Belarusian Market’s Pioneers Go Down – Charter’97 :: News from Belarus – Belarusian News – Republic of Belarus


Belarusian Market's Pioneers Go Down

Stories of the most large-profile bankruptcies of modern situations.

In the first fifty percent of 2022, many hundred firms were being knocked out of the Belarusian business by exterior and inside circumstances. The Office environment Existence information publisher seemed into the Unified Condition Sign-up of Bankruptcy Info and compiled a listing of at the time quite well-known authorized entities that are completing the liquidation approach, looking for a protective period of time towards statements and settling creditors’ claims.

It is worthy of declaring that the deterioration of the financial natural environment and the tightening of sanctions are increasingly resulting in the bankruptcy of Belarusian firms. The French corporation Coface, which specializes in possibility insurance coverage, has now reacted to this: in the next quarter, Belarus moved from the team of international locations with a ‘high risk’ of company defaults to a dangerous zone with a ‘very high’ probability.

Now Belarus, Ukraine, which was by now below this threat, and Russia, which was lowered by two methods at after in a few months, have a single stage left to the base according to the classification of the French, the “damn dozen” of nations with an severe degree. It now involves North Korea, Syria, Iraq, Venezuela, Afghanistan, Kosovo, Libya, Cuba, Yemen, Sudan, Eritrea, Burundi and Zimbabwe.

Miran-Perfume LLC and Dokshytsy Miran-Perfume LLC

A single of the pioneers of domestic perfume manufacturing, made by the late businessman Mikolai Bakach, operated below the Miran-Parfume model for pretty much 30 years. Do you don’t forget his low cost brand names Magic Guard, Angels, Possibilities or Diplomat? The business also recently developed repellents.

In the spring of past calendar year, the liquidation of both Mirans commenced, and through this calendar year, owing to money owed that are unable to be contented, personal bankruptcy proceedings were initiated and opened in scenarios of simplified personal bankruptcy of both lawful entities.

In accordance to courtroom resources, Dokshytsy Miran-Fragrance LLC’s liabilities to lenders quantity to over 473 thousand rubles (with assets of 219.5 thousand rubles). Dokshytsy Miran-Fragrance LLC, in turn, filed for personal bankruptcy of Miran-Fragrance LLC, which owed it just about 70,000 rubles. In overall, Miran-Perfume LLC must spend about 2 million rubles to its collectors. There is the only thing, as indicated in the circumstance file, the organization has no cash and assets.

Gersis Program LLC

This organization is one particular of the pioneers of the Belarusian IT field: Gersis Software LLC was founded in 2008 and grew to become a resident of the Large Tech Park (HTP) in 2012.

Its critical exercise was the development of computer software and various solutions for its owner SIS Group International. This team, less than Uladzimir Lakhtenkou management, specialized in the import and output of telecommunication tools, the development of telecommunication methods, and the development and distribution of IT products and solutions. SIS Group Worldwide even attempted to start tablets underneath the Flycat model.

Dangerous contracts in Transcaucasia led to the collapse of their small business, and Gersis Application LLC was affected. In 2020, the business was excluded from the HTP, and started a liquidation system at the request of one of its creditors. They experienced to begin personal bankruptcy proceedings in 2022 due to the fact that the assets of Gersis Computer software LLC have been not more than enough to fulfill the requirements of the creditors.

Izospan LLC

Izospan LLC is an additional bankrupt firm from the as soon as-powerful Isobud Team, produced by businessman Ihar Cherny to develop and offer metal buildings for prefabricated premises.

In accordance to details from the scenario information, it has been bancrupt due to the fact 2016 and has been in liquidation given that 2021. The Financial Court of Minsk issued a selection declaring its financial insolvency in mid-June of this yr. At the same time, the deadlines for finishing the liquidation of the former resident of the FEZ Mogilev have been decided, it is mid-2023.

In accordance to the situation file, Izospan LLC owes its collectors, which includes workers, around 3.5 million rubles, 16.2 million Russian rubles and 19.1 million euros. At the same time, all its property volume to about 9 million rubles, and element of the property still desires to be returned from yet another site of the team (Izobud-South is also in the system of bankruptcy) in the metropolis of Volzhsky in Russia.

Vysoki Zamok ALC

By the end of its 20-calendar year history, the Vysoki Zamok ALC design corporation accumulated considerable money owed. The corporation, established with the involvement of Lithuanian traders, is identified for taking part in a selection of significant-profile design initiatives in our place: the Bonus Buying Shopping mall, the ProStore Hypermarket, and the Zorka Jewelry Manufacturing facility, retailers for Eurotorg and Rodnaya Storona. Also, Vysoki Zamok ALC took part in the reconstruction of the Minsk Fabrika-Kukhnia.

At the time of the opening of individual bankruptcy proceedings in March 2022, the company’s financial debt to about 300 creditors exceeded 27 million rubles and 58 thousand euros. Vysoki Zamok ALC managed to shell out off former staff members all through the thirty day period of the security period of time, but the sum of its money owed nonetheless exceeds its assets.

In April, the protecting time period, previously introduced at the organization, was extended by the courtroom decision.

Merlintur LLC

The Minsk Central District Office of the Ministry of Taxes and Obligations of the Republic of Belarus experienced promises in opposition to a person of the oldest tour operators in the state this calendar year. The purpose was Merlintur LLC’s debt to the budget in the volume of much more than 1.3 million rubles, revealed adhering to the outcomes of the inspection of the FID of the State Regulate Committee of Belarus performed in 2021.

“The debtor does not have any assets and resources, it is not located at the lawful address,” the firm’s court docket file reads. The appointed crisis manager was ordered to submit a strategy for the liquidation of the debtor by mid-June.

Merlintur LLC has been operating in the industry of vacationer expert services of the republic given that 1995. Its proprietor is Barys Ulasau. His mom, Lilia Ulasava, is the founder and operator of one of the country’s very first private law companies. In August 2020, she entered the praesidium of the Coordinating Council for the Transfer of Electricity, and was detained and released in October of the identical 12 months.

Banyar JLLC

A person of the considerable activities in the domestic retail current market in 2021 was the withdrawal of the pioneer of the country’s malls proprietor – the Bigzz chain.

Barys Lukomski, a single of the Baniar’s top administrators started a liquidation procedure in the spring of final yr. Nevertheless, the enterprise did not have enough resources to pay back off suppliers and other lenders. In the spring of this calendar year, at the ask for of a main alcoholic beverages producer and distributor of BVgroup JLLC, a personal bankruptcy proceeding was opened in the framework of the retailer’s individual bankruptcy scenario. The Mahiliou Leninski District Office of the Ministry of Taxes and Obligations of the Republic of Belarus demanded the identical at the exact time, as nicely as AlfaBank.

The revealed files foreshadow the scope of the future litigation: as of February this year only, the undisclosed volume of Baniar’s liabilities (including wages) amounted to nearly 22.4 million rubles and additional than 1.5 million pounds. Its assets ended up valued by the liquidator at 13.6 million rubles.


In 2020, businessman Aliaksei Kavalenak and his associates launched the 1st phase of 1 of the principal 2010s expense initiatives – the Miory tinplate plant. MMPZ-Group LLC entered the current market and obtained excellent fame by signing a sponsorship deal with McLaren, just one of the leading Formula 1 racing groups, in the exact same yr.

Aliaksandr Lukashenka was intended to appear to the enterprise In the summertime of 2021. However, the security expert services raided and detained the leadership of MMPZ-Team LLC on the eve of his take a look at to Miory. Given that then, the plant, which utilized about 20% of the city’s staff, has experienced constant difficulties: generation experienced been stopped at the plant, and according to the effects of 2021, the business endured a web loss of 91.1 million rubles.

Belarusbank also additional to these troubles with its court enchantment, currently being the most important creditor, which triggered the initiation of individual bankruptcy proceedings. The plant owes the lender more than 250 million euros and has presently overdue payments in excess of 28 million euros.

MenuBy LLC

This calendar year, the liquidation of the the moment greatest Belarusian cafe meals supply assistance has begun. The holding firm Menubay LLC has not been operating given that the conclusion of past year and has filed for personal bankruptcy.

According to courtroom files, its money owed amounted to $840,000 in Could, with property of just about $50,000. Also, the Belarusian authorized entity have to repay the parent firm Menu Group (British isles) a loan in the amount of money of $1.8 million.

The court docket listening to in the situation is scheduled for August this 12 months.