IEM professors participated in unique bankruptcy case of insurance company

IEM professors Olga Belomytseva and Dmitriy Hloptsov were invited as experts for “NSG-Rosenergo” insurance company bankruptcy case. The Seventh Arbitration Court of Appeal terminated the proceedings on January 18^th. The decision of the court is unprecedented in Russia. The bankruptcy case of the “NSG-Rosenergo” insurance company went on for almost three years.

It was a very interesting case as a result of which it became clear that there were no indications of bankruptcy of the company which meant that the bankruptcy notice was unjustified, Olga Belomytseva comments. The Bank Of Russia, ASV, Altay Republic Prosecutor and lots of reporters participated in the case. We flew to the Altay’s Arbitration Court of Appeal for interrogation where we served as methodology experts.

Bankruptcy cases expertise is one of the most requested financial feasibility studies, Dmitriy Hloptsov resumes. The point is when a license is recalled an insurance company stops being an assuror and the structure of its finance balance changes, for example the reserves are excluded from the passives. There is no calculation methodology for assets and liabilities of an insurance company with a recalled license in current legislation.

The Center of Financial Feasibility Expertise is opened at the premises of IEM. The Center provides expert services for legal arguments and financial consulting. The Director of the Center of Financial Feasibility Expertise is professor Olga Belomytceva. The information about services and experts will be posted on the website in the nearest future.