Source: MIL-OSI Translation:
Source: Central Bank of Russia – Central Bank of Russia –
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Forced liquidation occurs when the NPF’s license is annulled due to violations of legislation or when the shareholders of the NPF have not made a decision about the liquidation of the fund, but meanwhile the fund’s license has already been annulled based on the NPF’s statement about the refusal of the license. If the NPF is unable to satisfy the creditors’ claims, then the arbitration court makes a decision about the recognition of the NPF.bankruptcyand about the opening of a relation with it of competitive production.
In the event of liquidation (bankruptcy) of the NPF, participants are compensated with a guaranteed compensation (see section“Guarantee of rights for participants (insured persons)”.
Requirements for participants (insured persons) exceeding the amounts of guaranteed compensation are satisfied within the framework of liquidation (bankruptcy proceedings).
When liquidating the NPF, the claims of participants (insured persons) under OPS, NPO and PDS are paid from pension reserve funds that are not included in the bankruptcy estate.
The OPS within a three-month period from the date of the decision recognizing NPF as bankrupt or liquidating is transferred to the SF.
Obligations under the NPO and PDS agreements are repaid by payments to participants or by transfer to another fund of redemption amounts included in the register of creditors’ claims and repaid within 9 months from the date of the court decision on bankruptcy or liquidation.
The payment of the redemption amount or its transfer to the respective NPF is carried out based on the participant’s application. The application must be submitted to the GC “ASV” in person, or through an authorized representative, or by registered mail with acknowledgment of receipt within no later than 6 months from the date of the arbitration court’s decision recognizing the NPF as bankrupt or being liquidated.
Requirements to be met at the expense of pension reserves are satisfied in the following order:
- 1st priority — claims of the state company “ASV”, acquired as a result of payments or transfers to another NPF of guarantee compensation;
- The 2nd category — claims for the payment of the redemption amount by participants of NPFs, in relation to which the obligation of such a fund to pay a lifelong non-state pension has arisen, or claims for the payment under a long-term savings contract;
- 3rd priority — requirements for the payment of the buyout amount to the participants of the NPF, in relation to which the obligation of such a fund to pay a non-state pension under a certain pension agreement term has arisen, or requirements for making urgent periodic payments;
- 4th in line — the claims of investors, participants, and successors of participants of NPF — individuals;
- 5th queue — requirements for NPFA contributors — legal entities;
- 6th priority — claims of other creditors to be satisfied at the expense of pension reserves in accordance with the Federal Law “On Non-State Pension Funds.”
If the creditor does not provide the information necessary to carry out settlements with him, the State Corporation “ASV” will transfer the due money to a separate account opened in a Russian bank. The creditor has the right to receive these funds within 3 years from the date of completion of the bankruptcy proceedings in relation to the NPF. If he misses the specified period, the funds will be transferred to the pension reserve guarantee fund, and the obligations of the NPF to him will be terminated.
Please note; This information is raw content received directly from the information source. It represents an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.