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Belarus taking measures on financial recovery of agricultural enterprises

MINSK (BelTA) - Belarus is taking the measures to facilitate financial recovery of agricultural enterprises. It is envisaged in Decree No. 251 to introduce amendments and additions to the decree of the President of the Republic of Belarus and Decree No. 253 on the measures on financial recovery of agricultural organizations which the head of state Alexander Lukashenko signed on 4 July, BelTA learned from the press service of the Belarusian leader.

The documents are aimed at improving the functioning of agricultural organizations and solving some of their financial problems.

They provide for the mechanisms for facilitating financial recovery of insolvent enterprises, including through the transfer of the assets of such organizations to an effective owner. They also list the incentives to help the agricultural companies reach stable operation.

In addition, the documents enforce a simplified procedure for state registration of an enterprise as a property complex of an insolvent agricultural organization without title certification documents on real estate objects.

The documents also provide for the measures to ensure the manageability of the initiation by insolvent agricultural organization of their insolvency procedures, including for the purposes of ensuring legal protection and preservation of agricultural production, restoring solvency or preparation of a property complex for sale to investors or to creditors in debt transfer. In addition, the conditions for stimulating integration processes in the agricultural industry of the country have been outlined.