MOSCOW, July 22 Russian President Vladimir Putin signed a law aimed at increasing the efficiency of competitive procedures in relation to bankrupt banks. The corresponding document is posted on the portal for the official publication of legal acts.
The necessary changes are being made to the laws “On Insolvency (Bankruptcy)” and “On Insurance of Deposits in Banks of the Russian Federation”. They will make it possible to quickly complete the clearing of the balance sheet, that is, the sale of assets of bankrupt banks, and to satisfy the demands of creditors to the maximum extent, the head of the committee on property, land and property relations Sergei Gavrilov previously explained.
The law will make it possible to repay the claims of first-priority creditors through compensation. Property not sold during the auction may be transferred as compensation. Previously, the claims of creditors of bankrupt banks could be repaid using compensation only in the absence of outstanding current payments, as well as claims of first- and second-priority creditors. 
The document provides the Deposit Insurance Agency (DIA), before the completion of bankruptcy proceedings, with the right to buy out claims for subsidiary liability that were subject to sale at auction, but were not sold at them. Moreover, the DIA will be able to purchase them for 50% of the initial price indicated earlier in the auction notice.
Currently, 90% of first-line claims are DIA claims for paid insurance compensation, Gavrilov noted. The possibility of transferring unsold property as compensation to all creditors will help reduce bankruptcy time and expenses, he emphasized.
The law comes into force 10 days after its official publication.