Ending year was marked with the exit from the market of the large business representatives, operating in different economic sectors: from diamond mining to electronics multiple stores. Table 1 contains information about the largest companies in terms of revenue volume, started winding up procedure in 2019.

Companies entered liquidation both on voluntary basis, by taking decision by participants or shareholders, and by compulsory proceedings – as a result of bankruptcy. Liquidation in the form of reorganization (merging or acquisition) was not considered within this research.

In general, analysis of enterprises included in the ranking let define following reasons of winding up, that can be extrapolated to the economy:

• winding up because of assets consolidation by shareholder;
• loss of market because of competitive activity;
• extreme niche specialization: affected by variable environment companies are not able to cross over to output other products/services;
• inability to fulfill obligations to contractors;
• reputational loss because of participation in illegal transactions.

Apart from the above mentioned reasons, companies are being wound up compulsorily by the decision of the Federal Tax Service of Russia. Main reason is non-delivery of tax accounts or non-correction of unreliable data to the Unified Register of Legal entities of Russia. However, this information concerns more shell or left off companies, and not active companies.