Problems of exercising the right of pledge in the bankruptcy proceedings of the developer

Occupation: Professor, Department of Business and Corporate Law
Affiliation: Kutafin Moscow State Law University (MSAL)
Address: Moskow, Sadovaj -Kudrinskaj, 9

Abstract

Pledge in bankruptcy proceedings of the developer In connection with the special protection of citizens who invested in the construction of an apartment building, special rules have been introduced to satisfy the claims of mortgagees in the bankruptcy procedure of the developer. The legislation does not establish a system and priority for satisfying the demands of all mortgagees of the developer. Gaps in legislation are filled by judicial practice. However, the interests of all mortgagees are not always taken into account. The main source of solution to the current imbalance are the decisions of the Constitutional Court of the Russian Federation, which indicates the need to create a different legal mechanism.

It is necessary to study the security function of a pledge in the bankruptcy procedure of a developer and propose a fair priority system to ensure priority for all pledgeholders. Due to the importance of collateral relations as a way to secure obligations, it is necessary to maintain a balance of interests of mortgagees, regardless of the purpose of investing in the construction of an apartment building and the type of collateral.

To achieve this goal, methods of deduction, synthesis, interpretation, the praxeological method, and the method of teleological interpretation were used.

It is concluded that in the bankruptcy procedure of a developer in connection with the provision of a guarantee of the right to housing for citizens, the security function of the pledge is not fully fulfilled in relation to other pledge holders, namely: construction participants who invested funds for the construction of non-residential premises, legal entities. Contradictions have been identified between the goals of legal policy in the field of securing obligations between the Civil Code of the Russian Federation, federal laws regulating pledge (mortgage), and the Federal Law “On Insolvency (Bankruptcy)”. It is necessary to amend the legislation in terms of regulating the priority of satisfying the claims of mortgagees in the bankruptcy procedure of a developer, taking into account the rights and legitimate interests of all entities and types of collateral. It is proposed to provide proportionate satisfaction to the claims of creditors and create special legal mechanisms to guarantee citizens - investors.

Keywords

developer, bankruptcy procedure, mortgagee, equity holder, construction participant, pledge (mortgage), register of creditors' claims.

Received

05.05.2024

GOST	Shishmareva T. Problems of exercising the right of pledge in the bankruptcy proceedings of the developer // Journal of Russian Law URL: http://ras.jes.su/jrp/s160565900030820-6-1-en (circulation date: 22.07.2024).
MLA	Shishmareva, Tatiana "Problems of exercising the right of pledge in the bankruptcy proceedings of the developer." Journal of Russian Law DOI: 10.61205/S160565900030820-6
APA	Shishmareva T. (). Problems of exercising the right of pledge in the bankruptcy proceedings of the developer. Journal of Russian Law DOI: 10.61205/S160565900030820-6

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