PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of April 29, 2023 No. UP-63

About further enhancement of system of satisfaction of requirements of the creditors provided with pledge

For the purpose of providing priority of the rights of creditors concerning the property provided as ensuring obligation fulfillment, simplification of implementation processes of pledged property by means of auction, and also further enhancement of practice of collection of the obligations provided with pledge extrajudicially:

1. Determine that since July 1, 2023:

in case of the address of collection on pledged property it is extrajudicially allowed to offer subject to pledge for auction on electronic trade platform of "E-auksion" based on the order of the creditor and (or) the debtor;

in case of receipt of executive text of the notary debt collection on the bases following from settlement and credit relations does not require submission of the reconciliation statement, mutually confirmatory debt to commercial banks.

2. For the purpose of further enhancement of system of satisfaction of the requirements provided with pledge to approve the offer of the Central bank on implementation since January 1, 2024 of the following procedures:

provision of absolute benefit to creditors in satisfaction of their requirements provided with pledge from the cost of pledged property - in the course of the procedures of insolvency;

establishment of minimum price below which the pledged property cannot be realized at repeated auction, in the amount of 80 percent of the starting price of object of auction. At the same time in case of not realization of property at repeated auction the claimant is offered to reserve this property at the price of auction 25 percent lower than the starting price;

non-admission of delay of realization of pledged property on which collection, at the public biddings based on the petition of the pledger is turned;

cancellation of practice of the termination of enforcement proceeding by the state contractor and lifting of restrictions on the order property in connection with the beginning of process of voluntary liquidation of the debtor.

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