The mentioned measure is used towards the Customer under the Contract only in virtue of the decision of Bad Loan Committee made on the base of all possible studied variants of debt repayment.
The objective of concluding these agreements is to repay the debt in the shortest period and with minimum losses for the Bank.
The measure can be used on all stages (levels) of work with the bad loan, except cases when the Bank appeals to the court for debt collection enforcement after receiving an appropriate decision.
Activity of Distressed Assets Recovery Unit relating to search of potential investors/buyers and assessment of liquidity value of the debt/collateral precedes providing issues to be considered by Bad Loan Committee on conclusion of agreements with the third parties regarding the Customer’s debt under the Contract.
Having received commercial offers from the potential buyers/investors, Distressed Assets Recovery Unit applies to Compliance Unit and Security Unit of the Bank with the request for verification of possibility to cooperate with persons mentioned above.
Above mentioned units of the Bank provide their conclusions to Distressed Assets Recovery Unit in a written form not later than 3 (three) days after having received an appropriate request.
According to the results of conducted work, Distressed Assets Recovery Unit makes a substantiated conclusion on possibility (expediency) to fulfill the measure which is provided for the consideration of Bad Loan Committee within 5 (five) days after having executed complete set of documents (commercial offer, assessment report, conclusions of Compliance Unit and Security Unit of the Bank).
While fulfilling the measure, the units of the Bank, involved in consideration of this issue, are to follow a principle – not to disclose data including banking secret.