MOSCOW, February 2 (RAPSI) – The Government Law-Making Commission is working on an initiative to sell seized properties of debtors exclusively by the way of online tendering, the press service of the Association of Russian Lawyers informs RAPSI on Tuesday.

Currently, seized properties are not always sold immediately, debtors are given certain time to pay the debts; if the debt is timely paid, the properties are to be returned to the debtor; otherwise, such properties are subjected to mandatory sale, according to Chair of the Association Vladimir Gruzdev.

In 11 months of 2020, the Federal Bailiff Service seized properties totally worth over 180 billion rubles ($2.4 billion at the current exchange rate) of which properties worth 108 billion rubles ($1.4 billion) were subjected to mandatory sales. Over the same period, Gruzdev observes, mandatory sales brought only 14.7 billion rubles ($195 million).

The bill, according to the Association Chair, envisages that such sales are to be carried out in electronic form through platforms selected by the Russian Government in a transparent way.