RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of July 21, 2023 No. 304

About modification and amendments in some decisions of the Government of the Republic of Uzbekistan in connection with enhancement of acts of the legislation in the field of insolvency

(Extraction)

For the purpose of legal regulation of the relations in the field of insolvency of legal entities and physical persons, and also individual entrepreneurs and reduction of the existing acts of the legislation in compliance with the Law of the Republic of Uzbekistan "About insolvency" the DECIDES: Cabinet of Ministers

1. Make changes and additions to some decisions of the Government of the Republic of Uzbekistan according to appendix providing:

reduction in compliance with the Law of the concepts applied in the acts connected with insolvency;

reduction in compliance of the existing acts of the legislation in connection with implementation of practice of insolvency of physical persons;

increase in efficiency of activities of judicial managing directors by provision of the additional rights by it for accomplishment of the obligations assigned to them according to acts of the legislation.

2. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan Kuchkarov D. A. and director of the Agency on management of the state assets Ortikov A. Zh.

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 21, 2023 No. 304

Changes and additions made to some decisions of the Government of the Republic of Uzbekistan in connection with enhancement of acts of the legislation in the field of insolvency

1. In the column "Functions on Support of Development of Small Business" of line item appendices No. 2 to the resolution of the Cabinet of Ministers of May 27, 1998 No. 232 "About enhancement of the mechanism of stimulation of development of small business" the word "bankruptcy" to replace "Agency on management of the state assets of the Republic of Uzbekistan" with the word of "insolvency".

2. In the resolution of the Cabinet of Ministers of April 18, 2003 No. 188 "About measures of increase in efficiency of the carried-out restructuring and financial improvement of economically insolvent companies":

a) Item 1 in paragraph one to replace the word "bankruptcies" with the word of "insolvency";

b) in Item 2 to replace the word "bankruptcies" with the word of "insolvency";

c) in Item 3:

in paragraph one to replace the word "bankruptcies" in the corresponding case with the word of "insolvency" in the corresponding case;

in paragraph three to replace the word "bankruptcies" with the word of "insolvency";

d) in item 4:

in paragraphs one and the second to replace the word "bankruptcies" in the corresponding case with the word of "insolvency" in the corresponding case;

the third and fourth to exclude paragraphs;

e) in Regulations on evaluation procedure and realization of property of the restructured companies, and also companies to which insolvency proceedings are applied:

in the name to replace the word "bankruptcies" with the word of "insolvency";

state Item 1 in the following edition:

"1. This Provision regulates evaluation procedure, determinations of the starting (initial) price of property of the low-profitable, unprofitable and economically insolvent companies performing restructuring and also the companies to which according to the decision of economic court procedures of insolvency are applied.

This Provision is not applied in case of transactions with the objects of property of the Republic of Uzbekistan which are outside the Republic of Uzbekistan";

in paragraphs one of Items 2 and 4, paragraphs one of Items 6 and 8, paragraphs of the second Items 9 and 10 to replace the word "bankruptcies" in the corresponding case with the word of "insolvency" in the corresponding case;

in Item 12:

in the paragraph the second to replace the word "bankruptcies" with the word of "insolvency";

in paragraph five of the word of "bankrupt company" shall be replaced with words "insolvent enterprise";

in Item 13:

in paragraph one to replace the word "bankruptcies" with the word of "insolvency";

in paragraph four in state language to replace the word of "oshkor" with the word of "ommaviya";

Item 15 in paragraph one to replace the word "bankruptcies" with the word of "insolvency";

to exclude from Item 18 of the word "or it can be implemented based on the purchase and sale agreement according to the procedure, established by the legislation";

state Item 19 in the following edition:

"19. At the repeated biddings the price of property of the companies to which procedures of insolvency are applied not implemented at the previous biddings, can be reduced according to the solution of creditor meeting (creditor committee), and the property of the restructured companies which is not realized at the previous biddings, - according to the decision of authorized body according to the procedure, established by the legislation";

in Item 20:

after the words "judicial managing director" to add with the words "according to the procedure, established by the legislation";

in the text in state language of the word "oshkor the offer" shall be replaced with words "ommaviya the offer";

state Item 21 in the following edition:

"21. If during liquidating production the property of the company is not realized after carrying out the last biddings, the further order property of the company is performed by the judicial managing director according to the procedure, the stipulated in Article 159 Laws of the Republic of Uzbekistan "About insolvency";

in Item 22 of the text in state language of the word "Tugatish of Ishlara of Tartibotid" shall be replaced with words "Tugatishga doir ish yuritish of tartib-taomilid";

in Item 26 of the word of "bankrupt company" and "134" to replace respectively with words of "insolvent enterprise" and "150";

in Item 27 of the word "bankruptcy" and "134" to replace respectively with words of "insolvency" and "150";

in Item 32 "bankruptcy" to replace the word with the word of "insolvency".

3. In the Regulations on trustees investment assets approved by the resolution of the Cabinet of Ministers of April 19, 2003 No. 189:

a) Item 24 in paragraph one to replace the word "bankruptcies" with the word of "insolvency";

b) in Item 58 "the announcement of bankruptcy" to replace the word with the word "recognition by the bankrupt".

4. In Regulations on procedure for preservation of not used fixed assets and objects of construction in progress, No. 401 approved by the resolution of the Cabinet of Ministers of September 16, 2003:

a) in paragraph four of the subitem "an" of item 4 to replace the word "bankruptcies" in the corresponding case with the word of "insolvency" in the corresponding case;

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