diff --git a/build-common/test/org/jetbrains/kotlin/serialization/DebugProtoBuf.java b/build-common/test/org/jetbrains/kotlin/serialization/DebugProtoBuf.java
index f30271f3964..ba209bbb636 100644
--- a/build-common/test/org/jetbrains/kotlin/serialization/DebugProtoBuf.java
+++ b/build-common/test/org/jetbrains/kotlin/serialization/DebugProtoBuf.java
@@ -22202,8 +22202,8 @@ public final class DebugProtoBuf {
      * <code>optional int32 flags = 1 [default = 0];</code>
      *
      * <pre>
-     *declaresDefault
      *hasAnnotations
+     *declaresDefault
      *isCrossinline
      *isNoinline
      * </pre>
@@ -22213,8 +22213,8 @@ public final class DebugProtoBuf {
      * <code>optional int32 flags = 1 [default = 0];</code>
      *
      * <pre>
-     *declaresDefault
      *hasAnnotations
+     *declaresDefault
      *isCrossinline
      *isNoinline
      * </pre>
@@ -22419,8 +22419,8 @@ public final class DebugProtoBuf {
      * <code>optional int32 flags = 1 [default = 0];</code>
      *
      * <pre>
-     *declaresDefault
      *hasAnnotations
+     *declaresDefault
      *isCrossinline
      *isNoinline
      * </pre>
@@ -22432,8 +22432,8 @@ public final class DebugProtoBuf {
      * <code>optional int32 flags = 1 [default = 0];</code>
      *
      * <pre>
-     *declaresDefault
      *hasAnnotations
+     *declaresDefault
      *isCrossinline
      *isNoinline
      * </pre>
@@ -22913,8 +22913,8 @@ public final class DebugProtoBuf {
        * <code>optional int32 flags = 1 [default = 0];</code>
        *
        * <pre>
-       *declaresDefault
        *hasAnnotations
+       *declaresDefault
        *isCrossinline
        *isNoinline
        * </pre>
@@ -22926,8 +22926,8 @@ public final class DebugProtoBuf {
        * <code>optional int32 flags = 1 [default = 0];</code>
        *
        * <pre>
-       *declaresDefault
        *hasAnnotations
+       *declaresDefault
        *isCrossinline
        *isNoinline
        * </pre>
@@ -22939,8 +22939,8 @@ public final class DebugProtoBuf {
        * <code>optional int32 flags = 1 [default = 0];</code>
        *
        * <pre>
-       *declaresDefault
        *hasAnnotations
+       *declaresDefault
        *isCrossinline
        *isNoinline
        * </pre>
@@ -22955,8 +22955,8 @@ public final class DebugProtoBuf {
        * <code>optional int32 flags = 1 [default = 0];</code>
        *
        * <pre>
-       *declaresDefault
        *hasAnnotations
+       *declaresDefault
        *isCrossinline
        *isNoinline
        * </pre>
diff --git a/core/deserialization/src/descriptors.proto b/core/deserialization/src/descriptors.proto
index 361c6dff1b5..9ed76a06f91 100644
--- a/core/deserialization/src/descriptors.proto
+++ b/core/deserialization/src/descriptors.proto
@@ -342,8 +342,8 @@ message Property {
 
 message ValueParameter {
   /*
-    declaresDefault
     hasAnnotations
+    declaresDefault
     isCrossinline
     isNoinline
   */
diff --git a/core/deserialization/src/org/jetbrains/kotlin/serialization/ProtoBuf.java b/core/deserialization/src/org/jetbrains/kotlin/serialization/ProtoBuf.java
index 0a9cb656f4f..404340830a1 100644
--- a/core/deserialization/src/org/jetbrains/kotlin/serialization/ProtoBuf.java
+++ b/core/deserialization/src/org/jetbrains/kotlin/serialization/ProtoBuf.java
@@ -17089,8 +17089,8 @@ public final class ProtoBuf {
      * <code>optional int32 flags = 1 [default = 0];</code>
      *
      * <pre>
-     *declaresDefault
      *hasAnnotations
+     *declaresDefault
      *isCrossinline
      *isNoinline
      * </pre>
@@ -17100,8 +17100,8 @@ public final class ProtoBuf {
      * <code>optional int32 flags = 1 [default = 0];</code>
      *
      * <pre>
-     *declaresDefault
      *hasAnnotations
+     *declaresDefault
      *isCrossinline
      *isNoinline
      * </pre>
@@ -17290,8 +17290,8 @@ public final class ProtoBuf {
      * <code>optional int32 flags = 1 [default = 0];</code>
      *
      * <pre>
-     *declaresDefault
      *hasAnnotations
+     *declaresDefault
      *isCrossinline
      *isNoinline
      * </pre>
@@ -17303,8 +17303,8 @@ public final class ProtoBuf {
      * <code>optional int32 flags = 1 [default = 0];</code>
      *
      * <pre>
-     *declaresDefault
      *hasAnnotations
+     *declaresDefault
      *isCrossinline
      *isNoinline
      * </pre>
@@ -17715,8 +17715,8 @@ public final class ProtoBuf {
        * <code>optional int32 flags = 1 [default = 0];</code>
        *
        * <pre>
-       *declaresDefault
        *hasAnnotations
+       *declaresDefault
        *isCrossinline
        *isNoinline
        * </pre>
@@ -17728,8 +17728,8 @@ public final class ProtoBuf {
        * <code>optional int32 flags = 1 [default = 0];</code>
        *
        * <pre>
-       *declaresDefault
        *hasAnnotations
+       *declaresDefault
        *isCrossinline
        *isNoinline
        * </pre>
@@ -17741,8 +17741,8 @@ public final class ProtoBuf {
        * <code>optional int32 flags = 1 [default = 0];</code>
        *
        * <pre>
-       *declaresDefault
        *hasAnnotations
+       *declaresDefault
        *isCrossinline
        *isNoinline
        * </pre>
@@ -17757,8 +17757,8 @@ public final class ProtoBuf {
        * <code>optional int32 flags = 1 [default = 0];</code>
        *
        * <pre>
-       *declaresDefault
        *hasAnnotations
+       *declaresDefault
        *isCrossinline
        *isNoinline
        * </pre>
diff --git a/core/deserialization/src/org/jetbrains/kotlin/serialization/deserialization/MemberDeserializer.kt b/core/deserialization/src/org/jetbrains/kotlin/serialization/deserialization/MemberDeserializer.kt
index f630379c521..7d5c8623c89 100644
--- a/core/deserialization/src/org/jetbrains/kotlin/serialization/deserialization/MemberDeserializer.kt
+++ b/core/deserialization/src/org/jetbrains/kotlin/serialization/deserialization/MemberDeserializer.kt
@@ -253,13 +253,15 @@ class MemberDeserializer(private val c: DeserializationContext) {
 
         return valueParameters.mapIndexed { i, proto ->
             val flags = if (proto.hasFlags()) proto.flags else 0
+            val annotations = if (containerOfCallable != null && Flags.HAS_ANNOTATIONS.get(flags)) {
+                DeserializedAnnotations(c.storageManager) {
+                    c.components.annotationAndConstantLoader.loadValueParameterAnnotations(containerOfCallable, callable, kind, i, proto)
+                }
+            }
+            else Annotations.EMPTY
             ValueParameterDescriptorImpl(
                     callableDescriptor, null, i,
-                    containerOfCallable?.let { container ->
-                        DeserializedAnnotations(c.storageManager) {
-                            c.components.annotationAndConstantLoader.loadValueParameterAnnotations(container, callable, kind, i, proto)
-                        }
-                    } ?: Annotations.EMPTY,
+                    annotations,
                     c.nameResolver.getName(proto.name),
                     c.typeDeserializer.type(proto.type(c.typeTable)),
                     Flags.DECLARES_DEFAULT_VALUE.get(flags),