Major Developer In Minsk Declared Bankrupt

The company has built more than one shopping center.

The Minsk Economic Court has declared the developer GlavIndustriyaStroy bankrupt. This was reported in the unified state register of bankruptcy information. Liquidation proceedings have also been launched for this company, Zerkalo writes. This is a major developer of commercial real estate that has built more than one shopping center. For example, the Greentime shopping center in Minsk.

The Minsk company GlavIndustriyaStroy filed for bankruptcy last year. On October 16, 2024, the Minsk Economic Court ruled to open bankruptcy proceedings.

Bankruptcy proceedings are a procedure for economic insolvency (bankruptcy). They are carried out to the maximum possible satisfaction of creditors' claims in a certain order during rehabilitation (recovery). If it is impossible to carry out rehabilitation or there are no grounds for it, then liquidation proceedings of the debtor are launched.

The company is owned by Illia Shilkou, who made the decision to liquidate it. During the process, it turned out that the company owed creditors 3.2 million rubles, but there was no sufficient property to cover such an amount.

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