RESOLUTION OF THE STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON DEMONOPOLIZATION AND DEVELOPMENT OF THE COMPETITION

of December 15, 2011 No. 11

About modification of the Provision on realization of the invaluable, fast-wearing-out objects, remaining balance of raw materials and finished goods of the bankrupt companies

According to the Law of the Republic of Uzbekistan "About bankruptcy" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2003, N 5, the Art. 63), the resolution of the President of the Republic of Uzbekistan of March 2, 2010 N PP-1293 "About the organization of activities of the State committee of the Republic of Uzbekistan for demonopolization and development of the competition" (Collection of the legislation of the Republic of Uzbekistan, 2010, N 9, the Art. 67) and the Regulations on the State committee of the Republic of Uzbekistan on demonopolization and development of the competition approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of June 2, 2010 N 105 (Collection of the legislation of the Republic of Uzbekistan, 2010, N 23, of the Art. 182), the State committee of the Republic of Uzbekistan on demonopolization and development of the competition decides:

1. Make changes to the Provision on realization of the invaluable, fast-wearing-out objects, remaining balance of raw materials and finished goods of the bankrupt companies approved by Committee on cases on economic insolvency of the companies of the Republic of Uzbekistan of October 12, 1999 N 15 (рег. 842 of November 26, 1999) according to appendix.

2. This resolution becomes effective after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Appendix

to the resolution of the State committee of the Republic of Uzbekistan on demonopolization and development of the competition of December 15, 2011 No. 11

The changes made to the Provision on realization of the invaluable, fast-wearing-out objects, remaining balance of raw materials and finished goods of the bankrupt companies

1. In the name of the word of "the invaluable, fast-wearing-out objects" shall be replaced with words "stock and economic accessories".

2. State Items 1.1 and 1.2 in the following edition:

"1.1. This Provision according to the Law of the Republic of Uzbekistan "About bankruptcy" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2003, N 5, the Art. 63), the Presidential decree of the Republic of Uzbekistan of July 23, 1999 N UP-2342 "About Enhancement of the Mechanism of Bankruptcy and Sanitation of the Companies" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1999, N 7, the Art. 170), the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 26, 1999 N 362 "About additional measures for implementation of the legislation on bankruptcy of the companies" (the joint venture of the Republic of Uzbekistan, 1999, N 7, the Art. 42), the National accounting standard of the Republic of Uzbekistan "Inventory stocks" (NSBU N 4) (daleensb) (рег. N 1595 of July 17, 2006) (The collection of the legislation of the Republic of Uzbekistan, 2006, N 28-29, Art. 282) determines the mechanism of realization of stock and the economic accessories, and also remaining balance of raw materials and finished goods constituting inventory stocks during liquidating production for acceleration of repayment of obligations of the company declared bankrupt.

1.2. In this Provision inventory stocks (further - TMZ) are understood as assets which are in business entities in type:

raw material stocks and materials, purchased semifinished products and components, fuel, container and tare materials, spare parts, stock and economic accessories, the other materials intended for production, performance of works, rendering services, servicing of production, administrative requirements and other purposes;

young growth of the animal, adult animals who are on fattening and the nagul, birds, families of bees, the adult cattle rejected from the main herd for realization (without statement on fattening), the cattle accepted from outside for realization;

work in progress in the form of unfinished by processing and assembly of details, nodes, products and unfinished engineering procedures. Work in progress in the organizations performing works and rendering services consists of expenses on accomplishment of unfinished works (services) on which acceptance documents are not processed yet and the organization does not acknowledged the corresponding income;

the finished goods made in the organization (the resulting effect of production cycle - the asset finished with processing (picking) which is intended for realization and corresponds to the technical and quality characteristics provided by the agreement or to requirements of other documents in the cases established by the legislation);

the goods acquired (received) from other legal entities or physical persons and held for sale or resales without additional processing in the course of ordinary activities of the organization. At the same time objects of non-current assets (the building, constructions, vehicles, the property (exclusive) rights and others) can also be goods in cases if they are acquired for the purpose of further sale or resale.

Assets which are included stock and economic accessories are determined according to Item 6 NSBU".

3. In Items 2. 2.2 both 2.6 words "authorized representative" and "authorized representative" to replace 1, respectively with words "the liquidating managing director" and "the liquidating managing director".

4. In Item 2.4 of the word "Art. 83" shall be replaced with words "Article 134".

5. State Item 2.5 in the following edition:

"2.5. The liquidating managing director shall submit the report on use of money of the debtor to regular meeting of creditors or creditor committee within one month from the date of its creation".

6. These changes are approved with the Supreme Economic Court and the Ministry of Finance of the Republic of Uzbekistan.

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