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

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Tales of the most substantial-profile bankruptcies of new instances.

In the to start with fifty percent of 2022, numerous hundred providers have been knocked out of the Belarusian business enterprise by exterior and inner conditions. The Business Daily life information publisher seemed into the Unified Condition Sign up of Bankruptcy Info and compiled a record of the moment rather effectively-recognised lawful entities that are finishing the liquidation system, seeking a protecting interval against promises and settling creditors’ statements.

It is really worth saying that the deterioration of the economic environment and the tightening of sanctions are significantly resulting in the bankruptcy of Belarusian organizations. The French organization Coface, which specializes in danger insurance policy, has previously reacted to this: in the 2nd quarter, Belarus moved from the team of countries with a ‘high risk’ of corporate defaults to a risky zone with a ‘very high’ probability.

Now Belarus, Ukraine, which was presently underneath this risk, and Russia, which was reduced by two ways at once in three months, have a single action left to the bottom according to the classification of the French, the “damn dozen” of nations with an severe level. 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

One particular of the pioneers of domestic perfume manufacturing, created by the late businessman Mikolai Bakach, operated below the Miran-Parfume brand name for virtually 30 yrs. Do you bear in mind his low-priced manufacturers Magic Guard, Angels, Prospects or Diplomat? The organization also not too long ago produced repellents.

In the spring of past yr, the liquidation of the two Mirans commenced, and in the course of this yr, because of to debts that simply cannot be contented, bankruptcy proceedings were initiated and opened in conditions of simplified personal bankruptcy of each lawful entities.

In accordance 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 change, filed for personal bankruptcy of Miran-Perfume LLC, which owed it almost 70,000 rubles. In complete, Miran-Fragrance LLC have to pay out about 2 million rubles to its lenders. There is the only factor, as indicated in the circumstance file, the company has no revenue and property.

Gersis Software LLC

This enterprise is one particular of the pioneers of the Belarusian IT sector: Gersis Program LLC was proven in 2008 and became a resident of the Superior Tech Park (HTP) in 2012.

Its vital action was the development of software package and numerous items for its operator SIS Group Intercontinental. This group, less than Uladzimir Lakhtenkou administration, specialised in the import and manufacturing of telecommunication equipment, the development of telecommunication systems, and the advancement and distribution of IT goods. SIS Team International even attempted to start tablets below the Flycat manufacturer.

Risky contracts in Transcaucasia led to the collapse of their enterprise, and Gersis Software program LLC was affected. In 2020, the company was excluded from the HTP, and started a liquidation system at the ask for of a single of its collectors. They experienced to start off individual bankruptcy proceedings in 2022 thanks to the actuality that the assets of Gersis Software program LLC ended up not adequate to fulfill the specifications of the lenders.

Izospan LLC

Izospan LLC is a different bankrupt enterprise from the after-highly effective Isobud Group, produced by businessman Ihar Cherny to generate and sell metallic buildings for prefabricated premises.

In accordance to information from the case files, it has been bancrupt because 2016 and has been in liquidation since 2021. The Economic Court of Minsk issued a choice declaring its financial insolvency in mid-June of this year. At the similar time, the deadlines for completing the liquidation of the previous resident of the FEZ Mogilev had been decided, it is mid-2023.

In accordance to the case file, Izospan LLC owes its collectors, like personnel, over 3.5 million rubles, 16.2 million Russian rubles and 19.1 million euros. At the exact same time, all its property quantity to about 9 million rubles, and portion of the property continue to needs to be returned from one more internet site of the team (Izobud-South is also in the process of bankruptcy) in the metropolis of Volzhsky in Russia.

Vysoki Zamok ALC

By the conclude of its 20-year heritage, the Vysoki Zamok ALC development business amassed appreciable debts. The enterprise, made with the involvement of Lithuanian investors, is known for taking part in a number of higher-profile development assignments in our country: the Bonus Shopping Mall, the ProStore Hypermarket, and the Zorka Jewellery Manufacturing facility, 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 personal bankruptcy proceedings in March 2022, the company’s financial debt to above 300 collectors exceeded 27 million rubles and 58 thousand euros. Vysoki Zamok ALC managed to pay back off former staff members during the month of the safety period of time, but the volume of its debts however exceeds its assets.

In April, the protective period, previously released at the organization, was extended by the court docket determination.

Merlintur LLC

The Minsk Central District Department of the Ministry of Taxes and Duties of the Republic of Belarus had promises in opposition to one particular of the oldest tour operators in the region this year. The explanation was Merlintur LLC’s personal debt to the price range in the sum of a lot more than 1.3 million rubles, disclosed following the results of the inspection of the FID of the State Regulate Committee of Belarus executed in 2021.

“The debtor does not have any home and resources, it is not located at the legal tackle,” the company’s courtroom file reads. The appointed crisis manager was ordered to submit a approach for the liquidation of the debtor by mid-June.

Merlintur LLC has been working in the market place of tourist services of the republic because 1995. Its operator is Barys Ulasau. His mother, Lilia Ulasava, is the founder and operator of a single of the country’s initially personal legislation firms. In August 2020, she entered the praesidium of the Coordinating Council for the Transfer of Power, and was detained and introduced in Oct of the same year.

Banyar JLLC

One of the substantial gatherings in the domestic retail market place in 2021 was the withdrawal of the pioneer of the country’s malls owner – the Bigzz chain.

Barys Lukomski, one of the Baniar’s prime professionals started off a liquidation system in the spring of last yr. Even so, the corporation did not have adequate funds to pay back off suppliers and other lenders. In the spring of this 12 months, at the request of a important alcohol producer and distributor of BVgroup JLLC, a individual bankruptcy proceeding was opened in the framework of the retailer’s personal bankruptcy situation. The Mahiliou Leninski District Department of the Ministry of Taxes and Duties of the Republic of Belarus demanded the exact at the exact same time, as perfectly as AlfaBank.

The printed files foreshadow the scope of the upcoming litigation: as of February this year only, the undisclosed volume of Baniar’s liabilities (which includes wages) amounted to almost 22.4 million rubles and extra than 1.5 million bucks. Its assets were valued by the liquidator at 13.6 million rubles.

MMPZ-Team LLC

In 2020, businessman Aliaksei Kavalenak and his companions launched the initial stage of a single of the main 2010s financial investment jobs – the Miory tinplate plant. MMPZ-Group LLC entered the current market and gained excellent fame by signing a sponsorship deal with McLaren, a person of the main Formulation 1 racing teams, in the exact same year.

Aliaksandr Lukashenka was meant to arrive to the enterprise In the summer months of 2021. Having said that, the security expert services raided and detained the management of MMPZ-Team LLC on the eve of his go to to Miory. Due to the fact then, the plant, which utilized about 20% of the city’s workers, has had consistent issues: creation had been stopped at the plant, and according to the final results of 2021, the enterprise endured a net decline of 91.1 million rubles.

Belarusbank also included to these issues with its court docket attraction, currently being the principal creditor, which brought on the initiation of bankruptcy proceedings. The plant owes the lender additional than 250 million euros and has currently overdue payments in excessive of 28 million euros.

MenuBy LLC

This 12 months, the liquidation of the once premier Belarusian restaurant food shipping and delivery service has begun. The holding firm Menubay LLC has not been running considering that the conclude of past 12 months and has submitted for bankruptcy.

In accordance to court information, its debts amounted to $840,000 in May, with belongings of just about $50,000. Also, the Belarusian legal entity should repay the guardian enterprise Menu Group (Uk) a bank loan in the total of $1.8 million.

The courtroom hearing in the Menu.by situation is scheduled for August this 12 months.