The former cannery and vegetable drying plant in Liozno will be liquidated by decision of the economic court

June 16, Vitebsk / Sergey Kochetov - BELTA /. The Economic Court of the Vitebsk Region has made a decision on the bankruptcy and liquidation of the communal agricultural unitary enterprise (KSUP) "Lioznenskoye" (former cannery and vegetable drying plant), the judge Viktor Shilchenok informed a BELTA correspondent. After the court decision enters into legal force, the crisis manager must begin to pay off the enterprise's debts using its assets. As of June 2, 2009, the register of creditors' claims included debts totaling almost Br5.2 billion. The liquidation period is set until June 2010. The case of economic insolvency (bankruptcy) of the former cannery and vegetable drying plant was initiated in December 2008 at the initiative of the Ministry of Taxes and Duties Inspectorate for the Liozno District. According to the preliminary conclusion of the Department for Rehabilitation and Bankruptcy of the Ministry of Economy, KSUP "Lioznenskoye" was recognized as stably insolvent. The enterprise lacks working capital, and the amount of financial obligations exceeds the book value of the debtor's assets. In addition, the commission for the prevention of economic insolvency and bankruptcy under the Vitebsk Regional Executive Committee, which acts as the owner of the enterprise, deemed out-of-court rehabilitation of the enterprise inexpedient. Upon the expiration of the protective period, the economic court made a decision to open bankruptcy proceedings in March 2009. During the bankruptcy proceedings, the crisis manager conducted an analysis of the financial condition and solvency, the results of which confirmed the stable insolvency of the enterprise. This conclusion was also confirmed by the results of the financial and economic activities expertise of the former plant appointed by the court. In addition, according to the expert who conducted it, there are signs of bankruptcy concealment and disruption of creditors' compensation for losses. The possibility of restoring the enterprise's solvency was assessed as unrealistic. KSUP "Lioznenskoye" was established in 1952 as the Liozno Vegetable Drying Plant, which was transformed into the Liozno Cannery and Vegetable Drying Plant in 1996. The main activities of the enterprise included processing of fruits and vegetables, production of strong fruit wines and beverages, potato chips and flakes, and cultivation of agricultural products. The enterprise had 4 workshops for the production of canned goods, wine, potato products, and dried potatoes. As of March 1, 2009, the number of employees was 13 people. -0-