On peculiarities of handling the property of insolvent organizations

Belarus President Aleksandr Lukashenko signed Decree No.333 “On peculiarities of handling the property of insolvent organizations” on 23 August.

The document simplifies the procedure for the alienation (transfer) and state registration of enterprises as property complexes as well as permanent structures (buildings, structures), isolated premises, unfinished permanent structures, parking spaces as part of bankruptcy proceedings, rehabilitation proceedings, and liquidation proceedings of insolvent organizations.

In order to get such objects back into the economy faster, they can be alienated or transferred without title documents, without technical documentation if the property is to be demolished, without conserving the unfinished permanent structures.

The registration of the creation of sold (transferred) assets, sale and purchase contracts for such objects, the emergence of rights, restrictions (encumbrances) of the rights to them will be done upon the request of the buyer (the creditor, the receiving organization). Unregistered land plots, on which sold (transferred) assets are located, except for those subject to demolition, will be provided to their purchasers.

The Decree also determines a mechanism for financing the expenses associated with the transfer of such objects into state ownership.