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


Belarusian Market's Pioneers Go Down

Tales of the most significant-profile bankruptcies of current moments.

In the first 50 percent of 2022, a number of hundred organizations were knocked out of the Belarusian small business by external and inside situations. The Office Lifetime information publisher looked into the Unified State Sign-up of Personal bankruptcy Information and facts and compiled a checklist of once rather nicely-acknowledged authorized entities that are finishing the liquidation approach, searching for a protecting time period in opposition to promises and settling creditors’ claims.

It is well worth saying that the deterioration of the financial surroundings and the tightening of sanctions are increasingly causing the individual bankruptcy of Belarusian businesses. The French firm Coface, which specializes in chance insurance policy, has now reacted to this: in the 2nd quarter, Belarus moved from the team of nations with a ‘high risk’ of company defaults to a hazardous zone with a ‘very high’ chance.

Now Belarus, Ukraine, which was previously less than this danger, and Russia, which was reduced by two steps at when in 3 months, have 1 action still left to the bottom according to the classification of the French, the “damn dozen” of international locations with an severe stage. It now incorporates North Korea, Syria, Iraq, Venezuela, Afghanistan, Kosovo, Libya, Cuba, Yemen, Sudan, Eritrea, Burundi and Zimbabwe.

Miran-Perfume LLC and Dokshytsy Miran-Fragrance LLC

A single of the pioneers of domestic fragrance production, established by the late businessman Mikolai Bakach, operated underneath the Miran-Parfume model for virtually 30 years. Do you remember his low-cost manufacturers Magic Guard, Angels, Probabilities or Diplomat? The company also lately generated repellents.

In the spring of very last yr, the liquidation of the two Mirans began, and through this yr, owing to money owed that can not be happy, individual bankruptcy proceedings have been initiated and opened in situations of simplified individual bankruptcy of both legal entities.

According to court products, Dokshytsy Miran-Perfume LLC’s liabilities to lenders sum to more than 473 thousand rubles (with property of 219.5 thousand rubles). Dokshytsy Miran-Perfume LLC, in convert, submitted for bankruptcy of Miran-Perfume LLC, which owed it pretty much 70,000 rubles. In overall, Miran-Perfume LLC should pay about 2 million rubles to its collectors. There is the only factor, as indicated in the scenario file, the corporation has no money and residence.

Gersis Computer software LLC

This corporation is a person of the pioneers of the Belarusian IT marketplace: Gersis Computer software LLC was proven in 2008 and turned a resident of the Significant Tech Park (HTP) in 2012.

Its key exercise was the enhancement of computer software and various products for its operator SIS Team Intercontinental. This group, beneath Uladzimir Lakhtenkou management, specialized in the import and generation of telecommunication products, the development of telecommunication programs, and the progress and distribution of IT merchandise. SIS Group Worldwide even experimented with to launch tablets below the Flycat model.

Risky contracts in Transcaucasia led to the collapse of their business, and Gersis Software program LLC was afflicted. In 2020, the firm was excluded from the HTP, and begun a liquidation method at the ask for of just one of its creditors. They had to begin personal bankruptcy proceedings in 2022 owing to the reality that the assets of Gersis Program LLC have been not enough to fulfill the needs of the collectors.

Izospan LLC

Izospan LLC is a different bankrupt business from the once-impressive Isobud Team, made by businessman Ihar Cherny to produce and sell metal constructions for prefabricated premises.

According to facts from the scenario documents, it has been bancrupt considering that 2016 and has been in liquidation due to the fact 2021. The Financial Court docket of Minsk issued a choice declaring its financial insolvency in mid-June of this 12 months. At the very same time, the deadlines for completing the liquidation of the previous resident of the FEZ Mogilev were established, it is mid-2023.

According to the scenario file, Izospan LLC owes its lenders, which includes workers, more than 3.5 million rubles, 16.2 million Russian rubles and 19.1 million euros. At the exact same time, all its property amount to about 9 million rubles, and portion of the property however needs to be returned from one more web-site of the team (Izobud-South is also in the course of action of individual bankruptcy) in the city of Volzhsky in Russia.

Vysoki Zamok ALC

By the conclusion of its 20-year background, the Vysoki Zamok ALC design business amassed appreciable money owed. The corporation, developed with the involvement of Lithuanian traders, is acknowledged for collaborating in a amount of superior-profile design projects in our place: the Bonus Searching Mall, the ProStore Hypermarket, and the Zorka Jewelry Manufacturing facility, shops 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 bankruptcy proceedings in March 2022, the firm’s financial debt to about 300 lenders exceeded 27 million rubles and 58 thousand euros. Vysoki Zamok ALC managed to pay back off previous staff for the duration of the thirty day period of the protection interval, but the quantity of its debts even now exceeds its belongings.

In April, the protecting period of time, formerly released at the company, was extended by the court decision.

Merlintur LLC

The Minsk Central District Division of the Ministry of Taxes and Obligations of the Republic of Belarus had promises towards just one of the oldest tour operators in the nation this 12 months. The explanation was Merlintur LLC’s credit card debt to the budget in the volume of far more than 1.3 million rubles, revealed subsequent the final results of the inspection of the FID of the Point out Handle Committee of Belarus carried out in 2021.

“The debtor does not have any house and funds, it is not situated at the authorized handle,” the company’s court file reads. The appointed emergency manager was ordered to submit a prepare for the liquidation of the debtor by mid-June.

Merlintur LLC has been doing work in the market of tourist products and services of the republic given that 1995. Its proprietor is Barys Ulasau. His mother, Lilia Ulasava, is the founder and operator of a single of the country’s first private law corporations. In August 2020, she entered the praesidium of the Coordinating Council for the Transfer of Power, and was detained and unveiled in Oct of the exact same yr.

Banyar JLLC

One particular of the sizeable situations in the domestic retail market in 2021 was the withdrawal of the pioneer of the country’s malls proprietor – the Bigzz chain.

Barys Lukomski, one particular of the Baniar’s major managers commenced a liquidation method in the spring of final calendar year. Nonetheless, the corporation did not have ample cash to shell out off suppliers and other lenders. In the spring of this calendar year, at the request of a major alcohol producer and distributor of BVgroup JLLC, a bankruptcy continuing was opened in the framework of the retailer’s individual bankruptcy scenario. The Mahiliou Leninski District Division of the Ministry of Taxes and Responsibilities of the Republic of Belarus demanded the similar at the identical time, as perfectly as AlfaBank.

The posted files foreshadow the scope of the impending litigation: as of February this calendar year only, the undisclosed volume of Baniar’s liabilities (together with wages) amounted to nearly 22.4 million rubles and more than 1.5 million pounds. Its belongings have been valued by the liquidator at 13.6 million rubles.


In 2020, businessman Aliaksei Kavalenak and his companions introduced the initial phase of just one of the primary 2010s investment jobs – the Miory tinplate plant. MMPZ-Group LLC entered the industry and received good fame by signing a sponsorship contract with McLaren, a person of the leading Components 1 racing groups, in the very same yr.

Aliaksandr Lukashenka was meant to occur to the enterprise In the summer of 2021. On the other hand, the protection providers raided and detained the leadership of MMPZ-Group LLC on the eve of his take a look at to Miory. Due to the fact then, the plant, which employed about 20% of the city’s staff, has had consistent troubles: output experienced been stopped at the plant, and according to the final results of 2021, the company endured a internet loss of 91.1 million rubles.

Belarusbank also additional to these difficulties with its court attraction, being the key creditor, which induced the initiation of personal bankruptcy proceedings. The plant owes the lender extra than 250 million euros and has currently overdue payments in excessive of 28 million euros.

MenuBy LLC

This yr, the liquidation of the the moment premier Belarusian cafe foods shipping assistance has begun. The keeping company Menubay LLC has not been running considering that the close of previous yr and has filed for individual bankruptcy.

According to court data files, its debts amounted to $840,000 in May, with belongings of just more than $50,000. Also, the Belarusian lawful entity have to repay the father or mother enterprise Menu Group (United kingdom) a loan in the volume of $1.8 million.

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