Vaasa court rejects Lakea residents’ appeal over housing company bankruptcies

The Vaasa Court of Appeal has refused to review a complaint and an appeal filed by Lakea’s Omaksi contract holders, who sought to overturn the bankruptcy decisions of 13 housing companies, Yle reports.

The residents, who acquired their homes through Lakea’s special financing scheme, had demanded the bankruptcies be annulled and the cases returned to district court for reconsideration. Their broader aim was to clarify and secure their legal status as residents.

The court ruled that the Omaksi contracts had been terminated and that the applicants had no contractual relationship with the housing companies nor owned shares in them. As such, they were not considered parties to the bankruptcy proceedings and had no right to appeal.

A support association for the Omaksi residents disputes the decision, arguing it relies solely on statements from the bankruptcy estate. The association maintains that the contracts were tied to the companies’ articles of association and should bind any new owner. Residents consider themselves the de facto owners of the apartments through capital-like payments and deposits.

The court, however, classified the Omaksi residents as tenants, aligning with the bankruptcy estate’s position. Joonas Metsämäki, the association’s lawyer, called the refusal to review the case a disappointment and said further steps would be discussed with the affected parties. He noted the ruling could impact other ongoing legal processes.

The court is still expected to decide on an application for interim measures to prevent the sale of the housing companies. Additional legal actions, including a petition for confirmation, a complaint, and criminal charges, are also pending.