Belarus among European Leaders On Cost, Duration Of Bankrupcy Procedure

In Belarus, it is not only harder to do business compared to many other countries – it remains a quite complicated issue to liquidate a business as well.

According to the research conducted by Barcelona EAE Business School, the analysts of which studied the bankrupcy procedures in Spain and several other countries of the world, Belarus secured its place among the European leaders with respect to the cost and the terms for acknowledgement of the economic insolvency, informs ej.by.

EAE, in particular, conducted analysis of the corresponding procedures in 68 countries of the world, having also estimated such indices as average cost of the liquidation and average time, necessary to complete the procedure.

In Europe, the most expensive business liquidation is in Belarus and Italy – about 22% of the company’s assets. Serbia joins this group with 20%. The cheapest procedure is in Norway (1%) and Finland (3,5%). In Great Britain, liquidation will take 6% of the assets, in Germany – 8%, in France – 9%, in Spain – 11%.

Belarus also remains in the group of countries with the longest period of time necessary to close a business – 3 to 3,5 years. The group also includes Greece, Bulgaria, Croatia, Poland, Estonia and Switzerland. The fastest liquidation procedure is in Ireland – it is possible to close a business here in 4 months.