Why Did One Of Biggest Developers Of Minsk Go Bankrupt?

The Fart and V company used to put up buildings in the center of the capital.

At the request of creditors, the Economic Court of Minsk bankruptcy proceedings against the Fart and V company, which used to put up buildings in the center of the capital.

As the site of the Unified State Register of Bankruptcy Information reports, the application to court was filed by the creditors of this company – Brais Company Holding Inc. and Santsekhenerha. On October 6, the court began proceedings on the case. Since the same date, a protective period has been introduced, which will last until December 6, 2017.

According to Your Country’s Tomorrow, the Fart and V company was created by Valiantsin Fianiuk and Artur Fianiuk in 1990. Several years ago, the company started to build up the district near Niamiha, Revaliutsyjnaya, Haradski Val and Kamsamolskaya streets. The first objects were commissioned in 2014. In 2015, the Metropol shopping center started its work.

At that period, due to non-payment of tenants, financial problems started – the debts for loans were growing. One of the Fart and V’s creditors, as well as of another Artur Fianiuk’s company – Inhrada, was Delta Bank, which in August 2015 was declared bankrupt. In the course of the bank's liquidation proceedings and the repayment of its debts, Artur Fianiuk’s companies’ arrears "surfaced". Delta Bank initiated the seizure of the pledged property (several premises in Niamiha Street, 5), and in December 2016, the receivables of Fart and V and Inhrada owed to the bank in a sum of $ 2 million were put up for an auction.

During 2015-2016, claims against these companies were made by other creditors. In 2017, the courts are considering claims of the Brais Company Holding Inc. company.

Fart and V and Inhrada have also appeared on the list of debtors before the budget.

During 2017, the list of bankrupt developers was supplemented by Fart-Plus (Impulse-2), Skvich, Karpovich, Manolium Processing, Investment and Construction Company Aliaksandrau Group and others known investors in real estate on the Belarusian market.