RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of September 12, 2019 No. 765

About measures for the organization of activities of judicial managing directors

According to the resolution of the President of the Republic of Uzbekistan of February 1, 2019 "About measures for further simplification of insolvency proceeding and radical enhancement of activities of judicial managing directors" and for the purpose of providing necessary regulatory framework of activities of judicial managing directors when carrying out insolvency proceedings the Cabinet of Ministers decides No. PP-4146:

1. Approve:

Regulations on judicial managing directors, procedure for their certification (recertification) and issue of the competence certificate according to appendix No. 1;

Regulations on procedure for training of applicants for receipt of the certificate of the judicial managing director and advanced training of judicial managing directors according to appendix No. 2.

2. No. PP-73 is excluded according to the Resolution of the President of the Republic of Uzbekistan of 30.12.2021

3. Recognize invalid some decisions of the Government of the Republic of Uzbekistan according to appendix No. 3.

4. To agency on management of the state assets of the Republic of Uzbekistan together with the interested ministries and departments to bring the regulatory legal acts adopted by them into accord with this resolution in a month.

5. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan concerning investments and foreign economic relations E. M. Ganiyev and the director of the Agency on management of the state assets A. Ya. Haydarov.

Appendix №1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 12, 2019 No. 765

Regulations on judicial managing directors, procedure for their certification (recertification) and issue of the competence certificate

Chapter 1. General provisions

1. This Provision according to the Law of the Republic of Uzbekistan "About bankruptcy" determines qualification and professional requirements to judicial managing directors, powers of judicial managing directors, and also payment procedure of remuneration and issue of the competence certificate of the judicial managing director.

2. The citizen of the Republic of Uzbekistan having the certificate of the judicial managing director appointed by economic court for carrying out insolvency proceedings taking into account rating assessment of activities of judicial managing directors from among the candidacies proposed is recognized to judicial managing directors:

the creditor (creditors) - in case of introduction of the procedure of observation. In case when the candidacy of the interim manager is not presented by the creditor (creditors), it is appointed from among the candidacies presented by Agency on management of the state assets of the Republic of Uzbekistan (further - the Agency) or its territorial administration or Association of judicial managing directors of Uzbekistan (further - Associations) or its territorial subdivision;

the creditor meeting or persons which provided ensuring obligation fulfillment, either the Agency or its territorial administration - when holding procedure of judicial sanitation;

creditor meeting or the Agency or its territorial administration - when holding procedures of external management and liquidating production.

3. As the candidate for the judicial managing director when holding procedures of judicial sanitation or external management or liquidating production the face performing powers of the interim manager can be considered.

4. The association performs rating assessment of activities of judicial managing directors and will quarterly publish in mass media and provides placement on the official website of the Agency information on rating assessment of activities of judicial managing directors according to the procedure, the determined Agency.

5. The economic court depending on insolvency proceedings appoints the following judicial managing directors:

the interim manager - for holding procedure of observation;

the sanifying managing director - for holding procedure of judicial sanitation;

the external managing director - for holding procedure of external management;

the liquidating managing director - for holding procedure of liquidating production.

6. The basic principles of activities of judicial managing directors are independence, objectivity and impartiality.

7. The judicial managing director shall:

have skills of financial analysis of the debtor;

have bases of knowledge of financial accounting, assessment of property and management;

have knowledge of bases of the legislation of the Republic of Uzbekistan;

find solutions on financial improvement of the debtor and adequate consideration of requirements of creditors;

have professional knowledge in the field of bankruptcy, to constantly enhance them;

have high moral qualities - honesty to treat the charged case, to be executive, initiative, disciplined in implementation of the activities, reserved, emotionally and psychologically steady.

8. The judicial managing director during process about bankruptcy shall take neutral position in the relations of the debtor and creditor.

9. When implementing the functions the judicial managing director cannot have employment relationships with the debtor and the creditor, and also to have valuable and other interests concerning their owners and officials.

Chapter 2. Professional and qualification requirements to judicial managing directors

10. The judicial managing director shall conform to the following main qualification requirements:

have the higher education;

have length of service at least two years;

undergo certification in the Agency.

11. Except requirements, stipulated in Item the 10th this provision, the following additional qualification requirements are imposed to judicial managing directors:

carrying out procedures of observation and liquidating production - availability of working life at least two years as the middle manager (the shop manager, the yard foreman, the head of department etc.) or length of service as the judicial managing director of the fourth category at least twenty four months;

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