemented. Inna Rykova, head of the NIFI Center for Sectoral Economics, talks about the details of the Invest-Foresight concept.

- Inna Nikolaevna, how did the development of the concept begin, what was the motive?

“Our institute, commissioned by the Ministry of Finance, has begun assessing the effectiveness of budget policy in the agro-industrial complex since 2017. Last year, we selected 22 regions to assess the effectiveness of budget spending according to criteria: investment in fixed assets, production volumes and tax deductions. Issues of financial discipline and criteria for the effectiveness of allocation of budget subsidies, as well as the main directions of budget policy, solve the following tasks: it is planned to reduce the number of main measures to support agriculture by concentrating budget resources on the implementation of the most significant areas of support for the Russian agro-industrial complex, as well as tighten the conditions for provided inter-budget transfers budgets of the subjects of the Russian Federation for the development of agricultural production.

But as part of our analysis, it was revealed that the allocation of budget funds was not tied to the economic results of the activities of agricultural producers, and for the first time, probably in history, we decided to look at how federal money moves to the regions, how it reaches the final recipient from the regions, and also what share is subsidies linked to revenue, assets, etc.

We took one pilot region, the Samara region, and completely decomposed all tranches, saw the cyclical nature of the receipt of money, the speed of bringing money, analyzed the efficiency of agricultural production from 2010 to 2017, identified budgetary effects from subsidies and other forms of state support for the agro-industrial complex of the Samara region , now we are assessing the rest of the regions on the basis of a package of methodological recommendations developed by the NIFI for optimizing regional agricultural policy.

- What were the results of the analysis?

— The key conclusion was that the current system of obtaining grants and subsidies for recipients of state support is labor-intensive, takes a lot of time to prepare documents, and is not transparent for the state.

We realized that not a single assessment methodology was tied to the economic activities of the enterprises themselves - recipients of state support. That is, their financial statements, their cost structure has never been rechecked. We understood that there are two key problems. One is that agricultural producers complain that the money comes to the wrong people, at the wrong time, and there are no necessary volumes. The second is that all existing types of subsidies with their key indicators require reformatting. Take, for example, grants to start-up farmers for milk. How to check that peasant farms actually produced milk? Apparently there are records somewhere. It's virtually impossible to check. If we start to look at the volumes of marketable milk, the figures do not converge. Or, say, they sowed 10 hectares, dug out - 30 hectares.

Thus, we have revealed a rather low level of planning of budget subsidies at different levels of agricultural management.

- And what to do?

- We believe that it is necessary to plan budget subsidies in such a way that they are tied to the consumption of products in a specific geographical location. So that we do not have situations like now with potatoes - overproduction has begun, it cannot be sold even at the lowest price. And we decided to develop this concept of e-agriculture in fiscal policy. Our task is to prevent such situations that the recipient of the subsidy received it for three years, mastered the budget funds, and the result was not achieved: the recipient, for example, went bankrupt, changed the legal entity, and so on. Avoid situations where subsidies are several times larger than revenue. Our system will allow us to see the history of the agricultural producer, which is absent in Russian practice today. If we see different legal entities on one piece of land, questions will naturally arise. And there is another problem: today, if you look, for example, at the Belgorod Region, the Stavropol Territory, the Vladimir Region, in each region, completely different packages of documents are required for the same subsidy. And our system ensures the standardization and unification of the package of documents for obtaining budget subsidies.

- So the process of allocating subsidies is transferred online?

- Today, the allocation of subsidies in the agro-industrial complex involves a huge document flow. The agricultural producer must provide huge amounts of data. But it is necessary to create a unified information system, similar to the “One Window”, as a portal of public services, where any potential recipient of a subsidy can fill out a very simple form. A personal account of an agricultural producer is being created, in which he receives all the necessary information and support, as well as access to documents for obtaining state support. Filling out the form must be accompanied by an electronic signature, no trips to ministries. The system checks the registration, absence of bankruptcy, whether the organization meets the status of an agricultural producer, after which a notification arrives: you can apply for a subsidy. When the applicant fills out the application form, the information that is already at the disposal of state bodies is involved. For example, the Federal Tax Service can immediately confirm whether there are tax arrears. Our task is to reduce the paperwork as much as possible where we can double-check all the data ourselves, and reduce the burden on the industry without additional costs. After that, the regional Ministry of Agriculture checks the correctness of the application for a subsidy, and the applicant receives confirmation: yes, you meet the formal criteria, your number in the queue is such and such. As with scoring in a bank, the applicant is assigned a certain number of points. And we place this queue in an open registry.

- Open to everyone?

- Nothing prevents us from closing all the information, except for the number of points and the amount of the subsidy. When the money came, it is immediately clear that those who are in the top 100 in terms of points rating immediately went to the treasury for execution. Then the Treasury checks payments, regional co-financing, and so on. The report on the receipt of a subsidy, as well as the agreement itself, is also signed with an electronic signature. Today there is a very large reporting, it also needs to be reformatted. A year has passed, the treasury, depending on the degree and quality of the payments, exposes the recipient to its score. The regional Ministry of Agriculture, after the recipient has reported, sets his score; thus, he forms a certain system of points that he scored.

- Some kind of credit history?

- Yes. It can be positive, negative and neutral. What is neutral? For example, a farmer insured his risks, he had a crop failure. He is not to blame, he foresaw that there might be a crop failure. If the farmer got fined, respectively, the points went into negative. If the farmer has effectively worked out and fulfilled his obligations for production and marketing, then he is plus one point. And when he applies for a grant for the next year, all these plus/minus one points affect the priority of the grant.

Is there such a point system in the paper version?

— No, and never was. We are proposing this idea for the first time, we have already worked it out with key ministries. It is very important that the Accounts Chamber gets access to the system and sees all the data when conducting an audit. This system not only facilitates document flow, but also solves the political issue of the availability of subsidies. Because it's all in the open, like USE scores. We receive analytics from the system, we can display the profile of the region. When we know how many seeds, how much mineral fertilizers are applied in a particular area, what is the yield for certain types of crops, what is the productivity of animal husbandry, we can develop standards for budget planning for each region. And if we see that, for example, when reimbursing capital costs for one organization, the costs are estimated at 60 million per hectare, and for another - 300 million per hectare, then this should be checked in detail, taking into account the quality of equipment and technologies, or the production profile of the region should be changed.

- Where do the numbers come from? From applications?

- When applying for reimbursement of capital costs and when planning budget funds until 2020, these figures are presented to the NIFI by the regional Ministry of Agriculture, and agricultural producers, in addition to accounting statements, fill out statistical forms: APK-6, 9, 12, 13. Thus, we will to have data on the sown areas, on the specification of territories, and we will see where, in one direction or another, it is better to direct state support. For example, a manufacturer took a ruble, but brought us 5 rubles in taxes and 10 rubles in export earnings. Thus, we will see not only figures from Rosstat, but figures from recipients of state support, and we will be able to maneuver, perhaps by redirecting more money to one or another territory for specific tasks, and today we often just bury them.

Why do we offer such a system? During inspections, we saw such recipients of subsidies whose revenue is zero, 10,000 rubles on the balance sheet, and he receives significant money from the federal budget, including for reimbursement of capital costs. And then we record state support in “other income”, give him profit before tax and create a financial result. These things shouldn't be. Every time in the middle of the year, everyone starts complaining that the budget funds are supposedly not enough. But at the same time, no one looks at the infrastructure facilities themselves: do we need so many greenhouse complexes, but do we need so many pig-breeding complexes? And if needed, how much? What volume of products is relevant for the market today? The existing balances of production and consumption of various products, say, meat, unfortunately, are not tied to the consumption of a particular region. The only guideline is the “Food Security Concept” with consumption standards from the Ministry of Health, and in fact we know nothing about the real volumes of consumption of manufactured products using public funds.

And how will it be taken into account in the system?

- Our concept provides for the creation of a system for monitoring production and consumption in the region and, thus, the formation of a profile, taking into account the market value of agricultural products. Moreover, we expect to receive previously unavailable data:

• planning and volumes of necessary agricultural products by regions;
• volume requirements, taking into account the distribution by type of product consumption;
• the need for budget allocations for the development of consumption and demand;
• assessment of the effectiveness/effect of state support for the agro-industrial complex, taking into account the contribution to sustainable economic growth (tax revenues, food security doctrine, logistics development, etc.).

— Who will physically monitor?

“Physically, today we are already conducting it, working with all existing analysts, with all databases, we see where the data diverges, we check the numbers. For example, subsidy agreements have measures of job creation. Everyone reported on their creation, the Accounts Chamber checked, everything is great. But we look at how many taxes have been paid from these jobs, for example, personal income tax - and here the numbers do not converge. Our task is to bring all the data into a transparent system. If taxes are received, then they must be confirmed by the Federal Tax Service.

- And how do you check milk production?

- By the volume of marketable milk supplied to the factories.

- Will the plant also have to submit information to this system?

- If he is present in the chain of recipients of state support - yes. Plus, it will be connected with our wholesale distribution center development project. It is necessary to create a unified information system covering the entire chain from production planning to final consumption and marketing.

- That is, there will be a lot of participants in the system?

- Naturally. Everything. If you want to receive at least a ruble of budgetary funds, you must become a member of this system. Again, we guarantee the preservation of commercial secrets, while we exempt regional authorities and businesses from constant visits of inspection bodies. Because all forms filled in the system automatically become available to any inspection body. Verification can only come in case of questions. We tie everyone in a chain, up to the Accounts Chamber. All participants in the system will be able to use it: someone will receive analytics, someone will refine their project, seeing that it does not pass approval and receiving comments. Most importantly, we will be able to plan the amount of budgetary funds and check the effectiveness of their use, receive data on the need to create infrastructure projects based on objective indicators. The system will also allow in the future to create a platform for attracting investors' funds. For example, horticulture priorities are apples in Kabardino-Balkaria and Ossetia, while Russia imports pectin. An apple is pectin-containing, we would recommend investors to pay attention to the possibility of creating a plant for baby food, juices and other pectin-containing products. Because at some point there may be an overproduction of apples. Even now, we sometimes have to come up with such recommendations; investors are already turning to us to test ideas.

- Will there be some operator of this electronic system?

- This is the most important question. We now conceptually have to agree on who the administrator is - the Ministry of Agriculture, or we still retain this function for the Ministry of Finance.

- Aren't you worried that there will be no personnel in the regions to work on the network?

- Everyone today already uses an electronic signature, it is needed to receive documents at the bank, to make payments, and no additional funds will be required, on the contrary, we reduce the cost of travel, negotiations with regional ministries of agriculture, going to offices.

— Doesn't this mean that, in essence, the functions of distributing federal subsidies are being taken away from the regions?

- The region retains the right to verify and approve the application, but the possibility of a subjective assessment of one or another applicant is lost. Our task is to make subsidies open and transparent for the final recipients. When last year we collected plans for infrastructure projects until 2020, we realized that the regions only provide us with information from those projects that have reached the regional authority and about whom the regional authority knows. A number of investors said: we do not want to get involved with state money, the main thing is that prosecutors do not come to us. Therefore, our task is to give all investors equal rights, including those who receive today and those who do not yet receive subsidies.

- You do not assume in which regions the pilots will be?

“We wanted to choose them from those 22 subjects that we have already carefully examined, but in order to select pilot regions, we need to talk with the regional ministers of agriculture so that they are ready. I think it could be the Republic of Bashkortostan, the Tambov Region, the Republic of Crimea.

- Will there be subsidies from the regional budget in this system?

- Yes, we will tie them up, but for now we need to test the federal ones, to understand that all the chains are built, everything works. Then we will connect regional subsidies.

- What is the actual time to launch the system?

- We believe that the test mode cannot take more than 1-2 years, in 2-3 years it should be fully operational throughout the country.

Interviewed Konstantin Frumkin

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18.09.2015

The head of the Center for Branch Economics of the NIFI will become the scientific director of the Department of Finance and Credit of Moscow State University of Technology named after K.G. Razumovsky (PKU)

The head of the Center for Branch Economics of the NIFI will become the scientific director of the Department of Finance and Credit of Moscow State University of Technology named after K.G. Razumovsky (PKU)

September 18 at Moscow State University of Technology named after K.G. Razumovsky (PKU), the head of the Center for Sectoral Economics Research Financial Institute Inna Rykova gave a lecture on the topic "How to increase the participation of young people in projects of federal and regional significance." About a hundred first-year students of the Institutes of Economics and Business and Technological Management gathered to listen to the expert.

Inna Rykova explained to the future economists the fundamentals of the tax system of the Russian Federation. She analyzed in detail the structure of expenditures of the country's budget system in 2014, noting that more than a third of the budget - 34.1% - was allocated to social policy.

The head of the Center for Sectoral Economics, NIFI, recalled that the First Cossack University is participating in a project of the Ministry of Agriculture dedicated to wholesale distribution centers.
- Many large companies are not interested in working with small production, with a farmer. Large retail chains need a constant supply of goods. They are interested in the same goods on the shelves, so that the apples are the same, the potatoes are even. Networks are not interested in sorting something. Weak structuring of the market, unformed state policy led to the fact that the Ministry of Agriculture had a project to create wholesale distribution centers, in which the university also takes part.

The formation of the ORC network is a task at the federal level, the solution of which makes it possible to give impetus to interregional trade.

At the end of the informative lecture, the rector of Moscow State University of Technology named after K.G. Razumovsky (PKU) Valentina Ivanova announced that Inna Rykova will become the scientific director of the Department of Finance and Credit. In addition, she will become the scientific director of the university project on wholesale distribution centers in the Central Federal District.

The students asked many interesting questions. In particular, Inna Rykova explained to the children why the country's economy is heavily dependent on the "oil needle", predicted the fate of the ruble in the foreseeable future, and also told how BRICS and SCO can help Russia in the fight against sanctions. In the end, the students invited the head of the NIFI Center for Branch Economics to give a series of lectures.

REFERENCE
NIFI was established on the initiative of the People's Commissariat of Finance on February 27, 1937. It consists of seven sections: budget, tax, monetary circulation, credit and working capital, balance sheet, the history of Soviet finance, accounting for the implementation of financial plans.
In 1991, NIFI was included in the structure of the Ministry of Economy and Finance of the Russian Federation.
In 2005, NIFI was included in the Academy of Budget and Treasury of the Ministry of Finance of Russia (since 2011 - the State University of the Ministry of Finance of Russia) as a structural unit.
In May 2012, in order to create optimal conditions for the development of fundamental and applied scientific research in the field of economics and finance, the Government of the Russian Federation restored the Institute's independence as the Federal State Budgetary Institution "Research Financial Institute". The functions of the founder were assigned to the Ministry of Finance of Russia.

NIFI division: Center for Branch Economics
Position: Head of the Center
Academic degree, title: Doctor of Economics, Academician of the Russian Academy of Natural Sciences

Sphere of scientific interests: innovative economy, financial markets, budget policy in the sectors of the economy, investment and infrastructure projects, project financing, banking system, state and regional finances, tax incentives, development institutions, territorial development, state support.

More than 70 research projects have been completed for federal authorities and large customers, of which she was the project manager in more than 65 of them.

In 2002, she was awarded the Moscow Interbank Currency Exchange for the development of the topic “Securities Market and Exchange Business: Theory, Practice, Regional Aspects” in the All-Russian Competition of Scientific Papers on the Problems of Stock Market Development, diplomas from the Financial Academy under the Government of the Russian Federation, etc.
In 2009, she was awarded the Badge of the Analytical Center under the Government of the Russian Federation.
In 2009, she was awarded with gratitude for the training of small business specialists within the framework of the Comprehensive Program for the Development and Support of Small Business in Moscow.
In 2010 she was awarded the Order of the 2nd degree "For Contribution to Science" by the International Academy of Social Sciences.
In 2010 she was elected a corresponding member of the Russian Academy of Natural Sciences, in 2012 a full member of the Russian Academy of Natural Sciences.
In 2011, the rector of the Financial University under the Government of the Russian Federation was thanked for success in research activities and high performance in work; for high scientific achievements and great contribution to the development of Russia.
In 2014, the Director of NIFI and the Deputy Minister of Finance of the Russian Federation Lavrov A.M. for participation in the project "Budget for Citizens", gratitude on behalf of the Organizing Committee of the All-Russian State Professional Holiday of the Financial Community for cooperation in organizing and holding the "Day of the financier-2013", as well as for the contribution to improving the financial literacy of the population and the prestige of the financier profession in society.
In 2014, she became a laureate of the All-Russian award of financiers "Reputation-2014" in the nomination "Scientist of the Year 2014".
In 2017, she was awarded the Gratitude of the Minister of Finance of the Republic of Sakha (Yakutia).
In 2018, the Presidium of the Higher Attestation Commission under the Ministry of Education and Science of the Russian Federation awarded a certificate of honor for great merits in the certification of scientific and scientific-pedagogical personnel.
In 2018, gratitude was received from the National PPP Center and ARWE for organizing and participating in the forums.

Participation in expert/working groups:

• Expert in the field of public administration in the main powers of the Ministry of Finance of Russia (direction - financial support of the civil service);
  Member of the Working Group for the development of the project "Budget for Citizens" of the Ministry of Finance of Russia;
• Executive Secretary and Member of the Expert Council of the Ministry of Finance of Russia "Budget Literacy";
• Expert of the Competition Commission of the Ministry of Finance of Russia for holding a competition of projects to provide the budget of the Russian Federation for citizens;
• Member of the Committee on Financial Markets and Credit Organizations of the Chamber of Commerce and Industry of the Russian Federation;
• Member of the Interdepartmental Working Group of the Ministry of Industry and Trade of the Russian Federation on the development of an action plan ("road map") for the development of the production of mineral fertilizers for the period up to 2025;
• Expert of the Expert Council of the Higher Attestation Commission under the Ministry of Education and Science of the Russian Federation on economic theory, finance and the world economy;
• Member of the Working Group of the Ministry of Agriculture of Russia on the development of a program for the construction of wholesale distribution (logistics) centers for agricultural products and food;
• Member of the Working Group of the Ministry of Agriculture of Russia on updating the Strategy for the Development of the Food and Processing Industry of the Russian Federation for the period up to 2020;
• Member of the Expert Commission of the Ministry of Agriculture of Russia for evaluating the results of the implementation of subprograms and federal targeted programs of the State Program for the Development of Agriculture and Regulation of Agricultural Products, Raw Materials and Food Markets for 2013-2020;
• Member of the Expert Council on Economic Policy under the State Duma Committee on Economic Policy, Industry, Innovative Development and Entrepreneurship on Investment Policy;
• Member of the Working Group of the Council under the Plenipotentiary Representative of the President of the Russian Federation in the Volga Federal District on the preparation of the issue "Implementation of measures to stimulate the growth of the economy of the regions of the Volga Federal District, aimed at improving the efficiency of development institutions, increasing the tax potential, improving interbudgetary relations and optimizing budget expenditures";
• Member of the Working Group to develop an action plan to promote the implementation of the project to create a wholesale distribution center for the processing of agricultural and food products and trade in the Novosibirsk Region.

Prerequisites for bankruptcy in the real sector of the economy

I.N. Rykova Head of the Center for Branch Economics of the Research Financial Institute of the Ministry of Finance of the Russian Federation, Academician of the Russian Academy of Natural Sciences, Doctor of Economics (Moscow) R.S. Gubanov Senior Research Fellow, Center for Branch Economics of the Research Financial Institute of the Ministry of Finance of the Russian Federation, Candidate of Economic Sciences (Moscow)

Inna Nikolaevna Rykova, [email protected]

At the present stage, market relations are characterized by certain negative economic phenomena, in particular, the general trends in the development of bankruptcy processes are characterized by unpredictable jumps in the growth parameters of overdue debts of legal entities and individuals.

In this regard, in a market economy, the analysis of the financial prerequisites for the insolvency (bankruptcy) of an enterprise based on an analysis of its solvency is of particular relevance. A low level of solvency leads to significant losses due to default on long-term and short-term obligations that are due on 1.

The main guideline in identifying the degree of solvency and preventing the deterioration of the situation in Russian organizations is the result of assessing the prerequisites for bankruptcy. In the scientific literature 2 this issue is given paramount attention. In the light of the latest achievements in the theory and practice of management, we have identified signs of the negativity of phenomena and processes in the economy. Factors such as the uncertainty of the situation in the markets for products, the random occurrence of material losses, the unpredictability of the behavior of suppliers of raw materials, determine the presence and development of a crisis in the financial and economic activities of the enterprise.

The reality is that the typical prerequisites for bankruptcy in the real sector of the economy are:

Reducing the value of assets (property);

Decreased liquidity;

Growth in the share of receivables in assets;

Increase in slow-moving assets (material reserves);

Increase in accounts payable, especially in terms of payroll and tax payments.

On the organizational side, bankruptcy is an orderly procedure for selling the property of an insolvent company and settling accounts with creditors. It ensures the equality of creditors and the fulfillment of the social obligations of the debtor.

1 Bochkareva T. A., Nikitenko N. N. Analysis of the financial prerequisites for insolvency (bankruptcy) of an enterprise // Bulletin of the Khabarovsk State Academy of Economics and Law. 2015. No. 3. S. 27-32.

See, for example: Kachalov R. M. Management of economic risk. M. : Nauka, 2002.

According to the Federal Law of October 26, 2002 No. 127-FZ “On Insolvency (Bankruptcy)”, the bankruptcy of an organization is understood as the inability of the debtor recognized by the arbitration court to fully satisfy the claims of creditors for monetary obligations and (or) fulfill the obligation to make mandatory payments. The latter are the amounts of taxes and fees directed to the budgets of various levels of government, deductions to state off-budget funds and other similar payments.

Since the legislation on bankruptcy of enterprises is based on the principle of insolvency, the economic aspects of its activity play a decisive role for the recognition by the arbitration court of the fact of bankruptcy of an enterprise, therefore, when initiating proceedings in the arbitration court on the insolvency (bankruptcy) of an enterprise, special attention is paid to analyzing its economic and financial condition 3.

The foregoing determines the expediency of conducting an analysis of the economic aspects of the occurrence of bankruptcy and identifying the most vulnerable factors for the susceptibility of organizations in the real sector of the economy to insolvency.

The point of view is quite fair, according to which it is possible to take risks when the risk of bankruptcy is balanced and economically justified 4. This principle is not always shared by entrepreneurs, based only on an intuitive approach to the problem of risk and neglecting analytical calculations. This has a very negative impact on the financial body of enterprises, the weakening of which can lead to bankruptcy. Practice shows that the risk, not confirmed by actual forecasts and estimates, is the source of the crisis in the enterprise.

Bankruptcy is the final stage in the development of an economic entity, indicating the termination of its commercial activities. Currently, scientists are showing interest in such a phenomenon as bankruptcy. According to most of them 5, bankruptcy is a completely logical and natural phenomenon, since its formation and development is explained by the level of development of the life curve of an enterprise (see Fig. 1) and the features of its functioning.

On the one hand, bankruptcy can be viewed as a process of declaring a debtor insolvent, on the other hand, as a tool for restoring the solvency of an enterprise.

O.A. Lvov and O.M. Peganov note that among the economic prerequisites for bankruptcy, one should single out the cyclical nature of economic development, which is continuous fluctuations in the economy, when production growth is replaced by a decline, an increase in business activity is a decrease.

The prerequisites for bankruptcy are usually associated with the concept of "instability of the economic system", when the most important parameters of the economy deviate from equilibrium, and, in particular, with the onset of one of the phases of the cycle - the crisis.

Deeply analyzing the economic meaning of bankruptcy, experts came to the conclusion that it is necessary to modernize the legislative framework and the institution of bankruptcy

3 Astrakhantseva E. A, Leukhina T. L., Lukachanova E. A. Financial recovery of the enterprise: methodology of accounting and analytical support: monograph. Kazan, 2013.

4 Balabanov I. T. Risk management. M., 1996.

5 Kukukina I. G., Astrakhantseva I. A. Accounting and analysis of bankruptcies. Anti-crisis management of the enterprise: textbook / ed. I. G. Kukukina. M., 2007.

6 Lvova O. A, Paganova O. M. Factors and causes of bankruptcy of companies in the conditions of the modern economy // Public Administration. Electronic Bulletin. Faculty of Public Administration, Moscow State University M.V. Lomonosov. 2014. No. 44. P. 65.

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Rice. 1. Cyclical development of the enterprise in a market economy 7

as a legal guarantee of the safety of the activities of economic entities. Certain steps have already been taken in this direction. The legislation has been brought into line with the problems of the modern economy, the Federal Law “On Insolvency (Bankruptcy)” and the Arbitration Procedure Code of the Russian Federation have been improved.

Thus, bankruptcy is a legal mechanism that makes it possible to transform an enterprise into another economic unit that is new in its economic content. This is confirmed by the fact that at the stage of bankruptcy, the functions of reorganization of economic entities can be successfully implemented. Indeed, as a result of mergers, spin-offs, acquisitions, divisions, transformations, a more powerful and financially sustainable mechanism for the development of an enterprise is formed.

The advantages of bankruptcy are obvious, however, it is necessary to note its disadvantages. An unfavorable outcome of events, due to the negative impact of factors of the external and internal environment of the enterprise, indicates the liquidation of an economic unit and the termination of any entrepreneurial activity.

The prevention of such events in order to avoid the likelihood of bankruptcy to a certain extent depends on the ability of the enterprise to manage risky activities.

Unfortunately, the modern theory of risk management has not been properly developed. The postulates and principles of anti-crisis management, quite fully developed in theory, are not fully applied in practice. Few of the managers influence the results of risky activities using the tools of the mathematical apparatus, therefore, the risk of financial activities is often unjustified and quite high. Thus, the objective factors of risk manifestation and subjective prerequisites for the occurrence of unreasonable losses as a consequence of its manifestation inevitably lead to insolvency, bankruptcy of enterprises.

Under the conditions of the economic crisis, the business activity of entrepreneurs is decreasing, the level of confidence in the national banking system is falling, and the demand of the population becomes subject to inflationary and deflationary expectations. Crisis processes in the economy are shifting the attention of many state structures primarily to

The graph is based on the results of the study of the authors of this article.

solution of these problems, which creates fertile ground for such a phenomenon of civil turnover as deliberate bankruptcy.

A rational study of crisis phenomena and processes should be based on a competent interpretation of the bankruptcy procedure in the flow of modern economic and legal information, therefore, it is necessary to distinguish between deliberate and fictitious bankruptcy procedures.

Fictitious bankruptcy - a deliberately false public announcement by the head or founder (participant) of a legal entity about the insolvency of this legal entity, as well as by an individual entrepreneur about his insolvency, if this act caused large damage (Article 197 of the Criminal Code of the Russian Federation; hereinafter - the Criminal Code of the Russian Federation). In fact, the key sign of intentional bankruptcy is the actions of the owner, business manager or other affiliated person, causing damage to the creditor in the form of improper performance of monetary obligations, including tax obligations 8.

Indeed, from the point of view of criminal law, fictitious or deliberate bankruptcy is a crime, and the perpetrators are subject to punishment established by articles 196 and 197 of the Criminal Code of the Russian Federation 9.

The liquidation of an enterprise does not occur at once - it is a process in a certain time interval 10.

Another important problem is fictitious accounts payable.

Fictitious accounts payable - implies an artificially created debt, documented and based on non-existent obligations. Most competitive procedures are carried out in conditions of conflict of interests of creditors, the debtor, controlling persons. Quite often, competition law instruments are used to avoid payment of debts to counterparties, as well as mandatory payments 11.

The crisis paralyzes the financial, credit, production, foreign economic relations of the enterprise, and as a result, financial ruin and collapse occur. The debtor is obliged to timely fulfill financial obligations to all creditors - the state, financial and credit organizations, suppliers of goods, raw materials, materials and equipment and other counterparties. Due to a number of objective and subjective reasons, not all debtors are able to satisfy creditors' claims within the time limits specified by contractual obligations or regulatory legal acts.

In this regard, serious questions arise: what are these reasons and how should they be identified in pre-trial practice?

First of all, it should be noted that the list of such reasons is included in the so-called prerequisites for bankruptcy. I.V. Zenkin and O.A. Omelchenko believe that the prerequisites for bankruptcy are diverse and are the result of the interaction of a wide range of factors 12. At the same time, among the external factors, the authors distinguish:

8 Zinkovsky M. A. Deliberate bankruptcy in the conditions of the national economic crisis // Modern law. 2015. No. 6. P. 137.

9 Astrakhantseva E. A., Leukhina T. L., Lukachanova E. A. Financial recovery of the enterprise: methodology of accounting and analytical support: monograph. Kazan, 2013.

10 Zakharova N. N. Analysis of options for calculating the discount rate when evaluating a business using the liquidation value method // Property relations in the Russian Federation. 2015. No. 6 (165). S. 46.

11 Brusco B. Challenging fictitious accounts payable in bankruptcy: current scientific and practical issues // Economy and law. 2015. No. 7. P. 59.

12 Zenkina I. V., Omelchenko O. A. Analysis and forecasting of insolvency (bankruptcy) of a commercial organization // Accounting and statistics. 2008. No. 12. P. 176.

The crisis state of the country's economy, inflation, a general decline in production;

Political and foreign economic instability;

Population size and level of well-being.

In our opinion, it is necessary to focus on the internal factors of bankruptcy, which can be resolved at the level of organizations much more efficiently than external factors.

So, internal factors, in particular, include:

Low capital turnover and high duration of one turnover of the most liquid assets;

Uncontrolled and unprincipled entry into new markets without miscalculations of economic efficiency and forecasting financial stability;

The presence of illiquid assets (for example, the remains of construction in progress, long-term accounts receivable, buildings and structures that are difficult to sell);

Irrational approaches to the organization of production.

Speaking about such a reason for the occurrence of bankruptcy as the presence of illiquid assets, one cannot help but consider the dynamics of the state of financial indicators of the organization of production and evaluate the performance of the real sector of the Russian economy. In this regard, we will give a comparative description of the indicators of the credit burden and business turnover of the metallurgical production, the branches of agriculture and forestry, the production of vehicles and equipment in dynamics (see Fig. 2 and 3).

Rice. 2. Credit burden on industries (the ratio of debt on loans to turnover

organizations) in dynamics for 2010-2014 13

13 Calculations of the Research Financial Institute of the Ministry of Finance of the Russian Federation according to the data of the Central Bank of the Russian Federation and the SPARK system.

The analysis showed that over the period from 2010 to 2014, the credit burden on industries, calculated as the ratio of debt on loans to the turnover of organizations, is distributed unevenly across sectors of the real sector of the economy.

Thus, in 2010, the largest credit burden fell on agricultural organizations, in which it is equal to 0.98.

In 2011, the credit burden in the agricultural sectors remained at the level of the previous year, which still indicates the situation of organizations in the analyzed sector, close to the crisis.

s t o a o o a

□ agriculture, hunting and forestry

□ construction

□ chemical production

□ metallurgical production and production of finished metal products

□ production of vehicles and equipment

□ transport and communications

Rice. 3. The share of overdue debt on loans in the sectors of the real sector

economy in 2010-2014, in percent

The production of vehicles and equipment for the same period has a debt-to-turnover ratio of 0.34. However, in subsequent years, its value in dynamics was characterized by a growth trend. In organizations in the field of agriculture, hunting and forestry, the growth rate of debt to banks in 2014 relative to 2013 was 101 percent. At the same time, overdue debt for the analyzed period amounted to 126.29 percent. This indicator deteriorated by 25.35 percentage points compared to 2012, when the growth rate reached 100.94 percent (see Fig. 4).

The reasons for the high debt burden of enterprises of the agro-industrial complex (hereinafter referred to as the AIC) and agriculture, from our point of view, is the urgent need for the industry to purchase expensive imported technological equipment imported into Russia from abroad, cattle, high-cost feed and bioadditives, without which it is impossible to implementation of state programs for the development of the agro-industrial complex and maintaining the current activities of agriculture in good condition.

Rice. 4. Comparison of growth rates of accounts payable and turnover of organizations in the field of agriculture, hunting and forestry for 2010-2014 14

2011/2010 2012/2011 2013/2012 2014/2013

□ growth rate of debt to banks in rubles

□ turnover growth rate of organizations

□ growth rate of arrears

Rice. 5. Comparison of growth rates of accounts payable and turnover of organizations

construction sector for 2010-2014 15

14 Source cited.

15 Source cited.

In the period of 2013-2014, the situation in the sectors did not fundamentally change, however, in construction companies, the coefficient characterizing the ratio of debts on loans and turnover of economic activity varied within 0.6-0.67. At the same time, the share of overdue debt on loans in the construction sector increased from 8.43 percent in 2013 to 13.24 percent in 2014. In 2014, there was a sharp increase in overdue debts in the construction industry - by 2.3 times compared to 2010. This was accompanied by a decrease in the business turnover of organizations by 11.06 percentage points in 2010-2014 (see Fig. 5).

However, in 2014, overdue debt decreased by 18.56 percentage points compared to 2011, and by 10.97 percentage points compared to 2010, therefore, the overdue debt ratio tended to improve over a number of years. In other sectors of the economy, a typical pre-crisis economic situation is observed.

Let us consider the growth rates of debts to banks and other financial and credit institutions in organizations of metallurgical production (see Fig. 6).

100 -80 -60 -40 -20 -0

2011/2010 2012/2011 2013/2012 2014/2013

□ growth rate of debt to banks in rubles

□ turnover growth rate of organizations

□ growth rate of arrears

Rice. 6. Comparison of growth rates of accounts payable and turnover of organizations of metallurgical production for 2010-2014 16

In the sphere of metallurgical production, there was an increase in the growth rate of overdue debt from 104.25 percent in 2010 to 126.97 percent in 2014, which characterizes the increase in the financial dependence of organizations specializing in metal processing from external creditors, including banks.

In the sector of production of vehicles and equipment in 2014, compared to 2010, business turnover decreased by 43.59 percentage points, while overdue debt increased by 109.04 percentage points (see Fig. 7).

Specified source.

2011/2010 2012/2011 2013/2012 2014/2013

□ growth rate of debt to banks in rubles

□ turnover growth rate of organizations

□ growth rate of arrears

Rice. 7. Comparison of growth rates of accounts payable and turnover of organizations in the sphere of production of vehicles and equipment

for 2010-2014 17

Understanding the nature, knowledge of the economic prerequisites, factors and causes of bankruptcy processes in the presence of an effective analytical apparatus allows you to manage crisis phenomena, form forecasts for the likelihood of a crisis in individual companies. In turn, this makes it possible to take preventive measures in time, develop an anti-crisis policy and minimize the consequences of the financial crisis when it occurs, that is, to prevent bankruptcy 18.

Table 1 presents indicators characterizing the types of participants in various entities in the bankruptcy process.

Table 1

Dynamics of quantitative indicators of the participation of plaintiffs and defendants in the process

bankruptcy for 2009-2015 19

Year Type of participant Amount, rub.

plaintiff defendant third (other) person claimed by all plaintiffs awarded for collection from all defendants

2015 43 56 2 449 273 719 219 779 814

17 Source cited.

18 Lvova O. A, Paganova O. M. Factors and causes of bankruptcy of companies in the conditions of the modern economy // Public Administration. Electronic Bulletin. Faculty of Public Administration, Moscow State University M.V. Lomonosov. 2014. No. 44. P. 65.

19 According to the SPARK system.

2014 85 655 37 1 050 795 494 19 048 830 513

2013 147 233 23 2 550 079 717 5 275 185 920

2012 37 55 15 464 810 282 74 832 807

2011 16 14 5 0 633 209

2009 2 3 2 5 000 000 0

In 2009, the degree of participation of business entities in bankruptcy proceedings was insignificant, since there were 2 plaintiffs and 3 defendants. respondents, which is many times more than in 2009.

The amount of claims in dynamics over the past 5 years tends to grow - from 464,810,282 rubles in 2012 to 2,550,079,717 rubles in 2013. Then the downward trend in this indicator made it possible to establish that in 2014 and 2015 the amount claimed by the plaintiffs reached 1,050,795,494 and 449,273,719 rubles, respectively.

Of great importance is the statistics of indicators characterizing the ongoing bankruptcy procedures when the debtor is recognized by the arbitration court as an insolvent economic entity. Let's trace some statistical data on the example of one of the enterprises of the Omsk region.

In 2013, NPO Mostovik LLC, the largest enterprise in the Omsk region, was declared bankrupt, as a result of which, on July 26, 2014, the arbitration court decided to introduce surveillance. The resolution on the approval of the arbitration manager was approved on March 10, 2015.

One of the indicators of the insolvency of this enterprise as of January 1, 2014 was the share of loans in liabilities, which amounted to 51.18 percent. Such an indicator for assessing the financial condition indicates an irrational capital structure and low financial stability of NPO Mostovik LLC, which allows us to conclude that the probability of restoring the solvency of this enterprise is low.

The above example shows that a representative of the Omsk region, acting as a legal entity, is involved in bankruptcy proceedings due to a high degree of dependence on external loans and borrowings.

At the same time, in practice, there are many situations in which individuals are also among the participants in the bankruptcy procedure, which is very important in connection with the adoption of special legislation in 2015 on the development of the institution of bankruptcy of individuals. Thus, with the entry into force of the Federal Law of December 29, 2014 No. 476-FZ, changes are made to the Federal Law "On Insolvency (Bankruptcy)" from July 1, 2015 regarding the formation of the institution of debtor citizens declared bankrupt. According to the new legislative act, rehabilitation procedures for restructuring debts and selling property can be applied to a debtor - an individual. Federal Law No. 476-FZ provides for the implementation of procedures applicable to an insolvent citizen by financial managers - arbitration managers approved by a court or arbitration court to participate in a citizen's bankruptcy case.

In this regard, we note that the prerequisites for the bankruptcy of individuals are factors of general insolvency in the region, a high proportion of overdue debts on bank loans, etc.

The dynamics of the share of overdue debt on loans to individuals for 2013-2015 is shown in Figure 8.

9 . 8 7 6 5 4 3 2 1 0

Rice. 8. Dynamics of the share of overdue debt on loans to individuals

In accordance with the data presented in Figure 8, there is a trend towards the formation of accounts payable of citizens in the North Caucasus Federal District, which is closest to the crisis situation. In 2015, this region achieved the largest share of overdue accounts payable on loans of all compared districts - 8.73 percent.

In the Siberian Federal District in 2015, the analyzed indicator was 7.03 percent, which also raises concerns about the possible recognition of the insolvency of individuals due to the existing overdue loans.

For the purposes of analytical utility, an indicator is used that reflects the amount of loans to the population per 1 citizen, the dynamics of which for 2010-2014 is illustrated in Figure 9.

During the study period, the largest amount of loans to the population per 1 citizen was observed in the Urals Federal District, in which there was an increase

20 Calculations of the Research Financial Institute of the Ministry of Finance of the Russian Federation according to the data of the Central Bank of the Russian Federation and the SPARK system.

Rice. 9. Dynamics of the amount of loans to the population per 1 citizen 21

change of the indicator under consideration from 38,785 rubles in 2010 to 105,839 rubles in 2014. At the same time, the smallest amounts of loans per capita are noted in the North Caucasian and Crimean federal districts.

Now let's turn to the statistics of overdue debt on foreign currency loans, which is very important in the light of increased uncertainty in the market for the purchase and sale of foreign currency and the unpredictability of exchange rate fluctuations.

Using the example of one commercial bank, let us consider the occurrence of overdue debt on foreign currency loans issued under the terms of a mortgage agreement (Table 2).

The largest number of days was the delay at the conclusion of the contract dated September 27, 2010 on the terms of payment of the loan at a rate of 12.5 percent. At the same time, the degree of fulfillment of debt obligations amounted to 39.49 percent.

The results of a study conducted by the Research Financial Institute of the Ministry of Finance of the Russian Federation 22 allow us to conclude that changes in exchange rates did not have a significant impact on payment

21 Source cited.

22 Shi http://nifi.ru/images/FILES/NEWS/220415_bankrotstvo/22042015_rycova.pdf

table 2

Data on the occurrence of arrears on foreign currency loans (example of one of the Moscow banks) 23

Date of conclusion of the loan agreement Interest rate on the loan, % Total number of days of delay First date of occurrence of delay Degree of fulfillment of obligations, %

29.12.2009 13,50 69 27.04.2010 67,86

29.07.2010 15,50 52 27.08.2010 28,86

27.09.2010 12,50 308 29.10.2012 39,49

21.08.2008 12,25 56 12.04.2010 44,27

29.10.2008 14,50 49 29.03.2010 37,73

Ownership of borrowers and the formation of bad debts began long before 2015 and is not related to mortgages. There is only one case of late payment in October 2014 (1 day, the loan was repaid by 92.33 percent).

The main direction of the work of the Government of the Russian Federation on the implementation of the plan of priority measures to ensure the sustainable development of the economy and social stability in 2015 is to support strategic enterprises, including a radical improvement in the quality of the public administration system and the efficiency of large state-controlled companies.

Among the development measures of enterprises that are of strategic importance and contribute to the prevention of bankruptcy, one can note subsidies, which in some cases give positive results. It is known that in 2015, interest rate subsidies from the federal budget amounted to 63.5 billion rubles - 49 percent of the overdue debt.

Meanwhile, there is a fairly high level of threats to the insolvency of enterprises, as indicated by obvious symptoms of bankruptcy.

In 2015, 47,307 federally owned organizations were registered in Russia, of which 5,002 units are in the transport and communications sector, 1,228 units are in the manufacturing sector, and 750 units are in the agricultural sector. Despite the mechanism of financial support provided by the state for systemically important organizations, not all provide acceptable actual values ​​of financial stability, solvency and current liquidity (see Figure 10 on p. 109).

The indicators for assessing the probability of bankruptcy threats are very diverse, but the main ones are the degree of solvency for current obligations and the current liquidity ratio (see Table 3).

According to the data presented in Figure 10, out of all systemically important organizations, more than 40 economic entities have a coefficient value of less than 1, which indicates that they are approaching a pre-bankruptcy state.

Indeed, in practice, the indicator of insolvency is the current liquidity ratio. It shows how many rubles of current assets account for one ruble of short-term liabilities (or how many times current assets are greater than short-term liabilities), and characterizes the expected solvency of the organization

Specified source.

Table 3

Systemically important organizations that had in 2014 the coefficient of current

liquidity less than 1 24

Systemically important organization Current liquidity ratio Systemically important organization Current liquidity ratio

OAO Tyumenenergo 0.99 OAO MMP im. V.V. Chernyshev" 0.68

JSC ENEL Russia 0.99 PJSC SOVCOMFLOT 0.68

OAO Mordovtsvetmet 0.97 OAO AK Transneft 0.63

OJSC PIK Group of Companies 0.97 OJSC Russian Railways 0.58

OJSC Megafon 0.93 OJSC TGK-14 0.57

OAO TMK 0.92 OAO Nizhnekamskshina 0.54

OAO AvtoVAZ 0.84 OAO Baltiysky Zavod 0.50

OAO Kirovsky Zavod 0.84 OAO VAMIN Tatarstan 0.48

OJSC PHARMSTANDART 0.82 OJSC NCSP 0.48

OAO NGK Slavneft 0.80 OAO Angstrem 0.46

OAO Kuznetsov 0.79 OAO MMP 0.46

JSC "Quadra - Power Generation" 0.77 JSC "TGC-2" 0.46

OJSC KUMZ 0.76 OJSC Acron 0.42

OJSC ASZ 0.76 OJSC AMO ZIL 0.41

OJSC VimpelCom 0.75 OJSC Trade House Kopeyka 0.38

Motovilikhinskiye Zavody PJSC 0.74 OMZ OJSC 0.32

OAO Volga TGC 0.72 OAO Kuzbasenergo 0.21

OJSC Moscow United Electric Grid Company 0.71 OJSC Raspadskaya 0.21

OJSC DIXYgroup 0.21

OAO TGC-9 0.70 OAO Kondopoga 0.16

JSC "Lenenergo" 0.69 JSC "Sollers" 0.08

zation for a period equal to the average duration of one turnover of all working capital.

In 2008, the Government of the Russian Federation compiled a list of organizations eligible for support during the crisis:

Backbone organizations, the number of which is 190 units;

strategic enterprises.

Identification of the degree of threat of bankruptcy of backbone organizations is carried out in accordance with the Methodology for the Federal Tax Service of accounting and analysis of the financial condition and solvency of strategic enterprises and organizations, approved by order of the Ministry of Economic Development of the Russian Federation.

24 Calculations of the Research Financial Institute of the Ministry of Finance of the Russian Federation according to the SPARK system.

So_ se oo

So oo so

ZIL - Plant named after I.A. Likhachev

OMZ - United Machine Building Plants

Rice. 10. Grouping of enterprises according to the share of administrative expenses in

revenue, in percent 25

Federation dated April 21, 2006, No. 104. Based on these methodological recommendations, experts determined that backbone organizations are characterized by a high degree of bankruptcy risk, since all analyzed economic entities were grouped into groups 2 and 3:

Group 2 includes companies whose accounting objects do not have sufficient financial resources to ensure their solvency;

Group 3 includes strategic enterprises and organizations whose accounting objects have signs of bankruptcy.

Calculation according to this method shows that more than 40 companies correspond to group 2, in particular Trade House "Kopeyka", JSC "Baltic Plant", JSC "United Machine-Building Plants", AMO "ZIL", JSC "Tube Metallurgical Company", JSC "Amur Shipbuilding company".

A number of enterprises with distinctive financial characteristics in 2010-2014 should be singled out.

Thus, the Federal State Unitary Enterprise "Post of Russia", which organizes the activities of the national post, has a share of assets in the amount of 44.97 percent, while there is a decrease in funds by 37.57 percent.

JSC "Belon", carrying out the enrichment of hard coal, has a share of assets of 39.42 percent. The organization observed a decrease in fixed assets by 94.04 percent, stocks - by 60.93 percent, financial investments - by 51.16 percent, accounts receivable - by 45.45 percent.

JSC "Transammiak", engaged in the transportation of ammonia through pipelines

The schedule was compiled according to the SPARK system.

and other chemical products, reached a share of assets of 32.41 percent. Along with this, there is a decrease in financial investments by 65.01 percent, fixed assets - by 9.67 percent.

Pharmstandard OJSC, which is engaged in wholesale trade in pharmaceutical and medical products, has a share of assets in the amount of 31.43 percent. However, for the analyzed period, the organization is characterized by a decrease in cash by 79.29 percent and receivables - by 26.83 percent.

The data presented in Figure 10 show that the share of management expenses in the revenue of a number of backbone enterprises is characterized by a sharp differentiation depending on the sectoral affiliation of the organization, its type of activity, scale and other factors. The grouping includes backbone organizations with the smallest share of management expenses in revenue (38.75%) and with the largest share of such expenses (80.39%). This means that the gradation of enterprises in terms of the participation of administrative expenses in the formation of financial results is very limited in the range of 38-81 percent.

JSC "SOLLERS" has the maximum share of administrative expenses in the proceeds from the specified range - 80.39 percent. The analyzed indicator of other enterprises is much lower, for example, in JSC ROSTSELMASH it is 50.27 percent, and in JSC OMZ - 45.29 percent.

Despite the fact that management costs in their bulk contain costs for administrative and managerial personnel in general and, in particular, for the organization of management, it is necessary to maintain a balance of interests between the “price of management quality” and the “effectiveness” of decisions taken by them to prevent bankruptcy. In many respects, the effectiveness of decisions to prevent bankruptcy is determined by the preventive measures taken in organizations, which include monitoring the banking sector of the economy, which “feeds” the real sector of the economy with financial resources.

In practice, the stability of the banking system is of interest. In this regard, the statistics draw attention to themselves (see Fig. 11).

Liquid assets in Russian banks have different indicators of growth rates.

In the period 2014-2015, a number of banks are losing liquidity, in particular OJSC MNIB, OJSC UBRD, OJSC Bank FC Otkritie, whose growth rates are well below 50 percent. At the same time, in 2015, relative to the same period last year, the growth rate in NB Trust was quite high, reaching 268.07 percent.

Information about the crisis of banks due to their low liquidity is extremely important, since enterprises in the real sector of the economy that make financial investments should receive stable income from shares, bonds and promissory notes of banks in which their free cash is placed.

In the absence of a guaranteed return on financial investments in securities, there are high risks of doubtful receivables, and, consequently, a crisis of non-payments and a phased approach to bankruptcy.

In order to prevent failures in the financial support of the activities of their organization, it is advisable for management, using scientific forecasting methods, to determine the development trends of Russian banks and thereby prevent the occurrence of bankruptcy.

Thus, the results of the study allow us to conclude that there is a sharp increase in overdue debt and a decrease in the turnover of organizations in most industries.

go yu.0 so to co o

sh< О < 1П

GPB - Gazprombank

HCF Bank - Home Credit and Finance Bank

MNIB - Moscow National Investment Bank

UBRD - Ural Bank for Reconstruction and Development

Rice. 11. Dynamics of highly liquid assets of the largest Russian banks for the period from 2013 to March 1, 2015 26

real sector of the economy. The parameters of economic development are subject to fluctuations in market conditions and are within the limits of high financial risks, as evidenced by the slowdown in economic growth, the decline in business activity of organizations and the presence of large debts for lending to the sectoral economy. In addition, the symptoms of the insolvency of Russian banks are obvious.

The Russian economic system is characterized by the following:

Negative phenomena in the development of the real sector;

The complexity of procedures for the introduction of the institution of bankruptcy of individuals;

High risks of appraisers and customers of appraisal in terms of filing claims against them for understating the value of property.

All this requires a reaction on the part of politicians and a lightning-fast response from the management of backbone enterprises. With rational interaction with the apparatus of power, managers are able to debug the organizational and managerial

26 The graph was compiled according to the SPARK system.

khanizm financial recovery of such enterprises and in the future to minimize the risk of bankruptcy.

LITERATURE AND INFORMATION SOURCES

1. On insolvency (bankruptcy): Federal Law of October 26, 2002 No. 127-FZ: as amended by the Federal Law of June 29, 2015.

2. Arbitration Procedure Code of the Russian Federation: Federal Law of July 24, 2002 No. 95-FZ: as amended by the Federal Law of June 29, 2015.

4. On amendments to the Federal Law “On Insolvency (Bankruptcy)” and certain legislative acts of the Russian Federation in terms of regulating rehabilitation procedures applied to a debtor citizen: Federal Law No. 476-FZ of December 29, 2014.

5. URL: http://nifi.ru/images/FILES/NEWS/220415_bankrotstvo/22042015_rycova.pdf

6. On approval of the Methodology for the Federal Tax Service to record and analyze the financial condition and solvency of strategic enterprises and organizations: order of the Ministry of Economic Development of the Russian Federation dated April 21, 2006 No. 104.

7. Astrakhantseva E. A., Leukhina T. L., Lukachanova E. A. Financial recovery of the enterprise: methodology of accounting and analytical support: monograph. Kazan, 2013.

8. Balabanov I. T. Risk management. M., 1996.

9. Bochkareva T. A., Nikitenko N. N. Analysis of the financial preconditions for insolvency (bankruptcy) of an enterprise // Bulletin of the Khabarovsk State Academy of Economics and Law. 2015. No. 3.

10. Brusco B. Challenging fictitious accounts payable in bankruptcy: current scientific and practical issues // Economy and law. 2015. No. 7.

11. Zakharova N. N. Analysis of options for calculating the discount rate when evaluating a business using the liquidation value method // Property relations in the Russian Federation. 2015. No. 6 (165).

12. Zenkina I. V., Omelchenko O. A. Analysis and forecasting of insolvency (bankruptcy) of a commercial organization // Accounting and statistics. 2008. No. 12.

13. Zinkovsky M. A. Deliberate bankruptcy in the conditions of the national economic crisis // Modern law. 2015. No. 6.

14. Lvova O. A., Paganova O. M. Factors and causes of bankruptcy of companies in the conditions of the modern economy // Public Administration. Electronic Bulletin. Faculty of Public Administration, Moscow State University M.V. Lomonosov. 2014. No. 44.

15. Kachalov R. M. Economic risk management. M. : Nauka, 2002.

16. Kukukina I. G., Astrakhantseva I. A. Accounting and analysis of bankruptcies. Anti-crisis management of the enterprise: textbook / ed. I. G. Kukukina. M., 2007.

17. URL: http://nifi.ru/images/FILES/NEWS/220415_bankrotstvo/22042015_rycova.pdf