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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of December 14, 2018 No. 1013

About measures for radical enhancement of system of financial improvement of the companies with the state participation

(In edition of the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 13.05.2019 No. 397)

Studying of the state of affairs in the field of financial improvement of the companies with the state participation shows that the number of financially unstable companies grows, and the measures taken by them do not yield due result. The analysis of the legal basis of financial improvement of the companies confirms availability of number of unresolved questions:

first, availability of gaps in regulation. So far the single document covering all range of questions from information collection before monitoring of actions for financial improvement is not accepted, and the available acts regulate only separate stages of process;

secondly, lack of obligatory coordination of the business plans accepted by the companies with the established standard rates of financial improvement. In the work governing bodies of the companies do not carry out diagnostics regarding compliance to standard rates of financial improvement and do not consider them in case of implementation of measures for ensuring steady work of the companies;

thirdly, lack of determination of the concept "road map" on financial improvement of the companies with the state participation, requirements to its content, procedure for development and monitoring. In spite of the fact that road maps of financial improvement are developed since 2011, the regulatory base on their development, to approval and monitoring still is not available;

fourthly, not involvement of economic associations and khokimiyats in case of development and implementation of "road maps". Due to the lack of the regulatory base, industry departments and khokimiyats participate in development of "road maps" only formally, acting as collaborators of the actions provided in them;

fifthly, broad application of the existing precepts of law on financial improvement within corporate management and application of insolvency proceedings is not provided. The analysis of dynamics of application of insolvency proceedings in recent years showed the outlined tendency of reducing scales of process of initiation of insolvency proceedings while this measure is quite effective from line items of return of debts of creditors and financial improvement of the companies.

For the purpose of the organization of effective system of financial improvement of the companies with the state participation, and also rendering full support, operational identification of the reasons of their financial instability and acceptance of the adequate anticipatory measures for their stable functioning the Cabinet of Ministers decides:

1. Approve:

Regulations on procedure for provision of information for the analysis of financial and economic condition of the companies with the state participation according to appendix No. 1;

Regulations of carrying out the analysis of financial and economic condition of the companies with the state participation according to appendix No. 2;

Regulations on procedure for development, approval and monitoring of program implementation - "road maps" on financial improvement of the companies with the state participation according to appendix No. 3.

2. Assign to heads of bodies of the public and economic board, public authorities on places, the organizations, and also persons performing on behalf of the state of shareholder right (the participant, the founder) of the companies with the state participation, the personal responsibility for timely development of programs - "road maps" for financial improvement of the companies and their unconditional realization.

3. To state bodies, public authorities on places together with the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition in case of identification of signs of bankruptcy of economic societies in which they are shareholders (participants), in accordance with the established procedure based on offers of bodies of managements of data of societies to provide the appeal to economic courts on application of the insolvency proceedings providing specific measures of repayment of debts and financial improvement.

4. To the state committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition together with the ministries and departments in two-month time to bring the regulatory legal acts adopted by them into accord with this resolution.

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