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The Ministry of Justice of the Russian Federation drafted a Bill allowing seizure and sale of a debtor’s sole residence
DATE: January 24, 2017 | AUTHOR: atlawyers
The Bill allows enforcement of debt collection court decision by seizure and sale of debtor’s sole residential property (which is currently exempt), provided its area exceeds statutory minimum (18 sq.m. per person in Moscow) at least twice, the debt is greater than 5% of the property value and the estimated balance of sale proceed (less debt and costs of sale and enforcement proceedings) to be returned to the debtor shall be no less than 50% of the property value. If all these conditions are met, the property shall be sold at a public auction and the balance of sale proceeds shall be returned to the debtor.