Bankruptcy of a property developer: what remedies for the continuation of your site?

In the event of purchase of a plans, the bankruptcy of your promoter is unfortunately a possibility, in the midst of a real estate crisis. What do you risk and what are your remedies?

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In early February, the Nantes Commercial Court accepted the placement in receivership of several real estate promoter companies, with a six -month observation period. A procedure “Indispensable to finalize restructuring” of the group, struck by the Creal estate Who has lasted for two and a half years, explains the company. Realities is far from being an isolated case: the number of real estate developer failures jumped 150.5% in 2024, compared to 2023, according to Altares.

What happens for you, buying housing for sale in the future state of completion (Vefa) If your promoter Getting past? Unfortunately plausible hypothesis, the number of procedures (safeguarding, recovery and compulsory liquidation) in real estate promotion having jumped +220.8% in the second quarter of 2024, over one year, to reach a total of 154 in France, According to the design office Altar. Don’t panic! “Whether the promoter is placed in recovery or bankruptcy, there is zero risk for the buyer”, Ensures Pascal Boulanger. “There are legal guarantees that protect the promoter’s customers. Starting with the Financial completion guaranteecompulsory, subscribed by the manufacturer to an insurer ”explains to Capital Jean-Edouard Graemiger, from the Consilium Avocats cabinet, located in Angers. But The insurer will not come and get you by the hand : You will need to look at the act of purchase of your property to identify the insurance company in order to contact it. “The customer must declare the claim (the bankruptcy of his promoter, editor’s note) to this insurer, who will have to find another manufacturer to complete the site within the initially planned deadlines”develops Jean-Edouard Graemiger.

Do not forget to alert your bankruptcy bank of the promoter

But “This is very theoretical Because it is not always easy to quickly find a manufacturer who agrees to take over from the one who went bankrupt “he nuances. In practice, the initial construction period can thus be extended “One year. And again, this is an optimistic hypothesis ”completes his colleague Frédéric Copphger, partner at Coblence Avocats in Paris. “There may be three months late but hardly more”nuance Pascal Boulanger. The fact remains that, its construction finally completed, Your property will not necessarily present the expected quality In terms of finishes, warns Frédéric Copphger. This is why, in parallel with the approach you take with the insurer, you must “Declare your claim to the promoter’s liquidator”underlines Jean-Edouard Graemiger. For example, the 90,000 euros you have already paid to your promoter, as part of the funds called as the construction progresses. Your chances of recovering money are however thin, “The bankruptcy promoter has no more resources and its customers not being among priority creditors”warns Frédéric Copphger.

Do not forget eitheralert your bank of the bankruptcy of your promoter! Admittedly, in the case of a VEFA, you do not pay the funds at once to the promoter but in several stages. The fact remains that your bank takes you every month the so -called inter -lap interests associated with your loan. It is the levy of these interests that must be asked to suspend. As many “Procedures that require being rigorous, attentive and patient”summarizes Jean-Edouard Graemiger.