The salary of anti-crisis managers in Belarus will depend on the results of rehabilitation and bankruptcy procedures

August 11, Minsk /BELTA/. Crisis managers will receive salaries depending on the effectiveness of rehabilitation and bankruptcy proceedings. This was reported to BELTA by the Ministry of Economy, commenting on the Resolution of the Council of Ministers No. 993 of July 29, 2009, which amended and supplemented the Resolution of February 28, 2007 No. 260. The document approves a new version of the regulation on the procedure for paying remuneration to a temporary (crisis) manager in insolvency (bankruptcy) proceedings. In the previously effective regulation, the manager's remuneration was insufficiently justified by differentiation based on the economic sector to which the debtor belonged. However, the scope of duties and functions performed by the manager, and their complexity, depend not on the debtor's industry affiliation, but primarily on the availability and composition of assets, the number of employees, and the size and type of the debtor's obligations. As a result, depending on the economic sector to which the debtor belonged, for similar work in bankruptcy proceedings, under equal conditions, one manager could receive remuneration 2.75 times more or less than another. The new version of the regulation eliminates the stated shortcomings and establishes a methodology for appointing and paying remuneration that ensures a minimum income. At the same time, it establishes a strict link between the final remuneration and the effectiveness of bankruptcy proceedings, as well as the labor and material costs of the crisis manager. As noted by the Ministry of Economy, the procedure provided for by the regulation is completely different from the previously effective one; now it provides for the manager to receive remuneration monthly. In this case, the remuneration consists of a minimum remuneration, an additional quarterly remuneration, and an additional remuneration based on the results of the case. The minimum remuneration, equal to the average salary of employees in the republic, provides the manager with a stable monthly income. Additional quarterly remuneration may be paid depending on the average number of employees, the book value of the debtor's assets, and other indicators. Additional remuneration based on the results of the case is paid based on the manager's performance and directly depends on the amount of satisfied creditors' claims. The regulation also provides for the payment of remuneration to the manager from the republican budget funds if the debtor's assets are insufficient or absent. In this case, the manager's remuneration is set by the economic court after issuing a ruling to complete the liquidation proceedings. This may be in the absence of the debtor's assets – in the amount of 15 basic units for each case; in the case of insufficient debtor's assets – in the amount of the difference between 15 basic units and the value of the debtor's assets intended for the payment of the manager's remuneration (one basic unit is currently Br35 thousand). It should also be added that the regulation governs the procedure for paying remuneration to managers operating under a special permit (license). -0-