We know everything about bankruptcy
19/04/2024
Friday
19 April 
1970 the Indian National Congress agreed to divide the country into India and Pakistan
1970 the Indian National Congress agreed to divide the country into India and Pakistan
1970 The bicycle’s day. The scientist Albert Hoffman, who synthesized LSD, first took it and rode his bicycle home from the laboratory
1970 The bicycle’s day. The scientist Albert Hoffman, who synthesized LSD, first took it and rode his bicycle home from the laboratory
1970 The independence of Belgium from the Netherlands was recognized
1970 The independence of Belgium from the Netherlands was recognized
THE COLLATERAL CREDITORS WERE DEFENDED IN THE CONSTITUTIONAL COURT
Prior to that, the bankruptcy legislation assumed that if the developer was declared insolvent, the objects of construction in progress could be transferred to a regional fund protecting the rights of shareholders. But this could be done only after obtaining the consent of the collateral creditor.
After the adoption of the law, the arbitration courts decided that this rule does not apply to those cases when construction began earlier than July 1, 2019. The basis for this was the provisions of article 16 (parts 14 and 17).
One of these cases concerned Sberbank, which was a victim of changes in legislation. The credit institution has lost both the right of collateral and the right to compensation. This meant that the bank's debt could be taken into account in the bankruptcy process, but only as non-collateral. In this case, the chances that the debt would be repaid were minimal. The bank tried to regain its right by reaching the Supreme Court of the Russian Federation.
The Constitutional Court of the Russian Federation, where the complaint of the Supreme Court of the Russian Federation was received, found out that the new law significantly worsened the situation of the bank, which is not a shareholder. The court found the provisions of the law depriving collateral creditors of due protection unconstitutional.
So, for example, the same Sberbank, concluding in 2016 with the company "KilStroyInvest" several secured loan contracts for 70 million rubles, could not assume that the company would not be able to complete the facilities and in February 2020 would become bankrupt with a debt of 40 million rubles to Sberbank.
Now the legislator will have to correct the regulatory framework for those cases when objects that have begun to be built before July 2019 are transferred to regional funds. At the same time, the Constitutional Court of the Russian Federation noted that its decision cannot justify the cancellation of such transfer decisions, and also cannot be considered the restoration of the rights of such creditors.
Temporary provisions will be in effect in the country until the legislator adopts the necessary amendments. The funds will have to settle with collateral creditors at the expense of proceeds from the sale of apartments, seeking to increase their area during the construction period. The specific amounts of revenue in this case will be determined by the court. If the new developer does not have enough money for payments, the former collateral creditor will be able to demand its bankruptcy.
