PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of October 2, 2018 No. 399

About financial improvement of agricultural organizations

For the purpose of financial improvement of agricultural organizations and increase in efficiency of agricultural production:

1. Determine that:

1.1. regional executive committees according to the procedure, established by Council of Ministers of the Republic of Belarus, lists of the insolvent agricultural organizations which are subject to financial improvement affirm (further - the list);

1.2. the debt of the insolvent agricultural organizations included in the list is subject to restructuring in the way:

increases in authorized capital of economic society within the amount of the formed debt with share transfer (share in authorized fund) to the creditor;

provisions of deferred settlement of debt for three years with the subsequent payment by installments for five years or provisions of deferred settlement of debt with the subsequent payment by installments for other term under the agreement with creditors;

issues of bonds by local executive and administrative organs with subsequent their sale to banks, JSC Development Bank Republic of Belarus for the purposes of acquisition of the assets created on outstanding amount (part of debt) on the credit agreements signed with insolvent agricultural organizations or transfers of the specified assets to JSC Asset Management Agency;

in other way established by legal acts (transfer by members of economic society of shares (share in authorized fund) to the creditor, full or partial relief from property obligation on debt repayment and another);

1.3. from the date of inclusion of insolvent agricultural organization in the list charge of percent, penalty fee (penalties) by all types of debt stops (except for the debt which arose after inclusion of such organization in the list and also the percent charged by JSC Asset Management Agency, banks and JSC Development Bank Republic of Belarus).

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