The Economic Court of Vitebsk region has declared JLLC "Belwest" economically insolvent, and a sanitation procedure has been introduced for the enterprise. This was reported by the press service of the Supreme Court, Office Life writes .
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The joint venture "Belwest" was founded in 1988 in Vitebsk with the participation of the German concern Salamander — it was the first joint venture with Western capital on the territory of what was then Soviet Belarus. From 2003, among the founders were the "Bellegprom" concern and the Russian CJSC "Politeks," which was replaced by LLC "Investprom" in 2011. In 2019, the state's 55% share was sold to LLC "Belwest Group," with the remaining 45% staying with the Russians.
The case materials indicate that the risk of bankruptcy sharply increased from high to critical in the first seven months of last year due to the growth of overdue accounts payable. In 2025, Belwest developed measures to prevent insolvency and bankruptcy, expecting the main effect to come from financial measures. However, negotiations with banks on reviewing the terms for interest payments on loans yielded no results.
In summer, the Vitebsk Regional Executive Committee appointed an external manager for the enterprise, while Belwest's management remained in place. According to Anzhelika Nikitsina, Deputy Chairperson of the Regional Executive Committee, during the summer months, they managed to repay debts on taxes and fees, as well as to the Social Protection Fund, and stabilize the fulfillment of current financial obligations, primarily to employees. However, accumulated debts created problems in operational activities and blocked development.
In September last year, the shoe manufacturer itself applied to the court with a statement of insolvency. Among the signs cited were a decrease in production volumes, an increase in warehouse stocks, a rise in debt to 259 million rubles, and the inability to service it.
According to executive documents, the enterprise must pay more than 160 million Belarusian rubles, 2.5 thousand Russian rubles, and 1.8 million yuan. At the same time, as follows from the case materials, the value of the debtor's property exceeds 409.6 million rubles. As a result, on January 15 of this year, the Economic Court of Vitebsk region declared "Belwest" economically insolvent and appointed a sanitation procedure for three years.
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