MOSCOW, October 5 (Itar-Tass) — Chief Bailiff Artur Parfenchikov said the ineffective system of selling debtors' property loses the state up to 50 billion roubles a year.

Whereas bailiffs in other countries collect 20 to 30 percent of debts, this indicator can hardly reach 10 percent in Russia by the most optimistic forecast.

"We fall short of some 50 billion roubles," Parfenchikov said.

He underlined that this affects ordinary citizens in the first place, as auctioning off property in someone's favour does not raise enough money.

Electronic trading and the opportunity for bailiffs to sell property of little value on their own (as of now, all property is auctioned off through the bodies subordinate to the Ministry of Economic Development – eds. Tass) might help rectify the situation.

Deputy Justice Minister Alexander Smirnov noted that the coordination of the bill which would perfect the system of auctions, has continued for two years and that in September, the final issues were settled with the Economic Development Ministry.

Justice Minister Alexander Konovalov, who chaired the Wednesday meeting, acknowledged the delay in coordination and called for reaching a result in the nearest future.