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

Annette K. Brown



Belarusian Market's Pioneers Go Down

Stories of the most substantial-profile bankruptcies of latest periods.

In the very first half of 2022, quite a few hundred corporations had been knocked out of the Belarusian business enterprise by external and inner circumstances. The Workplace Everyday living information publisher seemed into the Unified Point out Sign up of Bankruptcy Information and facts and compiled a listing of the moment fairly well-recognised authorized entities that are completing the liquidation course of action, trying to get a protective interval versus claims and settling creditors’ claims.

It is value indicating that the deterioration of the economic environment and the tightening of sanctions are ever more creating the individual bankruptcy of Belarusian enterprises. The French enterprise Coface, which specializes in hazard insurance, has now reacted to this: in the second quarter, Belarus moved from the group of countries with a ‘high risk’ of corporate defaults to a harmful zone with a ‘very high’ chance.

Now Belarus, Ukraine, which was currently less than this danger, and Russia, which was reduced by two actions at once in 3 months, have one particular stage remaining to the base according to the classification of the French, the “damn dozen” of nations with an serious amount. It now contains North Korea, Syria, Iraq, Venezuela, Afghanistan, Kosovo, Libya, Cuba, Yemen, Sudan, Eritrea, Burundi and Zimbabwe.

Miran-Perfume LLC and Dokshytsy Miran-Perfume LLC

One particular of the pioneers of domestic fragrance production, made by the late businessman Mikolai Bakach, operated below the Miran-Parfume model for almost 30 several years. Do you recall his low-priced brand names Magic Guard, Angels, Possibilities or Diplomat? The organization also not too long ago made repellents.

In the spring of previous calendar year, the liquidation of both equally Mirans started, and in the course of this year, thanks to money owed that are not able to be happy, individual bankruptcy proceedings had been initiated and opened in instances of simplified bankruptcy of the two lawful entities.

According to court elements, Dokshytsy Miran-Fragrance LLC’s liabilities to lenders total to above 473 thousand rubles (with property of 219.5 thousand rubles). Dokshytsy Miran-Perfume LLC, in switch, submitted for personal bankruptcy of Miran-Perfume LLC, which owed it just about 70,000 rubles. In complete, Miran-Fragrance LLC have to shell out about 2 million rubles to its collectors. There is the only factor, as indicated in the circumstance file, the business has no revenue and assets.

Gersis Software package LLC

This firm is one particular of the pioneers of the Belarusian IT marketplace: Gersis Application LLC was recognized in 2008 and grew to become a resident of the Superior Tech Park (HTP) in 2012.

Its crucial activity was the advancement of application and several merchandise for its operator SIS Group Global. This team, beneath Uladzimir Lakhtenkou administration, specialized in the import and creation of telecommunication gear, the construction of telecommunication units, and the development and distribution of IT goods. SIS Team Intercontinental even attempted to launch tablets beneath the Flycat model.

Dangerous contracts in Transcaucasia led to the collapse of their enterprise, and Gersis Program LLC was afflicted. In 2020, the corporation was excluded from the HTP, and begun a liquidation system at the request of a person of its lenders. They experienced to get started personal bankruptcy proceedings in 2022 thanks to the reality that the property of Gersis Computer software LLC had been not enough to fulfill the requirements of the creditors.

Izospan LLC

Izospan LLC is a further bankrupt enterprise from the after-effective Isobud Group, designed by businessman Ihar Cherny to create and provide metallic buildings for prefabricated premises.

In accordance to data from the circumstance information, it has been insolvent considering that 2016 and has been in liquidation considering the fact that 2021. The Financial Court of Minsk issued a choice declaring its economic insolvency in mid-June of this year. At the exact time, the deadlines for finishing the liquidation of the previous resident of the FEZ Mogilev ended up decided, it is mid-2023.

In accordance to the situation file, Izospan LLC owes its collectors, such as personnel, more than 3.5 million rubles, 16.2 million Russian rubles and 19.1 million euros. At the very same time, all its assets amount of money to about 9 million rubles, and component of the home however wants to be returned from yet another internet site of the group (Izobud-South is also in the system of personal bankruptcy) in the city of Volzhsky in Russia.

Vysoki Zamok ALC

By the close of its 20-12 months heritage, the Vysoki Zamok ALC construction group gathered appreciable debts. The enterprise, made with the involvement of Lithuanian buyers, is recognized for participating in a variety of high-profile building projects in our nation: the Bonus Buying Mall, the ProStore Hypermarket, and the Zorka Jewelry Factory, outlets for Eurotorg and Rodnaya Storona. Also, Vysoki Zamok ALC took section in the reconstruction of the Minsk Fabrika-Kukhnia.

At the time of the opening of individual bankruptcy proceedings in March 2022, the firm’s financial debt to about 300 collectors exceeded 27 million rubles and 58 thousand euros. Vysoki Zamok ALC managed to fork out off former staff members through the thirty day period of the defense period of time, but the total of its money owed still exceeds its property.

In April, the protective period, formerly released at the company, was prolonged by the courtroom conclusion.

Merlintur LLC

The Minsk Central District Section of the Ministry of Taxes and Responsibilities of the Republic of Belarus had promises in opposition to a person of the oldest tour operators in the nation this yr. The motive was Merlintur LLC’s financial debt to the price range in the amount of money of additional than 1.3 million rubles, discovered pursuing the benefits of the inspection of the FID of the Condition Manage Committee of Belarus conducted in 2021.

“The debtor does not have any home and funds, it is not positioned at the authorized tackle,” the company’s court file reads. The appointed crisis supervisor was purchased to post a prepare for the liquidation of the debtor by mid-June.

Merlintur LLC has been performing in the industry of tourist providers of the republic considering the fact that 1995. Its owner is Barys Ulasau. His mom, Lilia Ulasava, is the founder and owner of one of the country’s first private law firms. In August 2020, she entered the praesidium of the Coordinating Council for the Transfer of Electricity, and was detained and unveiled in October of the similar year.

Banyar JLLC

Just one of the substantial events in the domestic retail market place in 2021 was the withdrawal of the pioneer of the country’s malls proprietor – the Bigzz chain.

Barys Lukomski, a person of the Baniar’s major managers started off a liquidation procedure in the spring of very last year. Nonetheless, the corporation did not have more than enough funds to spend off suppliers and other lenders. In the spring of this 12 months, at the ask for of a major alcohol producer and distributor of BVgroup JLLC, a personal bankruptcy proceeding was opened in the framework of the retailer’s personal bankruptcy circumstance. The Mahiliou Leninski District Department of the Ministry of Taxes and Obligations of the Republic of Belarus demanded the exact at the identical time, as nicely as AlfaBank.

The published paperwork foreshadow the scope of the impending litigation: as of February this 12 months only, the undisclosed amount of money of Baniar’s liabilities (together with wages) amounted to practically 22.4 million rubles and more than 1.5 million bucks. Its belongings were being valued by the liquidator at 13.6 million rubles.


In 2020, businessman Aliaksei Kavalenak and his partners introduced the 1st phase of 1 of the main 2010s financial commitment projects – the Miory tinplate plant. MMPZ-Group LLC entered the marketplace and gained fantastic fame by signing a sponsorship agreement with McLaren, 1 of the major Components 1 racing groups, in the same 12 months.

Aliaksandr Lukashenka was supposed to arrive to the enterprise In the summertime of 2021. Even so, the safety services raided and detained the leadership of MMPZ-Group LLC on the eve of his check out to Miory. Due to the fact then, the plant, which used about 20% of the city’s personnel, has had continuous issues: output had been stopped at the plant, and in accordance to the effects of 2021, the organization suffered a net decline of 91.1 million rubles.

Belarusbank also added to these difficulties with its court docket enchantment, getting the main creditor, which prompted the initiation of personal bankruptcy proceedings. The plant owes the financial institution much more than 250 million euros and has previously overdue payments in surplus of 28 million euros.

MenuBy LLC

This yr, the liquidation of the once premier Belarusian cafe food stuff supply assistance has started. The keeping enterprise Menubay LLC has not been operating since the finish of previous 12 months and has submitted for personal bankruptcy.

According to court documents, its money owed amounted to $840,000 in May perhaps, with property of just above $50,000. Also, the Belarusian lawful entity should repay the parent enterprise Menu Group (United kingdom) a loan in the amount of money of $1.8 million.

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


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