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 new situations.

In the initial 50 % of 2022, quite a few hundred organizations were being knocked out of the Belarusian business enterprise by external and internal situation. The Office Existence news publisher appeared into the Unified Condition Sign-up of Bankruptcy Information and facts and compiled a list of the moment rather very well-known legal entities that are finishing the liquidation approach, in search of a protecting time period from claims and settling creditors’ promises.

It is worthy of declaring that the deterioration of the economic ecosystem and the tightening of sanctions are increasingly resulting in the individual bankruptcy of Belarusian businesses. The French organization Coface, which specializes in threat insurance, has currently reacted to this: in the 2nd quarter, Belarus moved from the team of international locations with a ‘high risk’ of company defaults to a unsafe zone with a ‘very high’ probability.

Now Belarus, Ukraine, which was now under this risk, and Russia, which was reduced by two ways at when in a few months, have 1 step still left to the bottom in accordance to the classification of the French, the “damn dozen” of countries with an intense degree. It now contains North Korea, Syria, Iraq, Venezuela, Afghanistan, Kosovo, Libya, Cuba, Yemen, Sudan, Eritrea, Burundi and Zimbabwe.

Miran-Fragrance LLC and Dokshytsy Miran-Fragrance LLC

Just one of the pioneers of domestic fragrance generation, established by the late businessman Mikolai Bakach, operated beneath the Miran-Parfume manufacturer for nearly 30 years. Do you bear in mind his cheap brand names Magic Guard, Angels, Odds or Diplomat? The organization also a short while ago made repellents.

In the spring of very last calendar year, the liquidation of equally Mirans commenced, and in the course of this 12 months, due to money owed that are not able to be satisfied, personal bankruptcy proceedings were initiated and opened in instances of simplified personal bankruptcy of each authorized entities.

According to courtroom products, Dokshytsy Miran-Perfume LLC’s liabilities to creditors total to over 473 thousand rubles (with belongings of 219.5 thousand rubles). Dokshytsy Miran-Perfume LLC, in transform, submitted for bankruptcy of Miran-Perfume LLC, which owed it virtually 70,000 rubles. In whole, Miran-Perfume LLC must pay out about 2 million rubles to its lenders. There is the only matter, as indicated in the circumstance file, the company has no revenue and house.

Gersis Software package LLC

This organization is one of the pioneers of the Belarusian IT industry: Gersis Computer software LLC was founded in 2008 and grew to become a resident of the Superior Tech Park (HTP) in 2012.

Its crucial action was the progress of software package and numerous items for its operator SIS Team Worldwide. This group, underneath Uladzimir Lakhtenkou management, specialised in the import and generation of telecommunication machines, the building of telecommunication systems, and the enhancement and distribution of IT merchandise. SIS Group Intercontinental even experimented with to start tablets below the Flycat brand name.

Dangerous contracts in Transcaucasia led to the collapse of their organization, and Gersis Application LLC was impacted. In 2020, the business was excluded from the HTP, and started off a liquidation procedure at the ask for of a single of its collectors. They experienced to start off bankruptcy proceedings in 2022 owing to the simple fact that the assets of Gersis Application LLC had been not plenty of to satisfy the specifications of the collectors.

Izospan LLC

Izospan LLC is one more bankrupt organization from the after-effective Isobud Group, developed by businessman Ihar Cherny to produce and offer metal buildings for prefabricated premises.

In accordance to details from the scenario information, it has been insolvent since 2016 and has been in liquidation since 2021. The Financial Court of Minsk issued a selection declaring its financial insolvency in mid-June of this yr. At the exact time, the deadlines for finishing the liquidation of the previous resident of the FEZ Mogilev had been determined, it is mid-2023.

According to the situation file, Izospan LLC owes its lenders, like staff members, more than 3.5 million rubles, 16.2 million Russian rubles and 19.1 million euros. At the similar time, all its belongings total to about 9 million rubles, and portion of the property continue to requirements to be returned from a further internet site of the team (Izobud-South is also in the process of bankruptcy) in the town of Volzhsky in Russia.

Vysoki Zamok ALC

By the close of its 20-12 months record, the Vysoki Zamok ALC development business accumulated significant money owed. The business, developed with the involvement of Lithuanian traders, is recognized for collaborating in a amount of higher-profile development tasks in our state: the Bonus Shopping Mall, the ProStore Hypermarket, and the Zorka Jewellery Factory, stores 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 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 pay back off former employees all through the thirty day period of the security period, but the amount of money of its debts even now exceeds its assets.

In April, the protective interval, beforehand launched at the company, was extended by the court docket determination.

Merlintur LLC

The Minsk Central District Office of the Ministry of Taxes and Obligations of the Republic of Belarus had claims towards just one of the oldest tour operators in the country this yr. The motive was Merlintur LLC’s credit card debt to the funds in the sum of additional than 1.3 million rubles, unveiled subsequent the effects of the inspection of the FID of the Point out Management Committee of Belarus conducted in 2021.

“The debtor does not have any property and resources, it is not found at the authorized address,” the company’s court file reads. The appointed unexpected emergency supervisor was requested to submit a strategy for the liquidation of the debtor by mid-June.

Merlintur LLC has been performing in the sector of vacationer companies of the republic because 1995. Its operator is Barys Ulasau. His mother, Lilia Ulasava, is the founder and operator of a person of the country’s initially personal legislation corporations. In August 2020, she entered the praesidium of the Coordinating Council for the Transfer of Electrical power, and was detained and introduced in October of the similar year.

Banyar JLLC

A single of the substantial situations 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, 1 of the Baniar’s best administrators started a liquidation system in the spring of final 12 months. Nonetheless, the company did not have more than enough resources to fork out off suppliers and other creditors. In the spring of this yr, at the ask for of a big alcohol producer and distributor of BVgroup JLLC, a bankruptcy proceeding was opened in the framework of the retailer’s personal bankruptcy circumstance. The Mahiliou Leninski District Section of the Ministry of Taxes and Duties of the Republic of Belarus demanded the exact same at the identical time, as properly as AlfaBank.

The posted documents foreshadow the scope of the forthcoming litigation: as of February this year only, the undisclosed total of Baniar’s liabilities (which includes wages) amounted to virtually 22.4 million rubles and extra than 1.5 million bucks. Its property have been valued by the liquidator at 13.6 million rubles.


In 2020, businessman Aliaksei Kavalenak and his companions released the very first phase of one of the primary 2010s financial investment tasks – the Miory tinplate plant. MMPZ-Group LLC entered the marketplace and attained fantastic fame by signing a sponsorship agreement with McLaren, a single of the main Method 1 racing teams, in the identical yr.

Aliaksandr Lukashenka was intended to come to the company In the summer season of 2021. On the other hand, the security products and services raided and detained the management of MMPZ-Group LLC on the eve of his take a look at to Miory. Considering the fact that then, the plant, which employed about 20% of the city’s staff, has had consistent challenges: creation had been stopped at the plant, and in accordance to the effects of 2021, the company experienced a internet loss of 91.1 million rubles.

Belarusbank also included to these troubles with its courtroom enchantment, becoming the major creditor, which brought on the initiation of bankruptcy proceedings. The plant owes the financial institution extra than 250 million euros and has presently overdue payments in excessive of 28 million euros.

MenuBy LLC

This calendar year, the liquidation of the once major Belarusian restaurant food stuff shipping and delivery services has begun. The keeping company Menubay LLC has not been running because the conclusion of last calendar year and has filed for personal bankruptcy.

According to court information, its money owed amounted to $840,000 in May perhaps, with property of just around $50,000. Also, the Belarusian legal entity must repay the dad or mum business Menu Team (Uk) a mortgage in the volume of $1.8 million.

The court listening to in the situation is scheduled for August this year.