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We know everything about bankruptcy
24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
Uzbekistan adopts law on bankruptcy of individuals
On April 12, the President of the country signed a new law “On Insolvency”. According to the press service of the Ministry of Justice of Uzbekistan, now the status of bankrupt can be officially obtained by those individuals whose debt exceeds 200 BRD (the base estimated value, which is currently 270,000 Uzbek soums), that is a little more than 380,000 rubles.
It is known that the norms of Chapter 14 of this law, which deal with the issues of assigning insolvency status to individuals in detail, will come into force no earlier than January 1, 2023. At the same time, this normative legal act will not be applied to the activities of the state institutions of the republic.
According to the law, if there is a large debt that an individual has not been able to repay in the last three months, he/she can be given an installment plan for three years or sell the assets through an auction and be released from the overdue debt. In this case, both temporary and permanent insolvency are possible. In the first case, we are talking about non-payment of debt from 3 to 6 months. In the second case, the court establishes that the value of the debtor's property is less than his debt.
Anyone who will be applying to the judicial authorities with insolvency petitions must transfer an amount equal to seven times the minimum wage (822,000 soums) to a special deposit. This money will be used to pay for the work of the bankruptcy trustee.
It is known that in the event of bankruptcy of individuals, the law allows several procedures: debt restructuring, sale of property and bankruptcy. If we are talking about an individual entrepreneur, then liquidation proceedings are possible as well. We should remind our readers that this is the first law in Uzbekistan that allows bankruptcy of individuals. Now the former law "On Bankruptcy", adopted in 1994, will no longer be valid.
It is known that the norms of Chapter 14 of this law, which deal with the issues of assigning insolvency status to individuals in detail, will come into force no earlier than January 1, 2023. At the same time, this normative legal act will not be applied to the activities of the state institutions of the republic.
According to the law, if there is a large debt that an individual has not been able to repay in the last three months, he/she can be given an installment plan for three years or sell the assets through an auction and be released from the overdue debt. In this case, both temporary and permanent insolvency are possible. In the first case, we are talking about non-payment of debt from 3 to 6 months. In the second case, the court establishes that the value of the debtor's property is less than his debt.
The courts of the republic are getting ready to consider the applications of individuals at the places of residence.
Moreover, both the persons themselves and their creditors will be able to apply to the court. To make a decision on declaring a person insolvent, the court will have only two months from the moment the application is accepted for proceedings. Exceptions to the extension of the recognition period are possible, but not more than for a month.Anyone who will be applying to the judicial authorities with insolvency petitions must transfer an amount equal to seven times the minimum wage (822,000 soums) to a special deposit. This money will be used to pay for the work of the bankruptcy trustee.
It is known that in the event of bankruptcy of individuals, the law allows several procedures: debt restructuring, sale of property and bankruptcy. If we are talking about an individual entrepreneur, then liquidation proceedings are possible as well. We should remind our readers that this is the first law in Uzbekistan that allows bankruptcy of individuals. Now the former law "On Bankruptcy", adopted in 1994, will no longer be valid.
18.04.2022
