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LAW OF THE REPUBLIC OF UZBEKISTAN

of May 5, 1994 No. 1054-XII

About bankruptcy

(The last edition from 22-10-2019)

Chapter I. General provisions

Article 1. Purpose of this Law

The purpose of this Law is regulation of the relations in the field of bankruptcy of the legal entities, individual entrepreneurs and physical persons who lost the status of the individual entrepreneur.

Article 2. Legislation on bankruptcy

The legislation on bankruptcy consists of this Law and other acts of the legislation.

Operation of this Law does not extend to the state companies and non-profit organizations, except for the legal entities acting in the form of consumer cooperative or public fund.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about bankruptcy then are applied rules of the international treaty.

Article 3. Basic concepts

In this Law the following basic concepts are applied:

bankruptcy (economic insolvency) - the inability of the debtor recognized by economic court in full to meet requirements of creditors for monetary commitments and (or) to fulfill duties on obligatory payments;

the voluntary settlement - the agreement of the parties on the termination of lawsuit on the basis of reciprocal concessions;

creditors - legal entities or physical persons before which the debtor bears responsibility according to monetary commitments and (or) discharge of duty on obligatory payments, except for citizens before whom the debtor bears responsibility for damnification of life or to health, and also founders (participants) of the debtor of the legal entity according to the obligations following from such participation;

the representative of creditor meeting (creditor committee) - person authorized by creditor meeting or creditor committee to participate in the case of bankruptcy;

observation - the insolvency proceeding applied by economic court to the debtor - to the legal entity from the moment of adoption by court of the statement for recognition of the debtor by the bankrupt before the following procedure for the purpose of ensuring safety of property of the debtor, carrying out financial analysis of the debtor;

obligatory payments - taxes and other obligatory payments in the government budget and the state trust funds;

the moratorium - suspension of execution by the debtor - the legal entity of monetary commitments and (or) obligations on obligatory payments;

monetary commitment - obligation of the debtor to pay to the creditor certain sum of money under the civil agreement and on other bases, stipulated by the legislation;

the judicial managing director (the interim manager, the sanifying managing director, the external managing director, the liquidating managing director) - person designated by economic court for carrying out insolvency proceedings;

pre-judicial sanitation - the measures taken by founders (participants) or the owner of property of the debtor - the legal entity, creditors and other persons for the purpose of recovery of solvency and the prevention of bankruptcy of the debtor;

judicial sanitation - the insolvency proceeding applied by economic court to the debtor - to the legal entity for the purpose of recovery of its solvency and debt repayment before creditors, without delegation of power on administration of the debtor to the sanifying managing director;

external management - the insolvency proceeding applied by economic court to the debtor - to the legal entity for the purpose of recovery of its solvency, with delegation of power on administration of the debtor to the external managing director;

liquidating production - the insolvency proceeding applied by economic court to the debtor declared bankrupt for the purpose of adequate consideration of requirements of creditors and the announcement of the debtor free from obligations;

the city-forming and equated to it company - the legal entity whose workers taking into account members of their families constitute at least a half of the population of the respective settlement, or the numbering workers at least three thousand people, or ensuring maintenance of defense capability and safety of the state or being the subject of natural monopolies;

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