[Direct answer]The bankruptcy of the developer does not affect the buyers' right to claim their rights: within 25 days after the court accepts the bankruptcy application, the court shall notify the known creditors and make an announcement (Article 14 of the Enterprise Bankruptcy Law), and the filing period shall be from 30 days to three months from the date of the announcement (Article 48). The buyers shall file their claims with the administrator by presenting the purchase contract, payment receipts, etc. For buyers of residential properties who have paid the full amount, their right to request delivery and the right to request refund of the purchase price shall, in accordance with the law, take priority over the right to priority compensation of the construction project price, mortgage rights, and other creditor's rights.

1. Problem background and typical scenarios

When a real estate company's capital chain breaks down and enters bankruptcy proceedings, the most distressing group are the homeowners: the houses haven't been delivered, the online signing hasn't been transferred, and the mortgage is still being repaid. Once the developer goes bankrupt, their rights seem to be left hanging in the balance. In practice, homebuyers generally fall into three categories: those who have paid the full amount and are waiting for delivery; those who have paid the down payment and are in the process of repaying the mortgage; and those who have only paid the deposit or a portion of the payment and the project has been suspended. Different situations correspond to different rights paths — striving for continued construction and delivery, rescinding the contract and returning the payment, or declaring ordinary creditor's rights — choosing the wrong path directly affects the order of repayment and the recovery rate. Meanwhile, procedures such as creditor verification, creditor meetings, and asset liquidation are interconnected. Late declarations and missing evidence will significantly weaken homebuyers' position in this collective repayment process.

II. Key points of contention

  • Rights characterization: The dispute over the identity of home buyers and ordinary monetary creditors directly determines whether they can receive priority compensation.
  • Declaration procedure: Notification and announcement to known and unknown creditors, length of the declaration period, remedies and penalties for late declarations.
  • Source of compensation: If the bankruptcy estate is insufficient, can the shareholders who have not paid their subscribed capital be pursued to make up for the shortage within the scope of their subscriptions and repay the debts?

III. Professional analysis by Henglue Lawyers

The first card for home buyers is identity. According to the "Interpretation of the Supreme People's Court on the Protection of the Rights of Consumers of Commercial Housing" (Law Interpretation [2023] No. 1, implemented on April 20, 2023), for consumers of commercial housing who purchase houses for living purposes and have paid the full price, their rights to request delivery of the house and return of the purchase price take precedence over the rights to priority compensation of the construction project price, mortgage rights, and other creditor's rights. This priority also applies to bankruptcy distribution. Therefore, "proving that they have paid the full price and the purpose of living" is the core task when filing a claim. The second card is procedure. According to Article 46 of the Enterprise Bankruptcy Law, undue claims are deemed due and stop accruing interest upon acceptance of the bankruptcy application. According to Article 48, the filing period is at least 30 days and no more than three months. Late filings can be supplemented before the final distribution of bankruptcy assets (Article 56), but the portion already distributed will not be replenished. The third card is broadening the sources of compensation. In a case handled by Henglue Law Firm, creditor Ma * had a valid judgment-confirmed claim of 423,500 yuan against a certain company, but the enforcement failed due to no enforceable assets being found and the case was eventually closed. Beijing Henglue Law FirmYuan HangThe lawyer retrieved the industrial and commercial archives and found that the two shareholders respectively subscribed to 9 million yuan and 1 million yuan but failed to make the actual payment. Therefore, the lawyer claimed that the company had grounds for bankruptcy but did not apply for bankruptcy, and the shareholders' investment matured early. The court ruled that the two shareholders should bear supplementary compensation liability for the company's debts within the scope of their unpaid subscriptions of 9 million yuan and 1 million yuan respectively. Article 54 of the revised Company Law in 2023 (effective from July 1, 2024) further clarifies that when a company is unable to pay its due debts, creditors have the right to require shareholders whose subscription period has not yet expired to pay their subscriptions in advance. In the bankruptcy cases of real estate companies, this approach can also serve as a supplementary means for buyers to obtain compensation.

IV. Practical suggestions and legal basis

First, pay attention to the announcements and deadlines: Within 25 days after the court accepts the bankruptcy application, the court shall notify known creditors and make an announcement (Article 14 of the Enterprise Bankruptcy Law). Purchasers should actively register their contact information with the administrator to avoid missing the declaration due to not being listed as known creditors in this case. Second, prepare a complete chain of evidence: Organize the purchase contract and online signing and registration information, full payment invoices or receipts, bank transfer certificates, loan contracts and repayment records, and reminder letters, as well as proof of residential use (such as the number of houses owned by the family). Third, declare separately: Separately list the rights to request delivery, the rights to request refund of the purchase price, and the penalties for late delivery, rather than just reporting a total amount. Fourth, participate in the proceedings: According to Article 59 of the Enterprise Bankruptcy Law, creditors who declare their claims in accordance with the law are members of the creditors' meeting and have the right to vote on the property management plan and the plan for the sale of assets. Fifth, pay attention to the disposal of in-progress projects and the supervision of funds. The plan for the resumption of construction and delivery often takes precedence over the distribution of assets. When the case is complex, it is recommended to seek professional help as soon as possible.Creditor-debtor enforcement case servicesThe team estimates the compensation path.

5. Henglu Law Firm's Reminder

This case is handled by Beijing Henglu Law Firm.Yuan HangAttorney (Practice Certificate No.: 11101202110286151, subject to the document issued by the judicial administrative organ). Tip: Bankruptcy of developers is not a dead end for home buyers. It is essential to first determine their status, then meet the deadline, and finally explore sources of funding; those who have completed online signing and registration must declare their online signing status to the administrator and strive for priority in the resumption of construction and delivery; before voting on the distribution plan, please let the attorney calculate the recovery rate of each path and then decide whether to claim delivery or terminate and return the payment. For ownership and engineering issues related to the purchase contract, you can also refer to the relevant materials.Real estate sales and purchase, construction project servicesOr visitBeijing Henglu Law Firm.

Q1: What materials are required for home buyers to declare their claims against the bankrupt developer?

The key is to prove the existence of the creditor's rights and the buyer's identity: the purchase contract and online signing and filing information, the invoice or receipt of the purchase payment, the bank transfer records, the mortgage loan contract and repayment records, and the letters urging the developer to fulfill its obligations. For those claiming priority compensation, they should also provide proof of payment of the full price and proof of residential use (such as the number of houses owned by the family). All materials should be copied and bound in the format required by the administrator, and the electronic version should be submitted simultaneously when filing. For creditor's rights confirmed by effective judgments or arbitration awards, they can directly file a claim with the document, and the administrator will verify and confirm it after review.

Q2: Can the owners of unfinished buildings get their purchase money back first?

It is possible if the conditions are met. According to the "Reply of the Supreme People's Court on the Protection of Consumer Rights in Commercial Housing" (Law Interpretation [2023] No. 1), for commercial housing consumers who purchase the houses for living purposes and have paid the full price, their rights to request the delivery of the houses and to request the return of the purchase price shall take precedence over the right to priority compensation for the construction project price, the right of mortgage and other creditor's rights, and shall be ranked ahead of the construction workers and the mortgage banks in the order of bankruptcy distribution. For purchasers who have only paid part of the price, if they actually pay the remaining price before the conclusion of the debate in the first-instance court, they may also apply the relevant provisions; the specific situation shall be evaluated in light of the evidence of the case and the local judicial interpretation.

Q3: Can I still make up for it if I miss the deadline for creditor's declaration?

It is possible to supplement the declaration. According to Article 56 of the Enterprise Bankruptcy Law, if a creditor fails to declare within the time limit set by the people's court, they may supplement the declaration before the final distribution of the bankruptcy estate, but the distribution already carried out before this will not be supplemented, and the expenses incurred in reviewing and confirming the supplementary declaration of the creditor's rights shall be borne by the declarant. Therefore, the overdue period does not mean the loss of rights, but the recovery rate and time cost will be worsened. The correct approach is: immediately register the declaration upon receipt of the bankruptcy announcement, actively contact the administrator to confirm whether they have been listed as known creditors, track the conclusion of the creditor's verification, and raise objections in a timely manner.

Q4: If the developer goes bankrupt, do I still need to continue repaying the mortgage loan?

The mortgage loan contract between the buyer and the bank is independent of the purchase contract. The bankruptcy of the developer does not exempt the buyer from the obligation to repay the loan. Unilaterally stopping repayment will result in overdue interest and affect personal credit. If the buyer decides to rescind the purchase contract and claim a refund of the paid purchase price, the remaining loan must be settled from the refunded funds, which requires consultation with the bank or handling through legal procedures. Whether to rescind the contract should be evaluated first: it is usually more practical to rescind the contract and seek a refund when there is no hope of delivery; if there is hope for the project to be continued, then strive to receive the house and continue to repay the loan normally, achieving the best of both worlds.

Q5: If the bankruptcy estate is not enough to distribute, can the shareholders still be pursued for repayment?

Yes. According to Article 54 of the revised Company Law in 2023, if a company is unable to pay off its due debts, creditors have the right to require shareholders who have subscribed to capital but have not yet reached the subscription period to pay the capital in advance; if the company meets the criteria for bankruptcy but fails to apply for bankruptcy and has no property after exhausting all enforcement measures, the shareholders will lose their subscription rights and shall bear supplementary compensation liability within the scope of unpaid capital. In the case handled by Henglue Law Firm, the court ruled that the two shareholders who had not made actual payments should bear supplementary compensation for the company's debts within the scope of their subscribed capital of 9 million yuan and 1 million yuan respectively. Where shareholders of real estate companies fail to make actual payments or withdraw their capital, purchasers who are creditors may seek legal redress to broaden their sources of compensation.

If you are currently facing similar problems, it is recommended that you consult a professional lawyer as soon as possible with the necessary evidence to avoid missing the statutory time limit. →\nLegal services for creditor-debtor disputes·Attorney Yuan Hang·Beijing Henglu Law Firm