The Financial club. Regulation of escrow accounts in shared equity construction. Legal issues of bankruptcy (insolvency) and liability of the parties to an escrow agreement
Maksim Bashkatov
Lecturer of the Civil Law Department, Lomonosov Moscow State University of Faculty of Law, Master of Law
Roman Bevzenko
Ph.D. in Law, Professor, the Research Centre of Private Law under the President of the Russian Federation
Rimma Chichakyan
Ph.D. researcher, University of Turin
Eleonora Vitol
Master of Law, the Research Centre of Private Law under the President of the Russian Federation
Maria Erokhova
Head of the Department of Civil and Arbitration Procedure, Moscow Higher School of Social and Economic Sciences, Candidate of Law, LLM, Lawyer
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Igor Yastrzhembskiy
External expert of the ICLRC
Video
On May 30, 2019, another round table of the Financial Club was held on the topic "Regulation of escrow accounts in shared equity construction. Legal issues of bankruptcy (insolvency) and liability of the parties to an escrow agreement".
Questions for discussion:
- Use of the escrow account agreement in the light of changes in the legislation on participation in shared construction. Plurality of persons on the side of the beneficiary or depositor: change in the structure of relations between the parties under the escrow account agreement. Assignment of rights of claim to the developer to third parties or transfer of such rights on other grounds. Is the invalidity of the contract of participation in shared construction the basis for termination of the escrow account agreement? What are the conditions for transferring funds to the developer? What are the consequences of the expiration of the deposit period of the property before the completion of construction? The consequences of price changes in the contract of participation in shared construction for the escrow contract. Conclusion of an escrow account management agreement between the bank and the developer. Bank bankruptcy: limited insurance of escrow accounts by the Deposit Insurance Agency. Bankruptcy of the developer.
- Bankruptcy of an escrow agent and a depositor under an escrow agreement and an escrow account agreement. Do the depositor and the beneficiary bear the risk of bankruptcy of the escrow agent? Are the restrictions on the receipt of deposited property in the bankruptcy estate justified in the event of the depositor's bankruptcy? Notary as an escrow agent: advantages of a public deposit account in bankruptcy. Are there any real opportunities to challenge escrow transactions in bankruptcy as contrary to the interests of creditors?
- The responsibility of the escrow agent. The right of the escrow agent to dispose of the deposited property. What are the consequences of the bank's illegal transfer of funds to the beneficiary? Is it possible in this case to charge interest under Article 395 of the Civil Code of the Russian Federation? The ratio of the responsibility of an escrow agent and the responsibility of agents under intermediary contracts. When may it be necessary to grant an escrow agent the right to dispose of the deposited property? Prospects for challenging escrow agent transactions with deposited property under Article 302 of the Civil Code of the Russian Federation and paragraph 1 of Article 174 of the Civil Code of the Russian Federation.
The issues discussed are covered both from the point of view of the practice of applying regulation in the field of financial transactions, and from the point of view of theory, including with the participation of the most famous foreign scientists and professors of foreign educational institutions, as well as unique narrowly focused and highly qualified experts in the field of comparative law.
Students, scientists, practicing lawyers, as well as everyone who is engaged and interested in the problems of financial transactions are invited to participate in the round tables.
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