THE SUPREME COURT WILL SORT OUT THE CONVERSION OF MONETARY CLAIMS OF AN EQUITY PARTICIPANT TO A BANKRUPT DEVELOPER

One of the debtor's creditors in the framework of the developer's bankruptcy case (No. A32-1070/17) applied for the exclusion of its claim from the register of creditors' claims with its simultaneous inclusion in the register of residential premises transfer.

In support of her application, the creditor pointed to the fact of the conclusion of an equity participation agreement between her and the debtor, the claims for which are included in the register in monetary terms.

Subsequently, during the consideration of the case, the LLC's application for the intention to become an acquirer of a land plot with inseparable improvements located on it – an object of unfinished construction (a multi-storey residential complex - 65% readiness) was satisfied, and to fulfill the obligations of the developer to the construction participants, whose requirements are included in the register of requirements of construction participants.

After the transfer of the developer's rights to the LLC, the creditor filed the above application, which was refused by the courts of three instances.

The complaint was submitted to the Judicial Board of the Supreme Court of the Russian Federation, which in its ruling drew attention to the arguments of the creditor that her will was directed to obtaining ownership of the apartment paid for under the terms of the contract. Referring to the provisions of the Bankruptcy Law, she believes that she is a participant in the construction, in connection with which her claim is part of the obligations to be transferred to the LLC. The fact that this requirement was taken into account as monetary and did not pass to the new developer, she became aware after contacting LLC.

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