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Another two real estate developers from the Moscow area recognized as troubled in May 2017

Sergey Yerin, Director of Real Estate Legal Advisory Services Department at ACIG Group of Companies, commented on including two developers in the register of troubled developers in May 2017.

According to the website of the Ministry of Construction in the Moscow area, Partner Razvitie LLC registered in Losino-Petrovsky and Park-M LLC registered in Zvenigorod were recognized as troubled and included in the register of troubled developers on May 30, 2017.

As at May 30, 2017, the register contains 122 troubled developers from the Moscow area.

This register consists of real estate developers that violate the requirements of Federal Law No. 214-FZ when obtaining funds or exceed the terms for submission a special and general reporting for more than 60 days, do not comply with the standards of financial stability; as well as in case of bankruptcy proceedings initiated against them, overdue financial obligations under equity agreements for more than three months, or non-compliance of project and other documentation when constructing.