Commentary to Decree No. 251 and Decree No.253 of 4 July 2016

On 4 July head of state Aleksandr Lukashenko signed Decree No. 251 “Concerning amendments and additions to the decree of the President of the Republic of Belarus” and Decree No. 253 “Concerning the measures on financial recovery of agricultural organizations”.

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.