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The Goscomvoyenprom’s Board Analyses the Activities of the Commission for the Prevention of Economic Insolvency (Bankruptcy)

The Goscomvoyenprom’s Board Analyses the Activities of the Commission for the Prevention of Economic Insolvency (Bankruptcy) 6 August 2018

The Goscomvoyenprom’s Board Analyses the Activities of the Commission for the Prevention of Economic Insolvency (Bankruptcy)

A meeting of the Goscomvoyenprom’s board took place on 1 August 2018 under the chairmanship of Oleg Dvigalev, Chairman of Goscomvoyenprom. Representatives of the State Secretariat of the Belarusian Security Council and the Ministry of Economy, heads of Goscomvoyenprom’s departments, directors of Goscomvoyenprom companies and their deputy directors for economy (chief economists) and chief engineers.
The board meeting focused on the analysis of the effectiveness of the Goscomvoyenprom’s Commission for the Prevention of Economic Insolvency.
In his speech, the head of the Economy and Control Department, Dmitry Gorelik, analysed the activities of the Goscomvoyenprom’s Commission for the Prevention of Economic Insolvency (Bankruptcy), which was established at Goscomvoyenprom by the Order No. 169 of 6 August 2013.
“In accordance with the law, such organisations are not subject to legislation on economic insolvency (bankruptcy), with the exception of certain rules that primarily concern measures to prevent economic insolvency and provide state financial support,” explained Dmitry Gorelik.
According to Gorelik, the commission focuses on preventive activities and develops measures to ensure stable and efficient economic activity of companies and to restore their solvency in the event of an unsustainable financial situation.
To identify organisations that require measures preventing their economic insolvency, the commission analyses lists of insolvent state organisations sent to Goscomvoyenprom on a regular basis by the Rehabilitation and Bankruptcy Department of the Ministry of Economy.
To assess solvency of companies, the commission uses additional information, including monthly statistical reports on financial results and the status of settlements, latest information on the implementation of monthly and quarterly financial plans by companies, availability of applications for procuring loans to companies and opening bank credit lines.
Dmitry Gorelik also said that the relevant work is carried out not only in the format of commission meetings. Issues related to the financial recovery of subordinate organisations are considered by Goscomvoyenprom on an ongoing basis during briefings and meetings, during the activities of state representatives in the management bodies of business entities, and during board meetings that analyse financial and economic activities of organisations for reporting periods.
The head of the Economy and Control Department at Goscomvoyenprom stressed that not all the problems concerning the financial stability of organisations had been resolved.
“A meeting of the Commission for the Prevention of Economic Insolvency was held in this March. With the participation of companies, the meeting discussed the results of the analysis of financial and economic activities of 2566 Radioelectronic Armament Repair Plant JSC, NIIEVM JSC, Minsk Research Institute of Radio Materials JSC, Agat – Electromechanical Plant JSC and Tekhnika Svyazi JSC for the first quarter of 2018 and the outlook for their financial condition in the first half of 2018,” said Dmitry Gorelik.
2566 Radioelectronic Armament Repair Plant JSC was highly commended. The company implements its financial plan for this year. The expected financial flows allow the plant to forecast its stable financial and economic activities and do not resort to additional measures of financial support.
It was possible to reverse a downward trend in financial performance, which took place at the beginning of the year, at NIIEVM JSC. The company is profitable, the solvency ratios correspond to the normative ones, and the balance sheet is satisfactory.
“Based on the results of the review, we drew the companies’ attention to the existing problems and gave them instructions on implementing the measures developed to improve their financial situation,” said Dmitry Gorelik.
The meeting noted that in the first half of 2018 there were no trends towards the increase in the number of unprofitable and insolvent Goscomvoyenprom companies. The efforts in implementing measures to restore the solvency of subordinate organisations were systematically effective, which is confirmed by the upward trends in the financial performance of the companies.
Goscomvoyenprom companies received net profit of 157.2 million Belarusian rubles, which is 107.9 per cent compared with the same period last year. The companies achieved a 22.5 per cent return on sales.
Maxim Vashemirsky, the head of the Rehabilitation and Bankruptcy Department at the Belarusian Ministry of Economy, said in his speech that “the mechanism has been operating in the country for a decade, the financial status of companies is monitored in a timely manner, and appropriate measures are taken. As for Goscomvoyenprom, its work is visible, it is being carried out, and the situation at the companies is stable”.
Taking into account the upward trends in the companies’ financial performance and the fact that there is no increase in the number of insolvent companies, the board members recognised the activities of the Commission for the Prevention of Economic Insolvency (Bankruptcy) as satisfactory and supported the board’s relevant draft resolution.
The efforts to stabilise the financial situation of companies will continue.

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