President signs a decree to simplify bankruptcy procedure in Uzbekistan 

Shavkat Mirziyoyev signed a decree “On measures to further simplify the bankruptcy procedure and fundamentally improve the activities of judicial administrators”.

According to the document, from July 1, 2019, the following order will be introduced in the Republic of Uzbekistan:

- the state tax service authorities apply to the court for declaring the debtor bankrupt no later than 30 days from the date of return of the executive documents due to the impossibility of collecting the tax and other obligatory payments;

- a bankruptcy case may be initiated by the court if the amount of claims against the debtor - a legal entity in the aggregate is at least 300 minimum monthly wages, and the debtor - to an individual entrepreneur or an individual who has lost the status of an individual entrepreneur - no less than 20 MMW if there are signs of bankruptcy;

- the period of liquidation proceedings may not exceed 9 months, in exceptional cases, this period may be extended by a court decision, but not more than for 3 months, on the basis of a petition of persons participating in the bankruptcy case;

- a court judgment that has entered into legal force on the establishment of signs of false bankruptcy, concealment of bankruptcy or deliberate bankruptcy as a result of joint actions of beneficial, affiliated persons is the basis for bringing such persons to subsidiary liability in the manner prescribed by law;

- the property of debtors, to whom bankruptcy procedures have been applied, is subject to sale by judicial managers through an electronic online auction on the single electronic trading platform “E-IJRO AUKSION”.