{"id":5202,"date":"2026-10-23T12:00:00","date_gmt":"2026-10-23T09:00:00","guid":{"rendered":"https:\/\/opencompanyinbelarus.com\/?p=5202"},"modified":"2026-10-26T17:58:49","modified_gmt":"2026-10-26T14:58:49","slug":"bankruptcy-insolvency-belarusian-company-directors","status":"publish","type":"post","link":"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/","title":{"rendered":"Bankruptcy and Insolvency of a Belarusian Company in 2026: How the Process Works and What Directors Must Do"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<div class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/div>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#The_2023_reset_a_new_insolvency_law\" >The 2023 reset: a new insolvency law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#Two_tracks_rescue_or_liquidation\" >Two tracks: rescue or liquidation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#When_the_clock_starts_thresholds_and_triggers\" >When the clock starts: thresholds and triggers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#The_process_stage_by_stage\" >The process, stage by stage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#The_order_in_which_creditors_are_paid\" >The order in which creditors are paid<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#The_directors_first_duty_file_on_time\" >The director&#8217;s first duty: file on time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#The_real_risk_subsidiary_personal_liability\" >The real risk: subsidiary (personal) liability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#Who_counts_as_a_%E2%80%9Ccontrolling_person%E2%80%9D\" >Who counts as a \u201ccontrolling person\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#What_a_director_must_not_do\" >What a director must not do<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#Looking_back_transactions_that_can_be_reversed\" >Looking back: transactions that can be reversed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#What_a_director_must_do_a_survival_checklist\" >What a director must do: a survival checklist<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#A_worked_example_two_directors_two_outcomes\" >A worked example: two directors, two outcomes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#Your_counterpart_in_the_process_the_administrator\" >Your counterpart in the process: the administrator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/bankruptcy-insolvency-belarusian-company-directors\/#The_bottom_line\" >The bottom line<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">Most directors know the moment when money starts to run short: cash is tight, a payment slips, a supplier keeps calling, and a question that seemed unthinkable a quarter ago is suddenly on the table \u2014 what happens if the company cannot pay its debts? For most directors, the reassuring answer has always been limited liability. The company is a separate legal person, its debts are its own, and if the worst happens, the company fails while its owners and managers walk away. That is the theory, and for a long time in Belarus it was close enough to practice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since autumn 2023, relying on that assumption has become far more dangerous. Belarus introduced a new insolvency law that, among other things, widened the circle of people \u2014 the director, the founders and anyone who actually controls the company \u2014 who can be made to pay the company&#8217;s debts out of their own pocket if their actions caused the bankruptcy. An amendment that took effect in June 2026 went further: for wages and certain other debts owed to individuals, the company&#8217;s owners and founders can now be held liable even if they did nothing wrong. Limited liability has not disappeared, but the exceptions now have real teeth. For the people who run and own a company in difficulty, insolvency is no longer just the company&#8217;s problem; it can become a personal one.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That changes what this article needs to cover. Describing the insolvency process as a neat sequence of stages is useful, but it is not enough. A director facing that process also needs a clear sense of what they must and must not do to come through it without the company&#8217;s debts following them home. This guide covers both \u2014 how a Belarusian insolvency actually runs, and how a director should act at each stage \u2014 because under the current law the two cannot sensibly be separated.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_2023_reset_a_new_insolvency_law\"><\/span><strong>The 2023 reset: a new insolvency law<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Start with the change that reframes everything written before it. On 1 October 2023, Belarus replaced its long-standing 2012 Law on Economic Insolvency (Bankruptcy) with a new statute \u2014 <a href=\"https:\/\/pravo.by\/document\/?guid=3961&amp;p0=H12200227\">Law No. 227-Z of 13 December 2022 on Insolvency Resolution<\/a>. Cases opened before that date continue under the old rules, but new cases are governed by the 2023 law, so guidance written under the previous regime is now partly out of date. The law has also been amended since \u2014 most significantly by Law No. 134-Z of 16 March 2026, which took effect on 21 June 2026 and changed the rules on personal liability. Any director taking advice should make sure it reflects the current version of the law.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The new law is built around the idea of \u201cinsolvency resolution\u201d, and the change in wording is not cosmetic. It separates two tracks that people often lump together under one dreaded word, \u201cbankruptcy\u201d. The first is insolvency in the narrow sense: a rescue route aimed at reorganising a struggling company and restoring its ability to pay. The second is bankruptcy proper: a liquidation route that ends with the company being wound up and its assets sold. The two lead to very different outcomes, and the first thing a director needs to know is which track the company is on \u2014 or is being pushed onto.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The distinction matters from the outset because it determines who controls the situation. A company that acts early, while there is still something to save, can often choose the rescue route itself. A company that waits until creditors or the authorities force the issue is far more likely to end up on the liquidation route, with much less say in the outcome. The 2023 law did not invent the choice between rescue and liquidation, but it made the structure of that choice clearer \u2014 and, as we will see, it also shifted more of the cost of choosing badly, or too late, onto the director.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Two_tracks_rescue_or_liquidation\"><\/span><strong>Two tracks: rescue or liquidation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Because these two tracks shape everything that follows, it is worth being precise about them. An insolvency case \u2014 the rescue track \u2014 can be initiated only by the debtor company itself. Its purpose is reorganisation: giving a business that is struggling but potentially viable the breathing space and legal tools to restructure its debts, negotiate with creditors and trade its way back to solvency. A company that still has a future, run by managers willing to act in time, is the natural candidate for this route.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A bankruptcy case \u2014 the liquidation track \u2014 can be initiated by a wider range of parties: the debtor, but also creditors, the prosecutor and certain state bodies. Access is restricted by thresholds, so a single small unpaid invoice cannot push a company into bankruptcy: a creditor generally has to be owed a substantial sum, measured in base units and varying with the type of debt, and enforcement must already have been pursued unsuccessfully for a set period. These thresholds offer protection, but they are not a wall. A company that genuinely cannot pay, and whose <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/statutory-audit-belarus\/\">financial position<\/a> a creditor can document, remains exposed to a bankruptcy petition it did not choose.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One feature of the new law works the other way, in the company&#8217;s favour, and deserves a director&#8217;s attention. A counterparty cannot terminate or amend a contract simply because insolvency proceedings have been opened against the company. The proceedings alone do not entitle everyone the company deals with to walk away, which gives a business attempting a genuine rescue some protection against its commercial relationships collapsing as soon as the filing becomes public. It is a small rule with a large practical effect on whether a rescue is possible at all.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_the_clock_starts_thresholds_and_triggers\"><\/span><strong>When the clock starts: thresholds and triggers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Directors tend to imagine bankruptcy as something that arrives suddenly, like a knock at the door. In practice, the law sets conditions that must be met first, and understanding them tells a director how much warning they are likely to get \u2014 and how much time they have to act before someone else forces the pace. A creditor cannot file a bankruptcy petition over just any unpaid invoice. The debt must exceed a monetary threshold, and the 2023 law raised and recalibrated those thresholds. They are expressed in base units \u2014 the reference amount Belarusian law uses to set fines, fees and thresholds of this kind.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The thresholds vary by type of debt, and the differences are revealing. For ordinary monetary obligations \u2014 unpaid supplier invoices, loans and other commercial debts \u2014 a creditor must be owed at least 500 base units. For taxes and other compulsory payments, the bar is far lower, at 100 base units, which reflects how seriously the state treats tax arrears. For wages and other employment-related debts, the figure is much higher, at 1,500 base units \u2014 a deliberately high bar that stops individual employees from pushing an employer into bankruptcy over a single late payroll. Considerably higher thresholds apply to state-owned and town-forming enterprises. On top of the amount, there is a time condition: before a creditor can file, enforcement against the company must already have failed for six months, or must have shown that the company lacks sufficient assets to pay.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This has two practical implications for a director. First, a company in difficulty usually has a window: the thresholds and the enforcement period mean that creditors cannot act overnight, and an attentive director will see the pressure building well before a petition can be filed. Second, the window does not stay open forever, and the party best placed to use it is the company itself. A director who treats the thresholds as a countdown \u2014 and acts while the company still controls its own fate \u2014 is in a very different position from one who waits to be pushed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_process_stage_by_stage\"><\/span><strong>The process, stage by stage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Whichever track a case follows, it moves through a recognisable sequence of stages managed by an insolvency administrator (known in Belarus as an \u201canti-crisis manager\u201d) appointed by the court. The table below shows the overall shape. The detail matters less to a director than the general course of the case and the point at which the question of <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/director-shareholder-liability-belarus\/\">personal liability<\/a> starts to arise \u2014 which is what the following sections address.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Stage<\/strong><\/th><th><strong>What happens<\/strong><\/th><th><strong>Who is in charge<\/strong><\/th><th><strong>Typical duration<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>Protective period<\/strong><\/td><td>The court checks that the petition is well-founded before the main proceedings begin<\/td><td>The court and an interim administrator<\/td><td>Up to a month<\/td><\/tr><tr><td><strong>Main proceedings<\/strong><\/td><td>Insolvency is confirmed, creditor claims are collected and the debtor&#8217;s conduct is examined<\/td><td>Insolvency administrator<\/td><td>Months<\/td><\/tr><tr><td><strong>Rehabilitation (sanation)<\/strong><\/td><td>Measures to restore solvency and keep the company trading<\/td><td>Administrator, working with management<\/td><td>Up to 3 years (extendable by 2)<\/td><\/tr><tr><td><strong>Liquidation<\/strong><\/td><td>Assets are sold, creditors are paid in order of priority and the company is dissolved<\/td><td>Insolvency administrator<\/td><td>Several months (can be extended)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>A case can end in rescue (rehabilitation or a settlement agreement with creditors) or in liquidation \u2014 and the director&#8217;s conduct along the way affects both the outcome and their own personal exposure.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The protective period is a short opening stage, lasting no more than a month, during which the court checks that the petition has a proper basis before full proceedings begin. The main proceedings that follow are where the real work happens: the administrator confirms the company&#8217;s financial position, compiles the register of creditor claims and \u2014 importantly for the director \u2014 examines how the company got into this situation, including any signs of concealment, asset stripping or deliberate run-down of the business. This is the stage at which a director&#8217;s past conduct starts to matter in very concrete terms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From there, the tracks diverge. Rehabilitation, known in Belarusian law as sanation, is the rescue option: a package of measures \u2014 restructuring debts, bringing in new money, reorganising the business \u2014 designed to restore solvency and keep the company alive. It can last up to three years, with a possible extension of two more. Liquidation is the alternative: the company&#8217;s assets are collected and sold, creditors are paid in the order set by law, and the company is dissolved. In either case, the debtor and its creditors can conclude a settlement agreement, approved by the court, to bring the case to an end. These exit routes are exactly why acting early, while options are still open, matters so much.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_order_in_which_creditors_are_paid\"><\/span><strong>The order in which creditors are paid<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When a company is liquidated, there is rarely enough to go round, and the most consequential feature of any insolvency is the order in which the money is distributed. The law sets a strict ranking, and a creditor&#8217;s place in it often decides whether they are paid in full, receive a fraction of what they are owed, or get nothing at all. The ranking matters for another reason too: the debts at the very top are the same debts for which the company&#8217;s owners and founders can now be held liable regardless of fault, as discussed below, and that is no coincidence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before any ranked claims are paid, certain costs are settled first: court costs, the insolvency administrator&#8217;s fee and the current expenses of the proceedings. Only once those are covered are creditors paid in their ranked order \u2014 and the 2023 law reshaped that order. There are now four ranks, and secured creditors no longer have a rank of their own: they share the third rank with the tax authorities.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Rank<\/strong><\/th><th><strong>Whose claim<\/strong><\/th><th><strong>Why it ranks here<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>Priority costs<\/strong><\/td><td>Court costs, the administrator&#8217;s fee and the current costs of the proceedings<\/td><td>Paid before any ranked claims \u2014 the cost of running the case comes first<\/td><\/tr><tr><td><strong>First rank<\/strong><\/td><td>Individuals owed compensation for harm to life or health, including non-pecuniary damage<\/td><td>The most protected category \u2014 people come before money<\/td><\/tr><tr><td><strong>Second rank<\/strong><\/td><td>Employees&#8217; wages and severance pay, and pay owed to individuals under civil contracts<\/td><td>Owners and founders are liable for unpaid first- and second-rank debts regardless of fault (Article 9-1)<\/td><\/tr><tr><td><strong>Third rank<\/strong><\/td><td>Taxes and other compulsory payments; secured creditors, from the proceeds of their collateral<\/td><td>Secured lenders share this rank with the state<\/td><\/tr><tr><td><strong>Fourth rank<\/strong><\/td><td>All other creditors, including any part of a secured claim not covered by the collateral<\/td><td>Often paid little or nothing<\/td><\/tr><tr><td><strong>After all ranks<\/strong><\/td><td>Claims of affiliated and other interested persons, such as loans from founders<\/td><td>Paid only once all other creditors have been satisfied<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The general order of priority under the 2023 law; exact positions depend on the current text of the law and the facts of the case. Secured creditors are paid from their collateral within the third rank, alongside taxes; any shortfall falls to the fourth rank.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Two features of this ranking deserve a director&#8217;s attention. First, people who have suffered personal injury and employees are at the very front, ahead of the tax authorities and well ahead of banks and suppliers. That is deliberate, and it is mirrored in the personal liability rules: the debts the law protects most strongly in the ranking are the ones for which it will reach into the pockets of the company&#8217;s owners and founders without asking whether they were at fault. Second, there is the position of secured creditors. A lender holding a pledge over the company&#8217;s equipment or premises \u2014 who in many countries would expect to be paid first from that collateral \u2014 ranks only third here, behind injury claims and wages and alongside taxes, and any part of its claim the collateral does not cover falls to the fourth rank with ordinary creditors. Directors negotiating with a secured lender during a crisis should understand that the lender&#8217;s position is not as strong as it may assume.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_directors_first_duty_file_on_time\"><\/span><strong>The director&#8217;s first duty: file on time<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This is where the process stops being something a director can watch from the sidelines. When a company can no longer pay its debts, a director&#8217;s instinct is almost always the same: keep trading, keep everything going, and hope a large invoice gets paid or a new contract lands before anyone notices. The law expects almost the opposite. A director facing genuine insolvency has a duty to act \u2014 to initiate proceedings rather than hide the problem and keep trading in the hope that it goes away.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This duty matters because of what it is linked to. Continuing to run an insolvent company \u2014 taking on new debts it cannot repay and prolonging the decline while the hole gets deeper \u2014 is the most common route to personal liability. A director who files in good time, while the company still has assets and options, is acting as the law expects and keeps their own risk low. A director who waits until the company is an empty shell, its assets gone and its creditors multiplying, has not only let those creditors down but has also handed them the strongest possible argument that the director should cover the shortfall personally.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">None of this means a director should file after the first difficult month. A temporary cash-flow squeeze is not insolvency, and a viable business getting through a bad quarter is not required to put itself into proceedings. The question is whether the company is genuinely and structurally unable to pay, and that is exactly the kind of judgement worth testing early with an <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/accounting-services-in-belarus\/\">accountant and legal adviser<\/a> rather than making it alone late at night. But once that line has genuinely been crossed, delay works against the director, not for them.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_real_risk_subsidiary_personal_liability\"><\/span><strong>The real risk: subsidiary (personal) liability<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This is the heart of the matter, and the part of the law every director and owner should understand. In defined circumstances, Belarusian law allows a company&#8217;s debts to be passed on to the people behind it. This is known as subsidiary liability: the owners, the founders, the director and anyone able to give the company binding instructions can be ordered to cover the creditors&#8217; shortfall from their own assets. Once a company is insolvent, the <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/director-shareholder-liability-belarus\/\">liability of directors and shareholders<\/a> stops being an abstract concept and becomes the central risk to manage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The law provides two grounds for this, and the difference between them is stark. The first is fault-based: where the company&#8217;s bankruptcy was caused by the culpable, intentional conduct of its owner, its founders, its director or anyone else able to give it binding instructions, and its assets are insufficient to satisfy creditors, those persons can be held jointly and severally liable for the shortfall. The logic is familiar: if your own misconduct caused the collapse, you can be made to answer for it. The claim is brought once liquidation proceedings have opened, and it targets the people who actually steered the company into failure. For a director, this is the main source of personal exposure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The second ground, introduced by an amendment in force since 21 June 2026, surprises people because it does not require fault at all \u2014 but it applies to owners and founders, not to directors as such. For a protected category of debts \u2014 unpaid wages and other employment-related payments, compensation for harm to life or health (including non-pecuniary damage), and pay owed to individuals under civil contracts \u2014 the owner of a unitary enterprise and the founders or members of a company can be held subsidiarily liable whether or not they caused the bankruptcy, in proportion to their share in the charter capital. A director or other manager is liable for these debts only if their culpable conduct caused the bankruptcy. The rule does not apply to state-owned companies and certain other organisations, and it covers cases opened after 21 June 2026. The exposure also lasts a long time: a claim can be brought by the individuals concerned or by the Department of State Labour Inspection up to three years after the company is removed from the Unified State Register of Legal Entities and Individual Entrepreneurs. The company may be gone, but its owners can still be pursued.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_counts_as_a_%E2%80%9Ccontrolling_person%E2%80%9D\"><\/span><strong>Who counts as a \u201ccontrolling person\u201d<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It is tempting to see subsidiary liability as a problem for the director alone, but the law casts a wider net, and anyone who truly stood behind the company needs to know whether they fall within it. The law covers the owner of the property of a unitary enterprise, the company&#8217;s founders or members, the director and \u2014 crucially \u2014 any other person entitled to give the company binding instructions or otherwise able to determine its actions. What matters to the law is control, not job title.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That catch-all provision should give pause to anyone who assumes they are safely in the background. A majority shareholder who holds no formal management role but makes the real decisions; a founder who left management years ago but still signs off major moves; a de facto owner acting through a nominee director \u2014 each of them can be a controlling person, because each can determine what the company does. For a foreign parent company operating in Belarus through a wholly owned <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/subsidiary-registration-in-belarus\">subsidiary<\/a>, this is particularly important. As the subsidiary&#8217;s founder, the parent falls within the no-fault rule for wages and other protected debts in proportion to its stake \u2014 which, for a wholly owned subsidiary, means the full amount. And giving the local company binding instructions from head office is exactly the kind of control the fault-based rule looks for, so the parent&#8217;s reliance on limited liability will not protect it if the Belarusian subsidiary is run into the ground by decisions taken abroad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In practice, this means a distressed Belarusian company&#8217;s problem is rarely one person&#8217;s problem. The director, the owners and whoever really pulls the strings all have an interest in seeing the company wound down properly rather than run into the ground, because the same facts that expose one of them tend to expose the others. It also means that appointing a nominee or figurehead director is not a safe way to shield the real decision-makers: the law is designed to look past exactly that arrangement and identify who was actually in charge.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_a_director_must_not_do\"><\/span><strong>What a director must not do<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If subsidiary liability is the risk, certain conduct is what turns a difficult situation into a personal disaster, and a director approaching insolvency should treat the following as off-limits. The first is preferential payment: paying a favoured creditor, a friendly supplier or oneself ahead of others while leaving the rest unpaid. Once insolvency is real, the law expects creditors to be dealt with in order, and a payment from the company&#8217;s <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/bank-account\/\">bank accounts<\/a> that jumps the queue can be challenged and clawed back \u2014 and treated as exactly the kind of conduct that justifies personal liability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The second is anything that looks like moving assets beyond creditors&#8217; reach: selling property to a related party at an undervalue, transferring assets to another company, paying out dividends, or quietly removing equipment and stock. These are precisely the transactions the administrator is appointed to find and reverse, and they are classic evidence of culpable conduct \u2014 the basis for a finding of \u201cdeliberate bankruptcy\u201d, which turns a civil shortfall into something far more serious. The third is destroying, hiding or \u201closing\u201d accounting records. A director who cannot produce the company&#8217;s books is not only in breach of their duties but also invites the suspicion that the books would have revealed something worth hiding.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The common thread is that insolvency happens under a spotlight, not in private. Once proceedings open, the administrator has both the power and the mandate to review the company&#8217;s dealings in the run-up to the case. The steps a director might instinctively take to soften the blow \u2014 paying a few favoured people, moving a few assets to safety, tidying up the records \u2014 are exactly the ones that turn the spotlight on the director. The instinct to protect oneself in the final weeks is the one that does the most damage.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/opencompanyinbelarus.com\/wp-content\/uploads\/2026\/10\/121-1024x682.jpg\" alt=\"\" class=\"wp-image-5212\" srcset=\"https:\/\/opencompanyinbelarus.com\/wp-content\/uploads\/2026\/10\/121-1024x682.jpg 1024w, https:\/\/opencompanyinbelarus.com\/wp-content\/uploads\/2026\/10\/121-300x200.jpg 300w, https:\/\/opencompanyinbelarus.com\/wp-content\/uploads\/2026\/10\/121-767x511.jpg 767w, https:\/\/opencompanyinbelarus.com\/wp-content\/uploads\/2026\/10\/121-1536x1024.jpg 1536w, https:\/\/opencompanyinbelarus.com\/wp-content\/uploads\/2026\/10\/121.jpg 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Looking_back_transactions_that_can_be_reversed\"><\/span><strong>Looking back: transactions that can be reversed<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">What makes these prohibitions so dangerous is a power that directors routinely underestimate, and that deserves a section of its own: the administrator can look back in time and reverse transactions the company made before proceedings began. Insolvency does not draw a clean line under the past. Deals made in the months \u2014 and in some cases years \u2014 before the case can be examined, challenged in court and set aside, with the asset or the money returned to the insolvency estate for all creditors to share.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Two kinds of transaction are especially vulnerable. The first is a preference: a payment or transfer that gave one creditor more than it would have received under the normal ranking, made when the company was already unable to pay everyone. Paying a friendly supplier&#8217;s invoice in full, repaying a loan from a relative, or reimbursing the director&#8217;s own expenses while the tax authority and staff go unpaid \u2014 all of these can be reversed. The second is a transaction at an undervalue: selling property, stock or equipment to a related party for less than it was worth, which drains value out of the company and into friendly hands. Both are assessed partly by their effect and partly by what the company knew at the time, and transactions with related parties attract the closest scrutiny of all.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For a director, the lesson is uncomfortable but clear. In the run-up to insolvency, every significant payment and every disposal of an asset should be made as if an administrator will one day review it \u2014 because one may. Ordinary trading on ordinary terms is fine; it is the special deal, the out-of-turn payment and the favourable related-party transaction that get reversed. Clean, up-to-date <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/accounting-services-in-belarus\/\">accounting records<\/a> showing that each transaction was made on normal commercial terms are the best protection a director has \u2014 both against the transaction being set aside and against any suggestion that it was designed to defeat creditors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_a_director_must_do_a_survival_checklist\"><\/span><strong>What a director must do: a survival checklist<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Compared with the prohibitions, the positive steps are straightforward, and taking them is what separates a clean exit from personal liability. File in good time once insolvency is genuine, rather than trading on in hope. Stop paying creditors out of order as soon as the company is truly unable to pay them all. Keep the company&#8217;s records and assets intact, and hand them over to the administrator fully and promptly when the time comes. Cooperate with the administrator rather than obstructing them \u2014 the law treats obstruction as a warning sign in its own right.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Beyond these defensive steps, there is a constructive one: engage with the rescue options while they still exist. A director who tackles the problem early, with the company&#8217;s <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/accounting-services-in-belarus\/\">accounts in order<\/a> and its assets intact, has real choices \u2014 rehabilitation, a settlement agreement with creditors, or a restructuring that keeps the business alive and the creditors paid. A director who acts late, with the records in disarray and the assets gone, has no choices at all \u2014 only liquidation and a liability claim to defend. The quality of the options at the end depends on the director&#8217;s conduct at the beginning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Above all, take advice early and make sure it is specific. Insolvency is a specialist area, the 2023 law is still relatively new, and the line between legitimate cost-cutting and a preference that will be clawed back, or between honest failure and culpable conduct, is not one a director under pressure should draw alone \u2014 it is a job for <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/open-company-in-belarus\/\">experienced corporate lawyers<\/a>. Whether the company can be saved or must be wound up, the director&#8217;s own position is best protected by acting early, acting properly and acting on sound advice \u2014 the three things that, together, keep the company&#8217;s debts with the company rather than the director.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_worked_example_two_directors_two_outcomes\"><\/span><strong>A worked example: two directors, two outcomes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The rules are easier to grasp through an example than to memorise, so consider two owner-directors. Each owns and runs a similar mid-sized trading business, and both hit the same wall: a major customer fails, a credit line is withdrawn, and within a quarter the company cannot pay its suppliers, its staff or its taxes. The law is the same for both. The only difference is how they behave \u2014 and that difference decides whether each of them walks away or is pursued for years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The first owner-director does what instinct suggests. She keeps trading in the hope that a new contract will turn things around. She pays the suppliers she needs to keep on side and quietly repays a loan from her brother. As cash runs out, she sells two delivery vans to a friend&#8217;s company at a generous discount to raise some money, and lets the bookkeeping slide because there is no time for it. Months later, a creditor initiates a bankruptcy case. The administrator finds a company with no assets, incomplete records, a related-party loan repaid and two vans sold at an undervalue. Each of these is a preference or an undervalue transaction that can be reversed; taken together, they look like culpable conduct and support a fault-based claim for the whole shortfall. Meanwhile, the staff went unpaid throughout and the estate cannot cover their wages \u2014 and as the company&#8217;s owner, she is liable for those debts in proportion to her share, whether or not she was at fault. She now faces subsidiary liability claims payable from her own assets, and the wage claim can follow her for three years after the company is struck off.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The second owner-director, facing exactly the same squeeze, handles it differently. As soon as it becomes clear that the business is structurally unable to pay its way, he stops paying creditors out of order, takes advice and files. The company still has its vans, its stock and its records. Because he acted early, rehabilitation is a realistic option; and even if the business ultimately cannot be saved, the liquidation is orderly, the <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/accounting-services-in-belarus\/\">records are intact<\/a>, and the administrator finds nothing to reverse and no one paid out of turn. Because the assets were preserved, the estate can pay the staff in full in the second rank, leaving nothing for the no-fault rule to reach, and the remaining creditors receive what the company&#8217;s actual assets allow, in the proper order. He has done his duty, and there is no credible argument that he should cover the shortfall personally. Same wall, same law \u2014 a clean exit instead of personal liability, decided entirely by conduct.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Your_counterpart_in_the_process_the_administrator\"><\/span><strong>Your counterpart in the process: the administrator<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Once a case opens, the central figure is no longer the director but the insolvency administrator \u2014 the practitioner appointed by the court to take control of the company. Understanding what the administrator does, and what they are looking for, should shape a director&#8217;s behaviour from day one. The administrator is not the director&#8217;s opponent by default, but nor are they the director&#8217;s ally: their duty is owed to the creditors and to the integrity of the process, and a large part of their job is to investigate how the company reached this point and whether anyone should bear <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/news\/director-shareholder-liability-belarus\/\">personal liability<\/a> for it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That investigative role is why cooperation is not a courtesy but a matter of self-defence. The administrator takes control of the company&#8217;s assets and accounts, compiles and verifies the register of creditor claims, reviews transactions made in the run-up to the case for preferences and undervalue disposals, and forms a view on whether the bankruptcy was simple misfortune or something the controlling persons helped bring about. A director who hands over complete records promptly, answers questions honestly and does not obstruct the process gives the administrator little to find and little to report. A director who stalls, loses documents or is caught in half-truths turns a neutral investigator into the author of the very report on which a liability claim is built.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is also worth knowing that the matter does not necessarily end the moment the company is dissolved. Because a no-fault claim for protected debts can be brought against owners and founders up to three years after the company is removed from the register, they are not fully in the clear until that period has passed. This is a reason for care rather than alarm: keeping copies of the company&#8217;s records, and of the evidence that its transactions were proper and its employees were paid, even after the company is gone, is cheap insurance against a claim that surfaces late. Those who behaved properly throughout have little to fear from those three years; those who cut corners may find them the longest three years of their professional life.<\/p>\n\n\n<section class=\"hfaq\">\n    <div class=\"hfaq__container\">\n        <div class=\"hfaq__wrapper\">\n\t\t\t            <h2 class=\"hfaq__title title title-lg\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\t            <div class=\"hfaq__items\">\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">What is the difference between insolvency and bankruptcy in Belarus?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">Under the 2023 law, they are two separate tracks, not synonyms. An insolvency case is the rescue route: it can be initiated only by the debtor and aims to reorganise the business and restore solvency. A bankruptcy case is the liquidation route: it can also be initiated by creditors and state bodies, and it ends with the company being wound up and its assets sold. Which track you are on determines who controls the outcome.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">Can I really be held personally liable for my company&#8217;s debts?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">Yes, in defined circumstances. Owners, founders, the director and other controlling persons can be held subsidiarily liable for the creditors&#8217; shortfall where their culpable conduct caused the bankruptcy. In addition, since 21 June 2026, owners and founders can be held liable regardless of fault for a protected category of debts \u2014 wages, compensation for harm to life or health, and pay owed to individuals under civil contracts \u2014 in proportion to their share in the company. Limited liability is real, but it is not absolute.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">Do I have to file for insolvency, and by when?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">A director facing genuine insolvency has a duty to act rather than keep trading in the hope that things will improve. The exact trigger depends on the facts, but the principle is clear: filing in good time keeps your risk low, while continuing to run an insolvent company is the most common route to personal liability. A temporary cash-flow squeeze is not the same as insolvency \u2014 but once that line has genuinely been crossed, delay is dangerous.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">Who can initiate a bankruptcy case against us?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">Besides the company itself, creditors (including the tax and other state authorities for compulsory payments, and employees&#8217; representatives for wage debts) and the prosecutor can file a bankruptcy petition, subject to debt thresholds and a period of unsuccessful enforcement. A single small invoice will not be enough, but a substantial, documented debt that has gone unpaid for a long time can be \u2014 which is why a company in real difficulty cannot assume it controls the timing.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">Can the company be saved, or does insolvency mean the end?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">It can often be saved. Rehabilitation (sanation) allows measures to restore solvency over up to three years, extendable by two, and during rehabilitation or liquidation the debtor and its creditors can conclude a settlement agreement that ends the case. Rescue is far more achievable the earlier the company acts, while it still has assets and options; it is rarely possible once everything has been run down.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">What happens to me as director once proceedings start?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">An insolvency administrator takes control, and your role shifts towards cooperation: handing over records and assets, answering questions and not obstructing the process. Your conduct in the run-up to the case will be examined, which is why what you did before proceedings matters as much as what you do during them. Obstruction or missing records will count against you.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">Can I pay a key supplier before filing to keep them on side?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">This is exactly the kind of preferential payment to avoid once insolvency is real. Paying one creditor out of order while others go unpaid can be challenged and clawed back, and treated as culpable conduct that supports personal liability. However understandable the commercial instinct, it is one of the riskiest things a director can do on the brink of insolvency. Take advice before making any such payment.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">How can I check whether a company we deal with is insolvent?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">Belarus maintains public registers, and a company&#8217;s insolvency or liquidation status can be checked there. If you are concerned about a counterparty&#8217;s solvency before doing further business, a proper <\/span><a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/official-company-check-in-belarus\"><span style=\"font-weight: 400;\">company check<\/span><\/a><span style=\"font-weight: 400;\"> is a sensible precaution \u2014 verifying a partner&#8217;s standing up front is far cheaper than joining the queue of creditors later.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">What debt thresholds must a creditor meet to file against us?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">The debt must reach a minimum amount measured in base units, and that minimum depends on the type of debt. For ordinary commercial obligations it is 500 base units; for taxes and other compulsory payments it is far lower, at 100; and for wages and other employment-related debts it is much higher, at 1,500. Higher thresholds apply to state-owned and town-forming enterprises. In addition, enforcement against the company must already have failed for six months, or have shown that the company lacks sufficient assets. A single small invoice cannot push you into bankruptcy \u2014 but a large, documented debt that has gone unpaid for a long time can.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">Where do our secured lenders rank if we are liquidated?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">Lower than many expect. Under the 2023 law, secured creditors are paid from the proceeds of their collateral in the third rank \u2014 behind claims for harm to life or health and employees&#8217; wages, and alongside taxes. Any part of a secured claim that the collateral does not cover falls into the fourth rank with ordinary creditors. In many other countries secured creditors are paid first from their collateral, so both borrowers and lenders under a secured loan in distress should understand this: it changes where the real leverage lies.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">Can transactions we made before filing really be reversed?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">Yes. The administrator can review the period before proceedings and challenge transactions in court \u2014 in particular preferences (paying one creditor ahead of others when the company could no longer pay them all) and transactions at an undervalue (selling assets cheaply, especially to related parties). A successful challenge returns the asset or money to the insolvency estate for all creditors. The safest rule in the run-up to insolvency is to make every payment and disposal as if it will later be reviewed \u2014 because it may be.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">We are a foreign-owned subsidiary \u2014 can liability reach our parent company abroad?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">Potentially, yes. The fault-based rule reaches not only the director but anyone who can give the company binding instructions or determine its actions, and a foreign parent that runs its Belarusian <\/span><a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/subsidiary-registration-in-belarus\"><span style=\"font-weight: 400;\">subsidiary<\/span><\/a><span style=\"font-weight: 400;\"> through instructions from head office can fall within that definition. As the subsidiary&#8217;s founder, the parent is also liable regardless of fault for unpaid wages and other protected debts in proportion to its stake. Limited liability is therefore not a complete shield. Foreign groups operating in Belarus should take this into account in how they manage a struggling local entity.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">How long does a Belarusian insolvency take, and is there a cheaper way out?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">It varies. The protective period lasts no more than a month; the main proceedings usually run for a few months; rehabilitation can last up to three years, extendable by two; and liquidation usually takes several months but can be extended. A faster and cheaper resolution is often a settlement agreement with creditors, which the court can approve during rehabilitation or liquidation to end the case. That is one more reason why engaging early, while creditors still have an incentive to negotiate, usually serves everyone better than being forced through a full liquidation.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t                    <div class=\"accordion\">\n                        <div class=\"accordion__head\">If money is tight, which debts should we pay first?<\/div>\n                        <div class=\"accordion__body\">\n                            <div class=\"accordion__inner\"><p><span style=\"font-weight: 400;\">Once the company is genuinely unable to pay everyone, the honest answer is that you should stop picking favourites: paying one creditor ahead of others is exactly the kind of preference that can later be reversed and treated as culpable conduct. The categories that matter most for personal exposure are wages, other employment-related payments and personal injury claims \u2014 the debts at the front of the ranking for which owners and founders are liable regardless of fault. But when you cannot pay everyone, the right move is not to quietly pay the creditors you prefer; it is to take advice and, if insolvency is real, to file, so that the order of payment is set by the process rather than by you.<\/span><\/p>\n<\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t            <\/div>\n        <\/div>\n    <\/div>\n    <script>\n        document.querySelector( '.hfaq__items' ).addEventListener( 'click', function ( e ) {\n            if ( e.target.classList.contains( 'accordion__head' ) ) {\n                let root = e.target.closest( '.accordion' );\n                let body = e.target.nextElementSibling;\n\n                if ( body.style.maxHeight ) {\n                    body.style.maxHeight = null;\n                    root.classList.remove( 'accordion--expanded' );\n                }\n                else {\n                    body.style.maxHeight = body.scrollHeight + 'px';\n                    root.classList.add( 'accordion--expanded' );\n                }\n            }\n        } );\n\n        document.querySelectorAll( '.hfaq' ).forEach( node => node.querySelector( '.accordion__head' ).click() );\n    <\/script>\n<\/section>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_bottom_line\"><\/span><strong>The bottom line<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Belarusian insolvency follows a clear path: a protective period, the main proceedings, and then either rescue through rehabilitation or the finality of liquidation, with a settlement agreement available along the way. For directors and owners, however, the process is only half the story. The 2023 law and its 2026 amendment made it clear that, in the wrong circumstances, a company&#8217;s debts can become personal ones: for anyone whose culpable conduct caused the bankruptcy, and \u2014 for wages, personal injury and contractor debts \u2014 for owners and founders even without fault. The process is the backdrop; personal exposure is what needs to be managed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And it can be managed, because the rules are simple to state, even if they are hard to follow under pressure: file in good time, pay no one out of turn, preserve the records and assets, cooperate with the administrator and take specialist advice early. Do that, and a director comes through an insolvency as the law intends \u2014 having done their duty, with the company&#8217;s debts left where they belong. Our team advises directors and owners of <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/open-llc-in-belarus\">Belarusian companies<\/a> on financial distress, restructuring and <a href=\"https:\/\/opencompanyinbelarus.com\/eng\/pages\/official-company-check-in-belarus\">counterparty and compliance checks<\/a>, and can help you navigate an insolvency so that the company&#8217;s problem does not quietly become yours.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most directors know the moment when money starts to run short: cash is tight, a payment slips, a supplier keeps calling, and a question that seemed unthinkable a quarter ago is suddenly on the table \u2014 what happens if the company cannot pay its debts? For most directors, the reassuring answer has always been limited [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31,32],"tags":[],"class_list":["post-5202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bankruptcy &amp; Insolvency of a Belarusian Company in 2026 | Opencompanyinbelarus.com<\/title>\n<meta name=\"description\" content=\"Belarus&#039;s 2023 insolvency law (No. 227-Z) explained: how the process works, stage by stage, and what directors must do to avoid personal liability for company debts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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