ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of February 24, 1996 No. 102

About approval of the Regulations on procedure for identification of the companies falling under signs of bankruptcy and their improvement, procedure for their liquidation

In execution of the Law of the Republic of Tajikistan "About bankruptcy of the companies" the Government of the Republic of Tajikistan decides:

1. Approve the enclosed Provision "About Procedure for Identification of the Companies Falling under Signs of Bankruptcy and Their Improvement, Procedure for Their Liquidation".

2. To the state committee of the Republic of Tajikistan on management of state-owned property, the Ministry of Economics and external commercial relations of the Republic of Tajikistan, to the Ministry of Finance of the Republic of Tajikistan, executive bodies on places (Hukumatam), to creditors and owners to be guided by this Provision when implementing procedures of sanitation, reorganization, liquidation and privatization of economically insolvent companies.

Approved by the order of the Government of the Republic of Tajikistan of February 24, 1996 No. 102

Regulations on procedure for identification of the companies falling under signs of bankruptcy and their improvement, procedure for their liquidation

I. General terms

1. This Provision is developed according to the Law of the Republic of Tajikistan "About bankruptcy of the companies" and determines measures for support, improvement (sanitation) insolvent and liquidations of insolvent enterprises.

This provision is binding in all territory of the Republic of Tajikistan for all state bodies.

2. The basis for recognition of the company by insolvent (bankrupt) is considered:

- inability of satisfaction in time and in full requirements of the creditors having to it property claims;

- failure to carry out of the obligation to the budget;

- excess of the obligation of the companies over its property.

3. External signs of insolvency of the companies are:

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