Sergei Bakeshin told DP about the specifics of bankruptcies of architectural studios

Delovoy Peterburg newspaper has published a review of the most high-profile cases related to financial claims against architectural studios. For example, the studios can be threatened with insolvency if they are held liable for the debts of their bankrupt customers or if an architectural project fails to pass an expert appraisal.

Furthermore Sergei Bakeshin, Counsel, Head of Dispute resolution & Insolvency practice at Maxima Legal, told Delovoy Peterburg newspaper that the specifics of bankruptcy of architectural studios can be influenced by the results of their work. Designs, drawings and models of architectural projects are subject to copyright, remuneration for which is not taken into account in determining bankruptcy, but is included in the second order of creditors’ claims, together with arrears of wages.

“Exclusive rights to projects completed by architects usually belong to their clients. Unfinished architectural projects are quite difficult to fix as objects of copyright and sell at public auction. This is different from the objects under construction, etc. where there are materials and embodied intermediate results,” said Sergei.

According to Sergei Bakeshin, assets of architectural studios (premises (if it is owned by the company), furniture, office equipment and computers) can be used to pay off debts to their creditors.

To read the full article (in Russian) please see Delovoy Peterburg newspaper`s website>>>