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HOW TO GET A REFUND IN CASE OF BANKRUPTCY OF A REAL ESTATE DEVELOPER?
HOW TO GET A REFUND IN CASE OF BANKRUPTCY OF A REAL ESTATE DEVELOPER?
The bankruptcy of a developer company engaged in the construction of residential buildings is fraught with a high risk of losing the money invested by participants in shared-equity construction. Naturally, shareholders are interested in the question of how to return their funds if the developer is undergoing bankruptcy proceedings? Ekaterina Makarenko, Managing Partner of TAXBURO, tells us.
The bankruptcy legislation provides for the need to be included in the register of creditors or in the register of requirements for the transfer of residential premises in the event of initiation of bankruptcy proceedings against a developer company. Termination of the contract, under which the funds of the shareholders are not returned, does not prevent this.
In the register of creditors' claims, it is necessary to specify information about the creditor, the amount of claims against the debtor, the order of satisfaction of each claim, the grounds for the occurrence of creditors' claims (in this case, it is a contract of equity participation in construction).
The requirements for the return of funds are presented to the bankruptcy trustee of the developer company.
The prospects for the return of funds depend on the financial situation of the developer, the availability of assets at the disposal of the company, the implementation of which would allow to repay the claims of creditors of the third stage, which include participants in shared-equity construction. The quality work of the arbitration manager also plays an important role.
It is also worth remembering that, in accordance with Part 1 of Article 13 of Federal Law No. 218, the payment of compensation to participants in shared-equity construction under contracts for participation in shared-equity construction of residential premises is provided in accordance with the procedure established by the government. Now the protection of the rights of participants in shared-equity construction is a priority for the Russian government, which is also shown by the change in judicial practice in cases of bankruptcy of developers. It is also worth noting that if the contract with the developer was concluded after 2017, then the shareholder has the right to count on the help of the "Compensation Fund for Shared Construction". But this is if the developer has complied with all the necessary requirements for the payment of contributions.
The most negative scenario is the absence of property from the developer company, which makes it impossible to satisfy creditors' claims through the sale of the developer's property.
In this case, it makes sense to demand not a refund, but the transfer of residential premises, if we are talking about an unfinished object.
But the best option in any situation is to seek help from a qualified lawyer or a lawyer – specialist in such cases, who will be able to represent the interests of the shareholder in the courts, communication with the developer, the bankruptcy trustee.
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