Commentary to Decree No. 63 of 5 February 2013

On 5 February President of the Republic of Belarus Aleksandr Lukashenko signed Decree No. 63 “On a number of issues of the legal regulation of economic insolvency (bankruptcy)”.

The document is aimed at implementing the provisions of the bill “On economic insolvency (bankruptcy)” enacted on 25 January 2013. The bill includes norms of Decree No. 508 of 12 November 2003 “On a number of issues of the legal regulation of economic insolvency (bankruptcy)” and Decree No. 328 of 25 June 2010 “On a number of measures to streamline procedures of economic insolvency (bankruptcy)”. In order to eliminate multiple norms regulating the same relations, the aforementioned decrees were made void.

With a view to regulating procedures of economic insolvency, Decree No. 63 contains norms which does not have to do with bankruptcy legislation but are aimed at ensuring implementation of these procedures. In particular, these are norms determining peculiarities of state registration within the framework of bankruptcy procedures of movable property fulfilled without constitutive acts and exemption from taxes on sales of asset complexes in these procedures.

The Decree shall enter into force after the date of its official publication and is relevant for the relations established as from 25 January 2013.