“TenderStandard” breached the rules for selling debtors’ property

FAS requested an electronic treading site - “TenderStandard” Ltd. to adjust its regulations – the e-trading rules – in line with the law and an order of the Ministry for Economic Development*.

FAS received a complaint regarding actions of an e-site operator in the course of a tender for selling property of a debtor – “Kubansky Sakhar” Ltd.  FAS revealed a number of violations; particularly, the registration procedure was artificially prolonged to 9 working days. The requirements to e-site operators, approved by an order of the Ministry for Economic Development, set a 3-day period to register participants.

“TenderStandard” restricted a list of the centres issuing the key certificate to verify enhanced digital signature. The rule, however, is that a certificate can be issued by any accredited certification centre.

It means the operator abused its position and breached the e-site requirements in a tender for selling debtor’s property.

According to FAS, such problems can be solved by creating a single procedure for “sale” tenders” with a set of e-trading sites guided by the common rules.

* No. 495 Order of the Ministry for Economic Development “On approving the tender procedure in the electronic form to sell debtor’s property or enterprise in the course of the procedures on bankruptcy cases; the requirements to e-sites operators, particularly technological, software, linguistic and organizational means required for e-tenders to sell debtor’s property or enterprise in the course of the procedures on bankruptcy cases, making amendments to No. 178 Order of the Ministry for Economic Development of 5 April and invalidating some Orders of the Ministry for Economic Development” of 23.07.2015.