Thursday , 18 May
12:40 - 14:00
Hall #1, General Staff Building (6-8, Dvortsovaya sq.)
Track: International Insolvency Forum
Organizer of the discussion session – Agency for Housing Mortgage Lending
Developer insolvency no longer spells doom for the investors, like it used to. Although the number of fraudulent housing developers out there is on the rise, and so necessarily is the number of cheated investors, there exist notable positive trends in the advocacy of investors’ rights.
On the one hand, the housing development business becomes more transparent. The background of market players can be checked before the prospective investor makes a choice of developer. On the other hand, the pertinent legal and regulatory framework continues to gradually improve, offering better legal security to private investors. One piece of legislation that has instrumentally contributed to better investor security is the 210-FZ of 12 July 2011, which amends the Federal Insolvency (Bankruptcy) Act with certain fine points about developer insolvency.
What financial risks do investors face in the event of developer insolvency? If the law is meticulously followed, and absent premeditated fraud on the part of the developer, the probability of seeing either your investment money back, or a deed to the home of your choice is fairly high.
Associate Professor for the Individual and Corporate Law, Kutafin Moscow State Law University (MSAL); Judge (retired), The Supreme Arbitration Court of the Russian Federation
Deputy Director of the Department for Finance and Banking Activity and Investment Development, Ministry of Economic Development of the Russian Federation
Chief Bankruptcy Judge (retired) at U.S. Bankruptcy Court
Professor of Law, Brooklyn Law School
Head of the Direction, The Agency for Housing Mortgage Lending
Consultant, Research Center of Private Law named after Sergey Alekseev under the President of the Russian Federation
* The Programme may be subject to change