Withdrawal Of Assets Research Articles

Институт «номинальный руководитель компании»: сущность, формы, мотивы и риски применения

The article is a multidimensional study of the institution of figurehead in the contexts of Russian corporate governance, legal regulation and judicial enforcement. Applying analytical methods of scientific research to analyze the institution of figurehead, the author seeks to consider various aspects of this institution, including its essence, forms, motives for use, punishability and associated risks. The work reveals the approach of Russian judicial practice to the definition of a “nominal leader” as a formal, not actual leader. The author hypothesizes that shadow corporate governance is one of the subsystems of the domestic shadow economy, and that “nominal management of the company’s operating practices” is a class of diverse structures, the generation of one part of which pursues frankly destructive goals in social terms, the other is situationally reasonable. Analyzing scientific publications, legislative acts, and judicial practice, the authors reveal individual forms of nominal management of a company: nominal shareholder, nominal company, nominal corporate act, nominal member of the board of directors, “multi-machine operator”, “technical premier”, member of the family business team, the executor of the instructions of the team of actual leaders, the textbook nominal director and situational-transit versions of the nominal leadership. The article highlights the risks of using forms of figurehead: a fundamental change in law enforcement practice, loss of time for management approvals, loss of confidential information, reputational and entrepreneurial, loss of business, withdrawal of assets and raider takeover. Administrative-legal, expert and corporate approaches are described in the discussion about the limits of punishment for “nominalities”, emphasizing the paradoxical nature of the institutional interpretation of the phenomenon of nominalities. In general, the article offers a broad scientific and applied discussion on interdisciplinary methodological grounds.

Фінансовий моніторинг на ринку цінних паперів України

The purpose of the article is to study the current status of financial monitoring carried out in the securities market of Ukraine. The article analyzes the activities of the entities of the State-based financial monitoring and primary financial monitoring in the stock market of Ukraine. Their main functions and tasks in the financial monitoring system are distinguished. Based on the carried out research, it is concluded that securities are often used in illegal schemes (withdrawal of assets outside Ukraine, minimization of tax liabilities, tax evasion, etc.) that precede the laundering of criminal income. One of the risky instruments of the financial market was also the purchase and sale of domestic government bonds. On the one hand, this type of securities can be considered one of the most reliable financial instruments due to its high liquidity and wide range of applications. At the same time, the high demand and peculiarities of execution of contracts concluded on the stock exchange for the purchase/sale of domestic government bonds make them attractive in schemes of legalization of illegal income, especially for public figures who must declare their wealth. Considering the nature of reports of violations of securities transactions, it can be concluded that there is a high proportion of possible schemes for legalizing dirty funds. Under martial law, there have been significant changes in the process of identification and verification of clients of the primary financial monitoring entities in order to simplify the purchase of government securities. Thus it is worth noting that the largest share of violations of financial legislation falls on government bonds, which have become available to various categories of investors (including individuals). This fact may contribute to the emergence of new schemes for laundering (legalization) of proceeds from crime. Therefore, the entities of the State-based financial monitoring should develop a system of hedging risks regarding the placement of government bonds among different categories of investors. This is especially true of the over-the-counter market. It is worth noting that this segment of the stock market is under the partial control of the national depository of the NBU. Therefore, it is proposed to create an entity in the securities market that would adopt the functions of controlling and preventing fraudulent and manipulative actions with securities.

К ПРОБЛЕМЕ ОСПАРИВАЕМОСТИ СДЕЛОК ОТКАЗА ОТ НАСЛЕДСТВА В ПРОЦЕДУРАХ НЕСОСТОЯТЕЛЬНОСТИ В РОССИИ И ГЕРМАНИИ

The possibility of inheritance refusal deals of an insolvent debtor was a subject of discus-sion even in Roman law, in which there were ideas about the impossibility of challenging such a transaction using Actio Pauliana. The problem of the contestability of inheritance refusal deals is investigated using the method of comparative studies with the aim of a deeper scientific and theoretical knowledge of the legal nature of rejection of inheritance in the legal system of Germany, which had a significant impact on Russian law. Main approaches of German legislators to the regulation of refusal of inheritance by the debtor, over whose property an insolvency procedure has been introduced, are indicated, ac-cording to which § 83 Insolvenzordnung specifies that such a transaction was made exclusively by the debtor himself. The author analyzes the German jurisprudence on the disputability of inheritance refusal deals by the insolvent debtor, reveals the legal positions of the Supreme Court of Germany that there are no grounds for challenging such a transaction as aimed at the withdrawal of the assets of the insolvent debtor. Arguments are also presented in favor of the impossibility of challenging the inheritance refusal deals in the doctrine of Germany. The analysis of the Russian inheritance legislation on the rejection of inheritance is carried out. The author defines the nature of the right to acquire an inheritance as a personal right of the heir when deciding to renounce the inheritance both before and after the introduction of the insolvency procedure. In accordance with this definition of the essence of the right to acquire an inheritance, it was concluded that there is no need to receive an approval on the decision of the debtor to accept or refuse the inheritance with the arbitration manager if the debtor enters into inheritance refusal deals during the course of insolvency procedures. The article analyzes the judicial practice that is developing in the Russian legal system re-garding challenging inheritance refusal deals. In jurisprudence, a tendency has been revealed to challenge inheritance refusal deals as suspicious transactions causing property damage to the creditors of the insolvent debtor. It is pointed out that in the modern Russian doctrine, the features of inheritance refusal deals have not been studied. An aspect of current legal system is the concept of “rejection of the inheritance”, which is qualified as the inaction of the debtor, through which he expresses his will to refuse the inheritance. The heir's inaction cannot be challenged on general civil grounds due to his lack of signs of a transaction in the sense in which it is used in the Civil Code of the Russian Federation.The author proves that the rejection of the inheritance does not cause property damage to the creditors, since in this case there is no reduction in the property of the insolvent debtor, and the withdrawal of the debtor's assets is not carried out. The conclusion is made about the possibility of challenging the transaction of rejection of the inheritance on general civil grounds if defects are found in the transaction and there are no conditions for the application of Actio Pauliana.

Форензик-экспертиза: сущность и основные методы организации финансовых расследований в компаниях

The subject of this article is forensic accounting (forensic hereinafter) - new type of services of Russian consulting and audit practice. Forensic is under consideration as a way of independent investigations conducting and illegal actions risk management. Forensic involves investigation of fraud schemes and fraud detection of illegal withdrawal of assets or misappro-priation. It can resolves confl icts of interest issues as well as detects violations of anticorruption legislation. Furthermore forensic focuses on evidence gathering, assessment of damage, and assistance in planning and implementing further steps to recover damages and strengthen internal control systems. The purpose of the article is to reveal the main analytical methods of forensic examination. The article discloses a brief review and description of the main financial investigations methods of fraud (forensic accounting examination) in companies. The issues under consideration are relevant for Russian consulting and audit practice, where forensic is on initial stage.

Reforming Retirement Income: Annuitization, Combination Strategies, and Required Minimum Distributions

Laddered immediate life annuity purchase and asset withdrawal combination strategies represent an excellent way for retirees to manage their retirement assets in order to get lifetime income in a flexible manner while still maintaining growth, liquidity, and bequest potentials. Simulations show that even by age 95, a retiree using this strategy will get higher income, in inflation-adjusted terms, on average and across most scenarios than by using full and complete annuitization or just using the common 4 percent withdrawal rule. Moreover, a significant fund balance remains to the retiree throughout life, on average, but with no risk of running out of assets. The minimum distribution requirements that govern tax-qualified retirement accounts for older retirees should be reformed to encourage the use of these partial annuitization combination strategies. This broad reform of the required minimum distribution rules needs to be done for the same reason the Obama administration made a narrow exception to the required minimum distribution rules for longevity insurance—to achieve the reasonable public policy goal of encouraging the use of partial annuitization by retirees.

The Legal Nature of the Modern Corporation

The presented clause considers concept as founder not only of the best interests of the corporation(«shareholder value»), but also as maker of the public (social) good. The good governancemechanism allows to consider interests of shareholders, board of directors, employees and a society, reaching final efficiency: increasing shareholder value in the long term (welfare of shareholders),and also carrying out socially useful function (social civil responsibility). The clause purpose iscompany consideration through a prism of the founder of the best interests of the corporation byintroduction of the mechanism of good governance (a principle of team production theory). A teamproduction theory means the act of mutual cooperation in atmosphere of trust, mutual support,taking into account stimulation of participants at the decision of long-term tasks in the company(shareholder - board - employee). One of features of achievement of efficiency of team productiontheory is legitimate carrying out of corporate meetings considering interests of such participants asshareholders and members of board. In other words, the participant of the company realizes notonly personal and command responsibility at realization of the put questions. Besides, in clauseis considered the mechanism of «lock-in of assets» with which help it is possible to constrain theappetites connected with withdrawal of assets from the company from shareholders with short-terminterests. At the decision of the tasks connected with good governance, the company inevitablyfaces agency conflicts between shareholders and management. There are given conflicts as eachinterested participant has own economic interests indeed. As a result of such destructive conflictsthere is a destruction of the best interests of the corporation and social good. In other words, thecompany does not serve interests of a society, and, on the contrary, destroys representation aboutthe utility, acting in a role of «the Frankenstein monster» (creating roguish schemes, for the purposeof non-payment of taxes, reducing the staff of employees). Therefore, the author aspires to presentthe company as founder and the fair distributor of the best interests of the corporation and socialgood in long-term prospect (saving and investment technology), including use of the mechanism ofgood governance.

Multinational banks’ deleveraging in the Global Financial Crisis

After the collapse of Lehman Brothers, a rapid and far-reaching shrinkage of international banks’ assets with a focus on foreign claims took place. For the largest 67 German banking groups in the pre-crisis period, we find that their characteristics both in levels and in trends had repercussions for the crisis period. Above all, prior non-traditional banking activities resulted in balance sheet contraction during the crisis. A disproportionately high growth rate in profits to assets from 2002 to mid-2008 is found to be indicative of too much risk taking. High average income and strong growth in assets in the three and a half years before the crisis put balance sheets during the crisis under adjustment pressure. The results are driven by the group of banks with large foreign assets and especially by the withdrawal of assets vis-a-vis non-financial centers.

Современные тенденции управления государственной собственностью

The article examines main purposes and tendencies of state property management in Russian Federation and reveals their interrelation to the concept of development of the country and after-crisis development of national economy. In the article the main goals and trends in the management of state property of the Russian Federation are structured, their relationship to the concept of development of the country and the challenges of post-crisis development are shown. The author considers the problem of law violations which govern the privatization of state property and its lease. It is revealed that the common thing now is the withdrawal of assets from the companies in which the state has a stake. It is proved that the management system of state property is formed; its structural elements are examined .

Verenium developing cellulosic ethanol

After the collapse of Lehman Brothers, a rapid and far-reaching shrinkage of international banks’ assets with a focus on foreign claims took place. For the largest 67 German banking groups in the pre-crisis period, we find that their characteristics both in levels and in trends had repercussions for the crisis period. Above all, prior non-traditional banking activities resulted in balance sheet contraction during the crisis. A disproportionately high growth rate in profits to assets from 2002 to mid-2008 is found to be indicative of too much risk taking. High average income and strong growth in assets in the three and a half years before the crisis put balance sheets during the crisis under adjustment pressure. The results are driven by the group of banks with large foreign assets and especially by the withdrawal of assets vis-a-vis non-financial centers.