Vitebsk Regional Property Committee: if you bought state property for the basic amount – the conditions must be met!

According to the State Property Committee, in proceedings on economic insolvency (bankruptcy), property acquired at an auction for a base value, in case of non-fulfillment of the auction conditions, cannot be sold at auction and is subject to return to state ownership, including through court proceedings. Penalty sanctions for non-fulfillment of the contract conditions are also subject to recovery.

The State Property Committee has determined the measures that must be taken to prevent the creation of conditions for using bankruptcy procedures to evade the fulfillment of obligations regarding property acquired from state ownership at an auction for one base value.

More information can be found at the link.