"Belvest Was Recognized As Economically Insolvent

• 17.01.2026, 13:30

The company is subject to a 36-month bailout.

The Economic Court of Vitsebsk voblast recognized the shoe manufacturer Belvest economically insolvent. The decision was taken on January 15. Instead of bankruptcy, the company was put into rehabilitation for 36 months, writes Onlíner.

The rehabilitation procedure implies an attempt to restore the solvency of the company, to establish operations and gradually settle accounts with creditors. The insolvency proceedings lasted from the end of September 2025.

The company's problems began to grow sharply in the first half of 2025. Within seven months, the risk of bankruptcy rose from high to critical levels. The main reason was the growth of overdue debts to creditors. Attempts to negotiate with the banks to revise the terms of interest payments were unsuccessful.

In the summer of 2025, an external manager was appointed to the company, while the current management retained its positions. During this time, the company managed to pay off debts on taxes and contributions to the Federal Social Security Fund, as well as stabilize current payments, primarily salaries to employees. However, the accumulated debts continued to hinder normal operations.

In September 2025, Belvest itself filed a petition for insolvency. Among the reasons cited were the decline in production, growth of stock and increasing debt load. The total amount of liabilities at that time reached 259 million rubles, the company could no longer service them.