The liquidation value is determined in case of forced liquidation of the company.

Liquidation value means the net amount that the owner can receive in the liquidation of the company | and the separate sale of its assets.

The liquidation value depends on the nature of the liquidation.

In the event that an orderly liquidation is possible, the sale of assets may take place within a reasonable period of time, which will ensure the highest possible price for each asset. Forced liquidation (assumes that assets are sold off as quickly as possible.

When calculating salvage value, it is important to realistically determine the costs associated with the liquidation of assets. When calculating the salvage value, it is necessary to discount the expected proceeds from the sale of assets at a rate that takes into account the risk associated with liquidation. The base period is the valuation date of the company.

The liquidation value is determined on the basis of the current market value of the company's assets, taking into account the time of their sale according to the asset liquidation calendar schedule (Fig. 5.4).

To calculate the current value of the company's assets, the company's balance sheet data as of the valuation date is used, taking into account the inventory and adjustment of the value of individual assets, the market value of which does not coincide with the book value.

The issue of the best and most efficient use of the liquidated business must first be resolved, which will allow the application of sound market methods.

Rice. 5.4. Scheme for determining the value of the company based on the liquidation value method

night assessment of machines, equipment, vehicles, buildings and structures, intangible assets.

Based on an analysis of the location of the object, the development of infrastructure, the nature and depreciation of real estate, legislative restrictions on the use of property, the most appropriate option was taken to dismantle and sell equipment, vehicles, stocks. Production and warehouse premises can be used by the new owner as a warehouse complex.

The buyer receives the rights to lease the plot together with the rights to real estate (Civil Code of the Russian Federation, Art. 271 “Right to use land plot property owner"). Adjustment of balance indicators was made by the appraiser for the following positions (table 5.5).

Table 5.5

Market estimates of liquidated assets, thousand rubles Assets Code

Balan strings

Rynoch station

ST-TH 1 2 3 4 1. Real estate 122 1729 1 199 2. Equipment 122 784 1 150 3. Vehicles 122 900 1212 4. Construction in progress 122 423 229 5. Stocks of sunflower seeds 211 600 728 6. Other stocks of raw materials, materials and similar valuables 211 363 363 7. Inventories finished products 214 40 40 C. Accounts receivable 240 1,590 1,590 E. Cash 260 29 29 Value of liquidated property 6,540 Fixed assets (line 122 of the balance sheet asset) include 12 real estate objects. The book value is RUB 1,729 thousand. The cost of vehicles, machinery and equipment is 1,684 thousand rubles.

As part of real estate objects there are objects of non-industrial purpose, which, in accordance with n.4 Art. 104 of the Federal Law "On Insolvency (Bankruptcy)" are subject to gratuitous transfer to local governments. The book value of such facilities amounted to 185 thousand rubles. As a result, the book value of real estate subject to sale amounted to RUB 1,544 thousand. (1729 - 185).

In the process of inventory, technical expertise of real estate, studying market conditions for the sale of such property, the appraiser came to the conclusion that the book value of fixed assets is higher than their market value. Using the full replacement cost method, taking into account all types of depreciation, the appraiser determined the market value of real estate objects - 1,199 thousand rubles.

To assess the market value of machinery and equipment, the appraiser singled out vehicles as more liquid than equipment. (This will be reflected in the asset disposal schedule below.)

The book value of equipment is 784 thousand rubles, and vehicles - 900 thousand rubles. The market value of these assets, calculated on the basis of the market approach, amounted to RUB 1,150 thousand, respectively. and 1,212 thousand rubles.

Construction in progress is estimated at 229 thousand rubles. compared to the book value of 423 thousand rubles. At the same time, the appraiser took into account the technical condition of structures, wear and tear under the influence of natural and climatic factors.

As part of the reserves of raw materials, material and other similar assets, the appraiser gave a market valuation of sunflower seed reserves, since, according to the appraiser, it was underestimated as of the valuation date: the market value of the reserves is 728 thousand rubles. compared to the book value - 600 thousand rubles. Other inventories of raw materials, material and other similar assets, as well as finished products are valued at their book value.

Adjusted value of property Periods, months Total sp

"SG 15901 SP

SO 5567.5 SCHI SP

cm 1 1 1 1590 1 1918.9 O

SP 99.9 3.0 0.720 SP SE SP

o 5’ o> SP

8? 3.0 0.764 co

ce 78.6 G "- SP

CM 3.0 10.836 g-*-

about 258.7 with joint venture

SP SP § see 816.6 about

o* 746.6 em SP

?^g cm 816.6 s?

с5 769.2 - SP

CM 1613.6 SE

Real estate 2. Equipment 3. Vehicles 4. Construction in progress 5. Stocks of sunflower seeds to

7. Stocks of finished goods 8. Accounts receivable 9. Cash 10. Total inflow Money 55

from 14. Total current value of liquidated property

As part of receivables, the analysis revealed bad debts of buyers and customers in the amount of 452 thousand rubles. Eventually accounts receivable, which is expected to receive cash within 12 months, is 1,590 thousand rubles. (2043-453).

As a result, the market value of the company's property is 6,540 thousand rubles.

The transition to the liquidation value of the enterprise requires taking into account the costs of selling property, dismantling equipment, transportation costs, costs of maintaining stocks, management costs, the cost of intermediary real estate, appraisal and legal services, taxes, fees, possible discounts in the process of implementation, the costs of holding auctions. The most correct way to calculate the upcoming liquidation costs is on the basis of the estimate. In some cases, you can focus on the accumulated market experience in the sale of this kind of property in similar conditions (table 5.8),

Table 5.8

Liquidation costs for the facility (in % of the market value of assets), thousand rubles Rynoch property.

st-ti Likvidats.

costs 1. Real estate 1199 10 119.9 2. Equipment 1150 15 172.5 3. Vehicles 1 212 7 84.8 4. Construction in progress 229 12 27.5 5. Stocks of sunflower seeds 728 2 14.6 6. Others stocks of raw materials 363 5 18.1 7. Stocks of finished products 40 5 2.0 8. Accounts receivable 1590 5 79.5 9. Cash 29 - - Administrative expenses for the liquidation of the enterprise, according to the calculation, amount to 28 thousand rubles. per month. Severance pay to employees totaled 51.8 thousand rubles.

The schedule for the sale of the company's assets is drawn up taking into account the degree of their liquidity in the actual economic conditions. In addition, legal restrictions on the sale of property of a liquidated enterprise should be taken into account (table 5.9),

Table 5.9 Schedule for the sale of the company's assets Property, Implementation period,

months 1, Real estate 12 2. Equipment 6 3. Vehicles 3 4. Construction in progress 12 5. Stocks of sunflower seeds 1 6. Other stocks of raw materials 3 7. Stocks of finished products 1 . 8. Accounts receivable 12 9. Cash 1 The schedule for the sale of assets allows you to determine the current market value of the property being sold, taking into account the timing of receipt of funds from the sale of property. For this purpose, it is necessary to adjust the amount of cash receipts using the mechanism of discounting proceeds from the sale of property. In this case, we will proceed from the assumption that for the entire period of sale of individual groups of assets, income will be formed evenly by months, and that funds will be received at the end of the month. An exception is the sale of construction in progress.

To calculate the discount rate, a cumulative construction method was adopted, which allows taking into account all the risks of investments in realizable property, risks associated with management, etc. In this example, a discount rate of 3% is used to calculate discounted cash flows.

The calculation of discounted cash flows (RC) will be made according to the formula:

(1 + k)t (1 + k)t

where RU - monthly cash flows from the sale of property, in accordance with the established schedule;

r - monthly discount rate; m - the number of discounting periods per year, month (m = 12).

Liquidation costs also require adjustment, but the process will be reversed: it is necessary to determine the increasing cost of cash to maintain costs at a level sufficient to liquidate the enterprise. Adjusted cash outflow (CU) is determined by the formula:

py>m = py(1 + r)m,

where (1 + r Y "- camping factor; r - interest on capital;

RU - current cash flow;

t - the number of periods for the sale of property, months. (771 = 12).

Based on the adjustments made in tables 5.6, 5.7, we can determine the liquidation value of the enterprise, which is 4,555.3 thousand rubles. (5,567.5 - 1,012.2).

Liquidation value- this is the most probable price at which the object can be alienated for a period shorter than the typical exposure period for market conditions, in conditions when the seller is forced to make a transaction for the alienation of property.

The salvage value calculation method also refers to the cost approach methods. According to FSO-8, if there is a prerequisite for the liquidation of the enterprise, its value is determined as the net proceeds received after the sale of the enterprise's assets, taking into account the repayment of the existing debt and the costs associated with the sale of assets and the termination of the enterprise's activities.

The method for calculating the liquidation value of an enterprise is similar to the method net assets, the main difference lies only in the state of enterprises. Since the business is not expected to continue operating, goodwill is excluded from the market value calculations, a significant discount is made on the sale value of the assets, and dismantling costs and commissions to intermediaries are added.

The liquidation of the enterprise is divided into:

Forced (bankruptcy by court order);

Orderly (closure of the enterprise by decision of the owners).

In the second case, there is usually much more time for the enterprise to sell its property at prices close to the market; thus, the liquidation value here will be slightly higher.

The calculation of the liquidation value of the enterprise includes several stages:

Stage 1. Based on the latest financial statements(as a rule, the balance sheet and its appendices) is carried out asset analysis and liabilities of the enterprise.

Stage 2. Identification of specialized and non-specialized assets. Specialized assets cannot be sold on the market separately from the entire business, and therefore their liquidation value tends to zero. Non-specialized assets are universal, they can be disposed of separately from the entire business, and therefore their salvage value is easier to market.

Stage 3. Sale of assets. A calendar schedule for the liquidation of assets is being developed: shorter periods are allotted for inventories, longer periods are allotted for fixed assets and financial investments. Scheduled discounted gross proceeds from liquidation of assets are determined.

Stage 4. The value of direct costs is estimated associated with the liquidation of the enterprise. This includes commissions paid to valuation and law firms, as well as taxes that are paid on the sale (eg VAT). Costs are discounted according to the asset sale schedule.

Stage 5 The amount of expenses is estimated associated with the ownership of assets prior to their sale. These are the costs of storing stocks of finished products and materials, equipment, machinery and mechanisms, maintaining real estate, as well as management costs (salaries, business trips) to maintain the operation of the enterprise until the completion of its liquidation. They are also discounted according to the asset sale schedule.

Stage 6 Primary obligations are determined. This:

Severance pay to employees of the enterprise;

Claims of creditors for obligations secured by a pledge of property;

Payments to the budget and extra-budgetary funds;

Settlements with other creditors.

Stage 7. Calculation of salvage value (LS):

LS \u003d SSA - PZL - RV - O,

SSA is the adjusted amount of assets,

PZL - direct costs of liquidation,

RW is the cost of ownership,

Oh, obligations.

As a rule, the assessment of the liquidation value is carried out by the decision of the arbitration manager or the owners of the enterprise. The main cases when the residual value method is used:

Adoption by the meeting of creditors of a decision on the introduction of bankruptcy proceedings at the enterprise;

Development by an external manager of a plan for external management of an insolvent enterprise;

Balancing the enterprise around the break-even point;

The company's income is insignificant compared to the value of its net assets;

Making a decision on liquidation by the owners of the enterprise.

The result of assessing the value of a crisis enterprise using the liquidation value method shows what part of the funds will remain at the disposal of the owners of the enterprise after the repayment of all obligations.

Property valuation

Real estate appraisal is mandatory for business valuation purposes integral part cost approach, and can also be used when applying other approaches, for example, the market approach. Real estate appraisal is carried out in accordance with FSO No. 7 “Real Estate Appraisal”, approved by Order of the Ministry of Economic Development of Russia of September 25, 2014 N 611. In general, a real estate object is land and everything that is inseparably connected with it.

The objects of assessment according to the standard are:

Built-up land plots;

Undeveloped land plots;

Capital construction facilities;

Parts of land plots and capital construction projects;

Residential and non-residential premises.

They can be valued together or separately, in whole or as shares in the right to real estate. The task for assessment may include:

The market value of the property;

Market rent;

Costs for the creation or replacement of the construction object;

Losses in case of alienation of the property, as well as in other cases;

Expenses for the elimination of environmental pollution and land reclamation.

Real estate appraisal is carried out in several stages.

Stage 1. Market analysis. The appraiser must explore the market in those segments that include the use of the property. Real estate market analysis is performed in the following sequence:

a) analysis of the influence of the political and socio-economic situation in the country and region;

b) determination of the market segment to which the property being valued belongs. If the real estate market in a given territory is not developed and there is not enough data on transactions with comparable real estate objects, it is allowed to expand the study area at the expense of territories similar in economic characteristics with the location of the assessed object;

c) analysis of actual data on the prices of transactions and offers with real estate from the studied market segments;

d) analysis of the main factors affecting the demand and supply of real estate (rate of return, payback periods, etc.);

e) the main conclusions regarding the real estate market in the segments necessary to evaluate the object (market dynamics, demand, supply, sales volume, market capacity, motivation of buyers and sellers, liquidity, price fluctuations, etc.).

Stage 2. Analysis of the most effective use. Highest use is the use of real estate that maximizes its productivity (corresponding to its highest value) and that is physically possible, legally permitted and financially justified. The best use of a property may correspond to its actual use or involve other uses, such as renovation or renovation.

The analysis of the most effective use allows you to identify the most profitable type of activity for real estate. Thus, the appraiser receives a basis for an objective judgment about the appraised object, regardless of the opinions of its former or potential owner. Thus, the owner of a property complex in the city center may believe that it is intended only for a clothing factory; but the result of the market analysis will most likely show that it is more profitable to convert the buildings into a shopping and entertainment center. When determining the market value, the appraiser is guided by the results of this analysis to select approaches and methods of valuation.

Stage 3. The choice of approach to the assessment. Three classic valuation approaches are used in real estate appraisal.

Comparative approach is used for real estate appraisal, when it is possible to select a sufficient number of analogous objects with known prices of transactions or offers for the appraisal. Methods of a comparative approach in real estate valuation are divided into quality(relative comparative analysis, method expert assessments etc.) and quantitative(method of regression analysis, method of quantitative adjustments, etc.), as well as their combinations.

income approach used to value real estate that generates or is capable of generating income streams. As part of the income approach, the value of real estate can be determined by the method direct capitalization, discounted cash flow method or capitalization method according to calculation models.

Cost approach it is recommended to apply for the assessment of real estate objects - land plots built up with capital construction objects, or capital construction objects, but only taken as a whole, not in parts, for example, in the form of residential and non-residential premises. It is advisable to use the cost approach for real estate valuation if it corresponds to the most efficient use of the land plot as undeveloped and it is possible to correctly assess physical deterioration, as well as functional and external obsolescence of buildings and structures.

Stage 4. Cost calculation property by selected methods. The appraiser has the right to independently determine the real estate valuation method within the framework of each of the selected approaches or use a different calculation methodology based on the principles of materiality, validity, unambiguity, verifiability and sufficiency.

Stage 5 Coordination of evaluation results. In case of use several approaches valuation, as well as use within any of the valuation approaches several methods assessment, preliminary coordination of their results is carried out in order to obtain an intermediate result of the assessment of the object of assessment by this approach. When reconciling materially different interim evaluation results obtained different approaches or methods, the report should reflect the analysis performed and the identified reason for the discrepancies.

If there is insufficient market data necessary to implement any of the approaches to real estate valuation, it is recommended to indicate within the selected approach indicative values the value being assessed, which are not taken into account in the final agreement, but can be used as a reference to the final result of the real estate appraisal.

After the approval procedure, the appraiser, in addition to indicating in the appraisal report the final result of the real estate appraisal, gives his opinion on possible interval boundaries, in which, in his opinion, this value can be located.

Zakharova Nadezhda Nikolaevna, Chief Financial Consultant of the Consulting and Valuation Department of Nexia Pacioli Consulting LLC, Moscow, Russia

The amount determined by the residual value method under the cost approach is, in fact, the market value calculated by the method, which is based on a number of assumptions.

To apply the salvage value method, the following conditions must be met:

1. the enterprise has ceased operations or there are reasons to believe that it will cease to exist in the near future;

2. the controlling interest (or one that is capable of causing the sale of assets) is being assessed;

3. The value of the enterprise upon liquidation will be higher than upon continuation of activity.

The theoretical foundations of the salvage value method are described with varying degrees of detail in current publications by domestic and foreign authors. (Artemenkov, Zhukov, 2011; Gorchakova, 2005; Goryunov, Babicheva, Kozlova, 2010; Zakharova, 2015; Ivanova, Shmachin, 2014; Kasyanenko, 2007; Leifer, 2006; Fomenko, 2015; Kholodkova, 2013; Alderson, Betker, 1995; Belo, Lin, Vitorino, 2014; Ting, Warachka, Zhao, 2007; Golec, Gupta, 2014; Jafarinejad, Jory, Ngo, 2015; Kim, Lim, 2010; Volkov, Smith, 2015), as well as in most business valuation tutorials.

In general, the essence of this method can be summarized as follows: the value of the business (equity) is determined as the amount of income from the sale of assets minus the costs of selling and the costs of repaying liabilities.

The basis for the calculation is the company's balance sheet on the date closest to the valuation date. In general, the calculation steps are as follows:

1) development of a calendar plan for the liquidation of assets;

2) calculation of the market value of assets, and then their liquidation value;

3) calculation of direct costs for liquidation;

4) calculation of other costs (costs of maintaining the enterprise until the moment of liquidation);

5) calculation of taxes and payments related to liquidation (profit tax, payments to dismissed employees, etc.);

6) calculation of the amount of obligations of the enterprise;

7) deduction from the value of the liquidation value of the assets of the costs of liquidation and liabilities of the enterprise.

When describing the salvage value method, Russian authors mention the need to calculate the salvage value of assets being sold, that is, it is assumed that the company's assets will be sold in a shortened time frame.

From the point of view of Russian legislation, the salvage value is determined as follows:

"In determining salvage value of the appraisal object, a calculated value is determined that reflects the most probable price at which this appraisal object can be alienated for the period of exposition of the appraised object, which is less than the typical exposure period for market conditions, in conditions when the seller is forced to make a transaction for the alienation of property.

When determining salvage value, in contrast to determining the market value, the influence of extraordinary circumstances is taken into account, forcing the seller to sell the object of assessment on conditions that do not correspond to market ones.

It should be noted that the concepts of "liquidation value" and "liquidation value method" are not identical. The liquidation value method, as mentioned above, allows you to determine the market value of a business based on certain assumptions.

Let's turn to the International Glossary of Business Valuation Terms:

At the same time, the appraiser in his work models the conditional situation of liquidation of the enterprise and must proceed from the criterion of maximum efficiency. In practice, the company has the opportunity to start the actual liquidation without making a decision on liquidation. We are talking about reducing or stopping production, reducing staff, selling property, etc. These procedures can be called "preparation for liquidation" or "preparatory period". This period depends primarily on the composition of the company's assets.

Consideration on a conditional example

For example, let's take a conditional situation of selling an asset with the following basic parameters:

- market value of the asset: 1000 conventional units (c.u.);

- market exposure period: 10 months.

The formula for calculating the liquidation value of an asset will be taken according to the work of Kozyr Yu.V. “Methodology for determining the liquidation value of property. Estimation of liquidation value» (Trump, 2000):

, (2)

where P L - liquidation value;

P m - market value;

y is the average market return on investments in such objects;

t e - average market exposure time of the object;

t is the specified (statutory) time for the sale of the object;

T is the period of time to which the discount rate is tied.

For case Awe will take the market return of the asset equal to 10%, and the cost of maintaining the asset - 30 c.u. per month.

For case Bwe will take the market return of the asset equal to 30%, and the cost of maintaining the asset - 10 c.u. per month.

On the graphs (fig. 2 and fig. 3 ) presents the main economic indicators for situation A and B.

Table 3

Average exposure times for objects (source - compiled on the basis of the article "Determining the typical exposure period when calculating the liquidation value" )

Object type	Market Condition
	buyer's market	equilibrium market	seller's market
Real estate (excluding standard apartments and properties worth more than $10 million)	6 months	3 months	1 month
Business (controlling stakes, shares worth less than $10 million)	6-12 months	3 months	2-3 months
Apartments (typical)	1 month	2 weeks	1 week
Mass-produced equipment (new and used)	1-2 months	1 month	2 weeks
Cars (with the exception of elite ones) are new	1 month	2-3 weeks	1 week

Assessment of the liquidation value of the enterprise

1. The concept and types of liquidation value of the enterprise

The situation of bankruptcy and liquidation of an enterprise is an emergency. The probability of a positive solution to the problem of non-payment, which usually accompanies this situation, depends on the value of the property that the enterprise possesses. And not only the problems of non-payments, but also the solution of issues related to the material well-being of the employees of the enterprise, to a certain extent depend on the value of the property of the liquidated enterprise.

However, the valuation of the enterprise is necessary not only in the event of liquidation of the enterprise. It is important in many other cases, for example:

When financing the debtor's enterprise;


when financing the reorganization of an enterprise;


when reorganizing an enterprise carried out without a trial;


when developing a plan for repaying the debts of an enterprise-debtor that is under the threat of bankruptcy;


when analyzing and identifying the possibility of separating individual production capacities of an enterprise into economically independent organizations;


when evaluating applications for the purchase of an enterprise; in the examination of fraudulent transactions for the transfer of property rights to third parties; in the examination of enterprise reorganization programs.

Estimating the liquidation value of an enterprise in a bankruptcy situation has a number of features, mainly due to the nature of the emergency itself. These features should be taken into account by the appraiser, the customer and other parties interested in the results of the salvage value assessment.

Another feature of assessing the liquidation value of an enterprise is the high degree of dependence of third parties on the results of the assessment.

Estimation of the liquidation value of an enterprise (business) is carried out in the following cases:

the company is in bankruptcy or there are serious doubts about its ability to remain a going concern;

The value of a company in liquidation may be higher than in continuing operations.

Currently, there are many definitions of salvage value, the differences between which are quite significant in terms of practical work appraiser, so it makes sense to give the most famous of them.

In particular, most often they refer to the definition of liquidation value given by the leading American appraiser S. Pratt. In his opinion, it represents the net amount of money that the owner of the enterprise can receive in the liquidation of the enterprise and the separate sale of its assets. At the same time, Pratt believes that the liquidation value of the enterprise as a whole is usually less than the amount of proceeds received from the separate sale of its assets. It is difficult to agree with this: as Russian practice shows, the separate sale of the assets of an enterprise most often leads to the sale of property for a pittance and is accompanied by a clarification of the relations of the parties interested in the sale of property in court.

Of the other interpretations of the liquidation value, I would also like to dwell on the following definitions:

1. According to State standard Russian Federation GOST R 51195.0.02-98 “Unified property valuation system. Terms and definitions liquidation value of property: the value of property in case of its forced sale.

2. In accordance with the Order of the Ministry of Economic Development of Russia dated July 20, 2007 No. 255 “On approval of the FSO “Purpose of valuation and types of value”, when determining the liquidation value of an enterprise, an estimated value is determined that reflects the most probable price at which this valuation object can be alienated over the period exposure of the appraisal object, which is less than the typical exposure period for market conditions, in conditions when the seller is forced to make a transaction for the alienation of property. When determining the liquidation value, in contrast to determining the market value, the impact of extraordinary circumstances is taken into account, forcing the seller to sell the appraisal object on conditions that do not correspond to market ones.

As can be seen, neither definition speaks of salvage value as occurring exclusively in the case of a separate sale of property, although both standards also consider salvage value exclusively in the plane of a forced sale.

The liquidation value is divided into three types:

1. Ordered salvage value. The sale of the assets of the enterprise is carried out within a reasonable period of time so that high prices can be obtained for the assets being sold. For the least liquid real estate of the enterprise, this period is about 2 years.

2. Forced salvage value. Assets are sold as quickly as possible, often at the same time and in the same auction.

3. The liquidation value of the termination of the existence of the assets of the enterprise (utilization). In this case, the assets of the enterprise are not sold, but written off and destroyed, and a new enterprise is being built in this place, giving a significant economic or social effect. In this case, the value of the enterprise is negative, since certain costs are required to liquidate the assets of the enterprise.

2. Typical cases of salvage value occurrence

Typical cases of salvage value occurrence are:

Liquidation of the enterprise;

Realization of collateral objects;

Accelerated sale of other property.

When an enterprise is liquidated, it becomes necessary to develop a clear schedule for the sale of property and the repayment of the enterprise's debt (moreover, situations are not uncommon when the total amount of income from the sale of property does not cover all debts). At the same time, the terms of exposure (pre-sale activities and the sale itself) are very limited due to the need for a fairly quick release from assets and repayment of debt. It is the question of available time that is at stake in this case. decisive role in value (ceteris paribus).

In turn, the duration of the time period is determined by the conditions of each specific case of liquidation. At the same time, it must be borne in mind that the very decision to liquidate can be either voluntary (that is, there is a planned action) or forced. As a rule, the first case gives greater variability in decision-making and allows you to develop more effective plans for the liquidation of the enterprise.

Forced liquidation in the process of bankruptcy is carried out when a decision is made to open bankruptcy proceedings based on the results of external management. The formed bankruptcy estate is subject to sale at an open auction (with rare exceptions provided for by the Federal Law “On Bankruptcy”). At the same time, the terms for the sale of property are extremely limited.

Thus, it is necessary to distinguish between voluntary and involuntary liquidation.

Realization of collateral objects in the context of this work is rather a hypothetical (disconnected from reality) concept. In this case, the determination of the liquidation value is necessary to justify the lower limit of the loan, which is secured by the pledged property, and we are not talking about the actual fact of the sale of the object. However, in order to provide a loan, the lender needs to know at what price it will be possible to sell the collateral in a short time if the loan is not repaid. Given cost in some sources of literature it was called collateral. However, it can be argued that in its economic essence, it is also liquidation, since there are factors of limited time and forced sale.

The accelerated sale of other property due to the limited exposure time also makes it necessary to determine the liquidation value. At the same time, there are also several options for such implementation - either it is an initiative (voluntary) implementation, or forced (under duress), provided for by the current legislation.

So, in the process of enforcement proceedings, the property seized by a court decision is sold, and within a period not exceeding two months from the date of the seizure (Federal Law of July 21, 1997 No. 119-ФЗ “On Enforcement Proceedings”).

Thus, the liquidation value of the property is almost always lower than its market value. And this fact is negative for the seller of property and, of course, positive - for the buyer.

3. Factors that determine the difference between salvage value and market value

All factors underlying the liquidation value or accompanying it can be conditionally classified (Figure 1).

Rice. 1 Residual value factors

Objective factors are present in determining the salvage value in any situation. Their influence cannot be ignored, and, in fact, they practically do not depend on the state of affairs at a particular enterprise (with the exception of the general state of property). At the same time, all objective factors have a mutual influence on one another. So, for example, favorable market conditions can reduce the optimal exposure time, etc.

The most important factor influencing the differences in market and liquidation values ​​is the exposition period of the property. At the same time, the shorter the planned exposition period of the liquidated property compared to the optimal one, the stronger the possible cost is reduced.

Diagrams 1-3 show the ratio of the market and liquidation values ​​of real estate in Moscow in 1998-2000. (V %)

Diagram 1: Ratio of market value and salvage value of office buildings and premises, %

Diagram 2: Ratio of market value and liquidation value of the sale of commercial buildings and premises, %

Diagram 3: Ratio of market value and salvage value of the sale of warehouse and industrial buildings and premises, %

In fact, the period of exposure of property is a fundamental factor that significantly affects all other factors, both in the direction of strengthening their impact, and weakening. Obviously, with an increase in the planned exposure period, there are more real opportunities for using effective marketing activities, leveling negative impact short-term conjuncture-forming factors, etc.

The general investment attractiveness of an object is based on the individual characteristics of the property (functional purpose, physical condition) and has a direct impact on the level of consumer demand.

In the case under consideration (during the liquidation of the enterprise), specific factors are activated, which can be conditionally called “spin-off factors” (in principle, these factors are very close to the factor of investment attractiveness). The essence of these factors is that many objects of the property complex individually do not represent any value and in fact cannot be sold at a normal price, while these objects played a significant role within the liquidated enterprise. The impact of the analyzed aspect on the so-called intangible assets and, first of all, on the business reputation of the company (goodwill), which includes the value of personnel, relationships with suppliers, the smoothness of the business structure, etc. is especially negative. When a company is liquidated, it is not possible to realize this, sometimes one of the most valuable assets.

The absolute value of the market value of the object has an inverse effect on the level of liquidity - the higher the market value of the object, the less effective demand for it becomes due to a decrease in the number of potential buyers.

The factors of direct impact on the level of the cost of objects include the market situation during the liquidation period. The longer this period, the more opportunities the company has to analyze the situation on the market and choose the most best option actions under the circumstances. And vice versa, with a short exposure period and unfavorable market conditions, losses in the sale of objects will increase even more. And it is at least unreasonable to hope for a general rise in the market during the short period of liquidation of the company.

The effectiveness of marketing is also significantly complicated by the short duration of the period allotted for the relevant activities. However, it equally depends on the specific means used to increase the selling price of the object.

Another important objective factor is the psychological aspect of the forced sale, which is expressed in a certain impact on the initiative of buyers. Moreover, the impact of this factor is also quite twofold - on the one hand, feeling that the seller is in initially unfavorable conditions, buyers begin to dump, but on the other hand, feeling competition with each other, they are afraid to lose the property being sold and are forced to compromise.

Subjective factors reflect the specifics of each particular enterprise. These factors are especially negative in enterprises with inefficient managers, which leads to significant difficulties during liquidation. Such factors include a whole system of phenomena. Thus, the inventory and evaluation of fixed assets of bankrupt enterprises is almost always hampered by the state of accounting registers, the lack of technical passports for equipment and BTI passports for real estate. This series continues with the lack of legal documents for the property, the complexity of accounting, the lack of employees who can provide the necessary explanations. All these facts lead to the fact that before drawing up a specific plan and determining the timing of liquidation, it is necessary in the full sense of the word to "rake" the property of the enterprise, to restore the chains of occurrence of certain obligations both on the part of the enterprise itself and its partners. This leads to a colossal complication of the liquidation process.

However, it would be wrong to think that the factors considered are always only negative. On the contrary, a clear organizational structure and effective conscientious work of the enterprise's divisions can contribute to a significant acceleration of the liquidation processes.

Indeed, instead of spending 3-6 months to identify the current state of the property of the enterprise in case of its ownerlessness, it would be better to use this period to increase the time for the sale of the property complex, which is very important.

4. Methods for assessing the liquidation value of an enterprise

The calculation of the liquidation value of the enterprise includes several main stages:

1. A number of statistical and accounting documents are analyzed, which include: accounting reports at the end of each quarter, statistical reports, interim liquidation balance sheet, inventory cards. Based on a comprehensive financial analysis, an expert conclusion is made on the sufficiency of funds to cover the debt.

2. The estimated mass of property is formed. The following groups of assets are considered separately:

The most liquid (current assets).

Less liquid (non-current assets).

3. The amount of the company's debt is formed.

4. A liquidation schedule is being developed. It should be noted, however, that the sale various kinds company assets ( real estate, machinery and equipment, inventory) requires different time periods based on the degree of liquidity and the required level of exposure in the market.

5. Justify the amount of costs. The costs associated with the liquidation and the costs associated with the possession of assets before their sale are distinguished. The costs associated with liquidation primarily include commissions to valuation and law firms, as well as taxes and fees that are paid upon sale. The costs associated with owning assets prior to their sale include the costs of protecting facilities, management costs of maintaining the company's operations until the completion of its liquidation, etc.

6. The realizable property is appraised. Valuation of property to be sold is carried out using all valuation approaches. In practice, the most commonly used approach to property valuation is the comparative approach.

7. The discount rate is determined taking into account the planned implementation period. Moreover, the discount rate can be set for each type of asset being evaluated individually, taking into account liquidity (significant discounts for low liquidity) and the risk of a possible non-sale.

8. A schedule for the sale of property is built, on the basis of which the total proceeds from the sale of current, tangible and intangible assets are determined.

9. The operating profit (loss) of the liquidation period is added (or subtracted).

10. Based on the results of the sale, the accumulated amount of current debt for the period of liquidation (electricity, heating, etc.) is repaid.

Preemptive rights to satisfaction are deducted: severance pay and payments to employees of the enterprise, claims of creditors for obligations secured by a pledge of property of the liquidated enterprise, debt on mandatory payments to the budget and extra-budgetary funds, settlements with other creditors.

At the same time, creditors' claims are satisfied in the order of priority established by Article 64 of the Civil Code of the Russian Federation, in accordance with which the distribution of property of each next priority is carried out after the complete distribution of the property of the previous priority.

11. The final action is the assessment of the liquidation value attributable to the share of owners (shareholders). Federal Law No. 208-FZ of December 26, 1995 “On Joint Stock Companies” (as amended on June 13, 1996) provides for a clear procedure for distributing the remaining amounts.

Thus, the liquidation value of the enterprise is calculated by subtracting from the adjusted value of all assets of the balance sheet the amount of current costs associated with the liquidation of the enterprise, as well as the value of all liabilities.

The development of a calendar schedule for the liquidation of the assets of the enterprise is carried out in order to maximize, as far as possible, the proceeds from the sale of assets to pay off the debt owed to the enterprise.

As a rule, it is assumed that the business of the enterprise is terminated and only the process of liquidation of the enterprise is carried out. The liquidation of a large enterprise takes about two years.

Calculation of the current value of assets is carried out using the method of accumulation of assets, using the balance sheet data of the enterprise on the date of assessment (or on the last reporting date). Checking and adjusting the balance sheet accounts are carried out simultaneously with the inventory of the enterprise's property on the date of assessment. The inventory of the property of the enterprise is carried out in accordance with the methodological guidelines for the inventory of property and financial obligations. Simultaneously with the inventory of the enterprise's property, the market value of the land plot on which it is located and the current value of other assets are calculated.

Adjustment of the current value of assets. When calculating the liquidation value of the enterprise, it is necessary to take into account and subtract from the value of assets the costs associated with their liquidation. These are administrative costs of maintaining the operation of the enterprise until the completion of its liquidation, commission payments, necessary taxes and fees, severance payments and payments, expenses for the transportation of sold assets, etc. Proceeds from the sale of assets sum of money, net of associated costs, is discounted to the valuation date at an increased discount rate that takes into account the risk associated with the sale and the timing of the cash flow.

After adjusting the balance sheet asset items, it is necessary to adjust the balance sheet liability in terms of long-term and current debt. Particular attention should be paid to the settlement of preferred shares, tax payments, as well as the so-called contingent liabilities, which often arise as a result of ongoing or potential litigation. It is possible that during the analysis accounts payable it will be possible to negotiate to change the conditions for repayment of the company's debts.

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