Amendments have been made to the legislation concerning the protection of the rights of participants in shared construction in the event of a developer's bankruptcy
Federal Law of December 30, 2020 No. 542-FZ "On Amendments to Article 201.15-2-2 of the Federal Law" On Insolvency (Bankruptcy) "and Articles 3 and 13.4 of the Federal Law" On a Public Law Company for the Protection of the Rights of Citizens - Participants of Equity construction in case of insolvency (bankruptcy) of developers and on amendments to certain legislative acts of the Russian Federation "(hereinafter referred to as the Federal Law), the powers of the Fund for the Protection of the Rights of Shareholders - Participants in Shared Construction" (hereinafter referred to as the Fund) have been expanded.
In accordance with the Federal Law, in the event that a public-law company acquires the rights of a developer to a land plot with inseparable improvements on it due to the payment of compensation to citizens - participants in construction, the Fund has the right to decide on the implementation of rights to the specified property, on construction (completion of construction) on the received land plot of apartment buildings and other real estate objects or on the implementation, together with the executive authorities of the constituent entities of the Russian Federation, programs aimed at the construction (completion of construction) of apartment buildings on land plots owned by the Fund, with the subsequent transfer of part of the residential premises to the executive authorities of the constituent entities of the Russian Federation for their provision to certain categories of citizens.
The federal law provides that the implementation of joint programs by the Fund with the executive authorities of the constituent entities of the Russian Federation aimed at the construction (completion of construction) of apartment buildings on land plots owned by the Fund, with the subsequent transfer of part of the residential premises to the executive authorities of the constituent entities of the Russian Federation for their provision to certain categories citizens are carried out in accordance with the procedure and on the conditions that are determined by agreements concluded with the executive authorities of the constituent entities of the Russian Federation.
The federal law also determines the specifics of acquiring rights to a land plot and an object of unfinished construction located on it, if the construction of this object was carried out by a housing construction cooperative.