Participants in co-ownership may obtain a right of first refusal to purchase the debtor’s interest in shared property. It has been reported that the Russian government has submitted a related bill to the State Duma. RIA News.
For example, we are talking about situations where the debtor who owns part of an apartment is declared bankrupt and his share is sold at auction.
Depending on the project, the value of this share is determined according to the tender results. Its organizers must notify the co-owners of the right of first refusal to purchase the debtor’s share and indicate the price at which it can be purchased. The notice period is three days from the date the auction results are collected. If there is more than one co-owner who wants to purchase a share, the transaction is made in proportion to their shares in the flat.
Shared property is called common property, in which a share is allocated for each owner. For example, one person owns 1/3 of the flat and another person owns 2/3 of the flat. Or three owners own 1/3 of the flat. The right to joint ownership assumes that the owner can independently sell, donate, bequeath his share.
During the eight years of existence of the judicial bankruptcy procedure in Russia, more than 1 million citizens received financially insolvent status.
Previously “socialbites.ca” saidWhether Russia is facing rebellions from desperate debtors.