RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 21, 2006 No. PP-330

About measures for financial improvement of the companies of the textile industry and enhancement of the mechanism of realization of cotton fiber by it

In recent years thanks to the state support given to development of the textile industry in the country the modern textile companies making high-quality, competitive products therefore production volumes and export of the textile products meeting international standards steadily grow in industry are created.

At the same time, rates of upgrade, modernization and involvement of foreign investors in the textile industry are insufficient that leads to the fact that else considerable amounts of the most valuable cotton fiber are processed at the companies equipped with the obsolete equipment into low-quality products. In industry the number of unprofitable and economically insolvent companies is not reduced. High is debt of the companies of the textile industry to suppliers of cotton fiber, and also on the credits of commercial banks.

For the purpose of acceleration of upgrade and modernization of the companies of industry, resolute liquidation technically backward and economically insolvent companies, creating favorable conditions for activities of the modern textile companies and attraction in process of modernization of foreign investors:

1. Take into consideration that:

as a result of the carried-out inventory count the textile companies are revealed, according to appendix No. 1, the production of high-quality competitive textile products and not having perspectives of further development working at obsolete processing equipment, not providing on the majority of which at the initiative of Goskomdemonopolization, the State Tax Committee of the Republic of Uzbekistan, Uzpakhtasanoat association and other creditors proceedings on bankruptcy are in accordance with the established procedure initiated and liquidating procedures are carried out;

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