Foreclosure on the debtor's only dwelling
In her column for “Vecherniy Petersburg”, Karina Sidorova, Head of Crisis Management and Bankruptcy Practice, will talk about the most important aspect of bankruptcy – foreclosure of the debtor's only dwelling.
For a long time, this issue was resolved unequivocally in favor of the debtor, since, according to p. 2 part 1 art. 446 of the Civil Procedure Code of the Russian Federation, the only dwelling is endowed with executive immunity and protected from foreclosure by creditors. At the same time, new realities (the new chapter on bankruptcy of individuals in the bankruptcy law) forced the higher courts to give a different interpretation to the categorical approach provided for by the Civil Procedure Code of the Russian Federation.