Amendments to the Federal Law on the Protection of the Rights of Citizens - Participants in Shared Construction in the Insolvency (Bankruptcy) of Developers
The Federal Law “On Amending the Federal Law“ On the Public Law Company for the Protection of the Rights of Citizens - Participants in Shared Construction in the Insolvency (Bankruptcy) of Developers and on Amending Certain legislative acts of the Russian Federation” and the Federal Law“ On Insolvency (Bankruptcy)” was adopted by the State Duma on October 15, 2019, and approved by the Federation Council on October 23, 2019.
The President signed the Federal Law amending the Federal Law “On the Public Law Company for the Protection of the Rights of Citizens - Participants in Shared Construction in the Insolvency (Bankruptcy) of Developers and on Amending Certain Legislative Acts of the Russian Federation” regarding the vesting of the public law company “ The Fund for the Protection of the Rights of Citizens - Participants in Shared Construction ”by the function of paying compensation to citizens who are members of a housing construction cooperative or other specialized This consumer cooperative, which was transferred the rights of the developer to the construction in progress and the land in the framework of the bankruptcy of the developer, and also determines the features of such payment.
In accordance with the Federal Law, such payment is made by the aforementioned public law company at the expense of its property, formed at the expense of the property contribution of the Russian Federation, other public law entities, if the claims of citizens were paid in the bankruptcy case of the developer by transferring the rights of the developer to the construction in progress and the land plot to the cooperative in accordance with the register of requirements of construction participants (the register of requirements for the transfer of residential premises) and if citizens have t in relation to the relevant cooperative, requirements for the transfer of residential premises, parking spaces and (or) non-residential premises.