Interest holders receive priority in repayment of debts of a bankrupt property developer

State Duma set features the bankruptcy estate developers, participants raise funds construction.June 28 the State Duma passed a law in the second and third readings. The law establishes the right of preferential repayment of the citizens who have made money for housing, relative to other creditors. Currently, interest holders are only at the end of the queue for a return of their money in case of bankruptcy, the builder, the first vice-speaker of the State Duma Oleg Morozov ("United Russia").

Provides for an equal level of protection of interests of shareholders, regardless of the type of contract under which the developer drew their money. The provisions of future law will apply to the bankrupt estate developers, raise funds for the citizens of financing housing based on the conclusion of so-called pre-contracts, investment, contributing to the charter capital, issuance of bills.


In the case of bankruptcy, the builder set features the sale of the property: unfinished construction of homes and land. In this case, should be an independent assessment of the property, said Morozov. The evaluation report is subject to compulsory examination of self-regulatory organization of appraisers and forwarded to the regional executive body of state power of control and supervision of participatory construction.

The essential condition for a contract of sale of such property and property rights is the obligation of the buyer, construction, completion of the controversial apartment building, and the transfer of housing construction parties whose claims are included in the register of the transfer of residential premises.

In the second reading have been a number of important amendments. Thus, it is proposed to involve a person involved in the bankruptcy case builder, the authority responsible entity of the Russian Federation, controlling and supervision of shared construction of apartment buildings.

The amendments also provide that in calculating the size of the interest holders of a monetary claim to the developer takes into account the actual damage to the cost of the valuation date for the dwelling, which was to be handed over to party building in terms of the contract.

"Thus, the interests of shareholders will be protected from scams and ineffective against the hapless developers at various stages of completion of housing construction or restructuring of their debt" - summed up the Frosts.