Updated at 21:04,23-03-2021

Bankruptcy cases to increase by 30%-50% in 2016 in Belarus

Belarus in focus

According to the Supreme Court of Belarus, as of March 1st, 2016 the court had 2564 lawsuits on economic insolvency (bankruptcy), which was a 38% increase from last year. In late January 2016, every third Belarusian company was unprofitable. As the state reduces its support, even more enterprises are expected to file for bankruptcy, both state and private. In addition, that would lead to higher unemployment. Arrears on taxes and fees to the Social Security Fund will increase, as well as the volume of collateral and real estate sold by banks. Overall, in 2016, the number of industrial enterprises, trade and construction companies that will file for rehabilitation or bankruptcy procedure may increase by 30-50%.