The apartment building company in Punkaharju went bankrupt, but there is no big bank loan behind it: the shareholders did not want or could not pay their consideration.
Housing company The shareholders of Kankaankuja 4–6 in Punkaharju received a nasty message shortly before Christmas:
Due to the bankruptcy, the management of the apartments has been transferred to the bankruptcy estate. The apartments must be cleared of movables by the end of February. Residents will be sent an invoice for the overdue fees.
HS is told from a 50-apartment apartment building company in Punkaharju, Savonlinna, which has fallen into financial distress. It filed a bankruptcy petition with the district court at the beginning of December.
The district court of Etelä-Savo decided on the bankruptcy of the housing stock company on December 12.
One Punkaharjulainen is one of the shareholders who received a bankruptcy notice Svetlana Zakharova.
“This is a sad thing. There is no Christmas spirit or New Year's spirit,” he says.
Russian-born Zaharova has lived in Finland for 23 years. Now he lives in his summer house, where he also spent Christmas.
In a wood-heated cabin, there is enough heat even in winter, but life is difficult in a summer-use cabin: there is no indoor toilet or running water.
No one lives in the apartments of the bankrupt housing company anymore. There is no heat or water in the houses. The electricity has been cut off at least in the apartment building where Zaharova's apartment is located.
The bankruptcy notice also states that the shareholders must pay the overdue maintenance fees from the period before the bankruptcy.
Some of the shareholders have not paid their dues for a long time.
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“If there is no water, no electricity and no heating, why do I have to pay a treatment fee?”
Housing company a large number of shareholders are of Russian background. Like Zaharova, some of them live in Finland, some in Russia.
The corona pandemic, Russia's war of aggression in Ukraine and the resulting sanctions have made it difficult for people living in Russia to fulfill their obligations in Finland. Money transfer between Finland and Russia has been difficult.
The unwillingness to pay spread to other shareholders, and the plight of the housing association deepened.
Zaharova stopped paying the fees in March.
“If there is no water, no electricity and no heating, why do I have to pay a treatment fee? That's why I didn't pay. I have paid everything until February. In my opinion, this is not right,” he says.
Sad situation, says the lawyer appointed as administrator of the bankruptcy estate, KHT auditor Aarni Oksanen.
According to him, the situation at Kankaankuja 4–6 differs from the usual bankruptcy of a housing company. In the background, at least according to the current information, there is no large bank loan that the housing association cannot pay and which is secured by the real estate and buildings owned by the housing association.
In the case of Kankaankuja 4–6, the largest creditor is the neighboring housing association, which has supplied heat to the apartment buildings. Other large creditors are, for example, the electricity company, the water company and the property maintenance company.
According to Oksanen, the total amount of receivables is stated in the bankruptcy application as 50,000–60,000 euros.
Oksanen has not yet had time to visit the buildings belonging to the nest, but plans to travel to Punkaharju in January.
In the spring, he aims to organize a creditors' meeting, which can make the necessary decisions about the liquidation of the estate's assets to cover the debts. It means selling the leasehold of the plot and the buildings.
“But the object is not the easiest to sell. Or the sales period may be long. This is an unfortunate situation for both shareholders and creditors,” says Oksanen.
The trustee is considering whether an active group could be found among the housing company's current shareholders who would still be interested in owning the property.
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“It would be natural for the people who have been there to have the opportunity to continue as a partner or tenant.”
According to Oksanen, such a group of investors would know the target from before and could establish a new housing stock company. It could buy the land lease right and buildings with apartments from the bankruptcy estate.
“If the creditors so decide, I would promote this option as well. It would be natural for the people who have been there to have the opportunity to continue as a partner or tenant. They would also appreciate it.”
Oksanen points out that if the background was, for example, a large bank loan, the bank would not want to sell the security asset so that it becomes a bad debt. In this case, however, the creditors' claims are “quite reasonable”.
“It is possible that the creditors would accept the realization of the assets on reasonable terms. Creditors can decide to whom it will be sold and at what price,” says Oksanen.
“My job is to make sure that the object is marketed openly and that it is sold at a fair market price.”
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