LAW OF THE REPUBLIC OF TAJIKISTAN

of January 2, 2019 No. 1579

About modification and amendments in the Law of the Republic of Tajikistan "About insolvency (bankruptcy)"

Accepted by the Resolution MH MOPT of October 17, 2018, No. 1187

Approved by the Resolution MM MORT of December 25, 2018, No. 608

Article 1. Bring in the Law of the Republic of Tajikistan of December 8, 2003 "About insolvency (bankruptcy)" (Akhbori of Majlisi Oli of the Republic of Tajikistan, 2003, No. 12, Art. 674; 2008, No. 10, Art. 813; 2009, No. 5, the Art. 317) the following changes and amendments:

1. Add Article 53 with part six of the following content:

"According to the petition of the creditor the court can take out determination about exception of the moratorium of monetary commitments based on which providing for benefit of the specified creditor is provided if:

- the subject of providing is not necessary for carrying out external management;

- guarantees of compensation of damage for case of reduction of cost of subject of providing are not provided to the secured creditor;

- the plan of external management is not approved at the scheduled time.".

2. Add with Article 77 (1) the following content:

"Article 77 (1). The personal estate of the debtor provided as providing

The personal estate of the debtor provided as providing (pledge, leasing and other methods of providing) is allocated from competitive weight and transferred to the secured creditor for realization.

The secured creditor shall take honesty measures to realization of subject of providing so that it was profitable to all parties concerned taking into account real conditions of reality.

The funds received from realization are allocated for repayment of the requirements provided with implementable property, and balance from realization - to the receiver for repayment of other requirements of creditors in the procedure established by this Law.

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