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LAW OF THE REPUBLIC OF UZBEKISTAN

of April 12, 2022 No. ZRU-763

About insolvency

Accepted by Legislative house on August 16, 2021

It is approved by the Senate on September 30, 2021

Chapter 1. Basic rules

Article 1. Purpose of this Law

The purpose of this Law is regulation of the relations in the field of insolvency of legal entities and physical persons, and also individual entrepreneurs.

Operation of this Law does not extend to public institutions and other non-profit organizations, except for the legal entities performing activities in the form of consumer cooperative or public fund.

Article 2. Insolvency legislation

The insolvency legislation consists of this Law and other acts of the legislation.

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 insolvency then are applied rules of the international treaty.

Article 3. Basic concepts

In this Law the following basic concepts are applied:

the bankrupt - the debtor recognized based on the judgment insolvent to whom the procedure of liquidating production or sale of its property is applied;

homogeneous creditors - group of the creditors having uniform requirements to the debtor and not having advantage before each other in their satisfaction;

the voluntary settlement - the agreement of the parties on suit abatement on insolvency on the basis of reciprocal concessions;

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

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

the procedure of observation - the procedure applied by court in the case of insolvency to the debtor - to the legal entity from the date of adoption of the statement for recognition of the debtor insolvent before the following procedure for the purpose of ensuring safety of its property, carrying out financial analysis of the debtor, creation of the register of requirements of creditors and carrying out the first creditor meeting;

the procedure of sale of property - the procedure applied within case on insolvency to adequate consideration of requirements of creditors for physical person;

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

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

taxes and fees - the obligatory payments paid to the Government budget of the Republic of Uzbekistan and (or) the state trust funds;

pseudo-insolvency - causing to creditors of damage as a result of the announcement by legal entity and physical person, and also the individual entrepreneur about impossibility of performance of obligations according to monetary commitments and (or) fulfillment of duties on taxes and fees in full, knowing about the economic solvency on their execution;

the judicial managing director (the interim manager, the sanifying managing director, the external managing director, the liquidating managing director, the financial manager) - the person designated by court for holding procedures of insolvency and who is the member of public association of judicial managing directors;

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

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 recovery of solvency and the prevention of insolvency of the debtor;

external management - the procedure of recovery of solvency applied by court to the debtor - to the legal entity for its financial improvement, with delegation of power on administration of the debtor to the external managing director;

the procedure of liquidating production - the procedure applied by court to the debtor for the purpose of adequate consideration of requirements of creditors and the announcement of the debtor free from obligations and its liquidation, except for cases on insolvency of physical person;

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

the procedure of recovery of solvency - the procedure applied by court to the debtor - to the legal entity, including judicial sanitation or external management and providing implementation of measures, directed to recovery of its solvency;

insolvency concealment - damnification to creditors as a result of submission by legal entity and physical person, and also the individual entrepreneur of the data and documents untrue, accounting noise or other intentional concealment of the insolvency;

the debtor - legal entities and physical persons, and also the individual entrepreneurs not capable to meet requirements of creditors for monetary commitments and (or) to fulfill the duties on taxes and fees;

the representative of founders (participants) of the debtor or the owner of property - person authorized by founders (participants) or the owner of property of the debtor in course of production on the case of insolvency;

the employee representative of the debtor - person authorized by workers of the debtor to represent their interests when holding procedure of insolvency;

the procedure of debt restructuring - the procedure applied within case on insolvency to recovery of solvency concerning physical person and satisfaction of requirements of creditors;

deliberate insolvency - the intentional creation or increase in insolvency which is commited by person, being part of governing body of the legal entity, the founder (participant) or the owner of the legal entity, and also the physical person or the individual entrepreneur in private interests or interests of other persons;

agricultural enterprise - agricultural cooperative, farm and Dehkan economy with formation of legal entity, and also other legal entities whose core activity is production of agricultural products;

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 number of workers at least three thousand people, or the ensuring maintenance of defense capability and safety of the state, and also the having strategic importance or being the subject of natural monopolies.

Article 4. Current payments

The current payments are the monetary commitments and (or) taxes and fees which arose from start date of production process on the case of insolvency.

Requirements of creditors for the current payments are not reflected in the register of requirements of creditors.

The satisfaction of requirements of creditors for the current payments in course of production on the case of insolvency is performed according to part one of article 150 of this Law.

Article 5. Insolvency signs

Signs of insolvency are:

temporary insolvency - inability of the debtor to meet requirements of creditors for monetary commitments and (or) to fulfill the duties on taxes and fees for date of appeal to the court if the corresponding obligations are not fulfilled by the debtor within three months from the date of approach, and - are not executed by the city-forming company and the companies equated to it within six months;

permanent insolvency - if obligations of the debtor exceed the cost of its assets for date of filing of application in court and in the accounting period for the beginning of year at which the application is submitted, and in the accounting period for the beginning of prior year if the application is submitted by the debtor in the first quarter year.

The rules provided by this Article are not applied by hearing of cases about insolvency in the simplified procedure, about insolvency of physical persons, and also the individual entrepreneur.

Article 6. Consideration of the case about insolvency

Case on insolvency is considered by court.

Case on insolvency according to article 7 of this Law is considered by court based on the statement of person (body) having the right to appeal to the court in the place of state registration of the debtor - the legal entity, and also at the place of residence of physical person and (or) individual entrepreneur.

Cases on insolvency of the debtor are considered by court by the rules provided by the Economic Procedure Code of the Republic of Uzbekistan taking into account the features established by this Law.

Article 7. Right to appeal to the court

By it the debtor and the creditor have rights to appeal to the court with the statement for initiation of proceedings for insolvency concerning the debtor in connection with non-execution of monetary commitments.

The debtor and the creditor can specify need of application of procedures of recovery of solvency of the debtor or liquidating production in the statement for initiation of proceedings for insolvency.

By it on taxes and fees the debtor, bodies of the State Tax Service, and also authorized state body for cases on insolvency and its territorial administrations have rights to appeal to the court with the statement for initiation of proceedings for insolvency concerning the debtor in connection with non-execution of obligations (further - authorized state body) - concerning legal entities, in authorized fund (authorized capital) of which the share of the state and (or) debt to the Republic of Uzbekistan on monetary commitments is had.

Article 8. Bases of the appeal of the debtor to court

The debtor has the right to take a legal action with the statement for initiation of proceedings for insolvency in the presence of the signs provided by part one of article 5 of this Law.

The debtor - the legal entity takes a legal action with the statement for initiation of proceedings for insolvency in its relation based on the decision of founders (participants) or the owner of property or the decision of the body authorized by the owner of property if other is not provided by this Law.

Article 9. The obligation of the debtor, liquidation commission or the liquidator on filing of application in court

The debtor's head - the legal entity, the debtor - physical person or the individual entrepreneur shall file petition for initiation of proceedings for insolvency concerning the debtor in court in cases if:

the satisfaction of requirements of one or several creditors results in impossibility of accomplishment in full by the debtor of monetary commitments before other creditors and (or) obligations on taxes and fees;

body, authorized to make the decision on liquidation of the debtor according to constituent documents of the debtor, the decision on appeal to the court with the statement of the debtor for liquidation is made;

the body authorized by the owner of property of the debtor - the unitary enterprise, makes the decision to take a legal action with the statement of the debtor;

the claim to property of the debtor can make impossible economic activity of the debtor or result in dissatisfaction of requirements of other creditors.

If in case of liquidation of the legal entity it became clear that it is impossible to meet requirements of creditors in full, the liquidation commission or the liquidator shall take a legal action with the statement for initiation of proceedings for insolvency concerning the debtor.

The statement of the debtor, liquidation commission or the liquidator shall be taken to court no later than one month from the moment of emergence of the circumstances provided in parts one and the second this Article.

Article 10. Subsidiary responsibility of the head of the debtor, members of liquidation commission or the liquidator for failure to carry out of obligation on filing of application of the debtor in court

Non-presentation by the debtor's head, members of liquidation commission or the liquidator in court of the statement for initiation of proceedings about insolvency concerning the debtor attracts subsidiary responsibility of the head of the debtor, members of liquidation commission or the liquidator according to liabilities and (or) obligations on the taxes and fees of the debtor which arose after the expiration provided by part three of article 9 of this Law.

Article 11. Obligation on submission of data on economic solvency of the companies

In case of detection of signs of insolvency bodies of the State Tax Service, bodies of the state statistics shall provide to authorized state body of the data on the companies with the state share in authorized fund (authorized capital), and also other data on economic solvency of the companies for request of authorized state body.

Chapter 2. The rights, obligations and responsibility of participants of proceeedings about insolvency, creditor meetings, public associations, judicial managing directors

Article 12. Creditors and creditor meeting

In case of application of procedures of insolvency interests of all creditors are protected by creditor meeting or creditor committee. From the date of acceptance to production by court of the statement for initiation of proceedings about insolvency concerning the debtor creditors have no right to address the debtor for the purpose of satisfaction of the requirements in individual procedure.

All actions made concerning the debtor are performed by creditor meeting or creditor committee on behalf of creditors.

The employee representative of the debtor, the judicial managing director, the representative of founders (participants) of debtors or the owner of property of the debtor participate in creditor meeting or creditor committee without voting power.

In cases when in the case of insolvency the single creditor participates, decision making, carried to exclusive competence of creditor meeting, this creditor performs.

Acceptance is within the exclusive competence of creditor meeting:

decisions on the conclusion of the voluntary settlement;

decisions on election of members of the committee of creditors, determination of its quantitative structure and early termination of their powers;

decisions on appeal to the court with the petition for introduction of the procedure of judicial sanitation or external management, prolongation of their term or early termination;

decisions on appeal to the court with the petition for recognition of the debtor by the bankrupt and the beginning of the procedure of liquidating production or for recognition of the debtor by the bankrupt and the beginning of the procedure of liquidating production without suspension of its activities;

decisions on approval of the plan of judicial sanitation and approval of the debt repayment schedule;

decisions on approval of the plan of external management.

The rules provided by part five of this Article are not applied by hearing of cases about insolvency of physical persons.

The decisions provided in paragraphs four and the fifth part five of this Article, carried to special powers of creditor meeting can be accepted based on the conclusion of the interim manager about financial condition of the debtor provided by part three of article 86 of this Law.

If on creditor meeting the decision on recognition of the debtor by the bankrupt and the beginning of liquidating production, court is made, considering the conclusion of the interim manager about availability of opportunity for recovery of activities of the debtor having the right to enter one of procedures for recovery of its solvency concerning the debtor.

The organization and carrying out creditor meeting are performed by the judicial managing director.

Creditor meeting is competent provided that at it there are creditors with voting power imposing requirements in the amount of at least two thirds of the total amount of monetary commitments and (or) of obligations for taxes and fees of the debtor. Creditors can participate at meeting as well through the representatives. In case of lack of quorum in ten-day time repeated creditor meeting which is competent irrespective of number of the creditors provided on it is convoked provided that about date, time and the venue of creditor meeting they were notified properly.

The creditor has the right to appeal the judgment violating its rights and legitimate interests, the solution of creditor meeting, action (failure to act) of the judicial managing director, and also refusal of the judicial managing director in satisfaction of its requirements during the procedure of its insolvency.

Article 13. Groups of homogeneous creditors

Homogeneous creditors are subdivided into the following groups:

the first - creditors according to obligations of the debtor, secure pledge;

the second - creditors according to the requirements to the debtor following from the agreements which are not provided with pledge, delivery agreements, performance of works and rendering services and also from agreements of compulsory insurance and insurance of bank loans;

third - creditors on taxes and fees;

the fourth - creditors on compensation and payment of compensations for the employment contracts, executive documents providing transfer or issue of money from the account for satisfaction of requirements about collection of the alimony, on payment of remunerations for author's agreements, providing equal accomplishment of obligations of the debtor on the payments and requirements following from the labor and equated to them legal relationship and also requirements of citizens for compensation of the damage caused to their property as a result of criminal or administrative offense;

the fifth - shareholders of the debtor according to the added dividends.

Voting power on creditor meeting by consideration of the questions specified in paragraphs second and third to part five of article 12 of this Law creditors of the first, second and third groups have.

Voting power on creditor meeting by consideration of questions, the specified in paragraphs four, the fifth, sixth and seventh part five of article 12 of this Law, creditors of the first and second groups have.

The creditor has the right to vote on creditor meeting if he is holder of acknowledged requirements to the debtor.

Article 14. Notification on carrying out creditor meeting

Under the proper notice the direction to the creditor relevant to authorized body, and also the other person having according to article 12 of this Law the participation right in creditor meeting, messages on carrying out creditor meeting by mail service not later than two weeks before date of creditor meeting or the direction the different way providing such message at least in five days prior to date of creditor meeting is recognized.

In case of impossibility to reveal the data necessary for the personal notification of the creditor or the other person having the participation right in creditor meeting or in the presence of other circumstances excluding possibility of the personal notification of specified persons, the proper notice of such persons the publication of the message on the carrying out creditor meeting according to the procedure determined by the Cabinet of Ministers of the Republic of Uzbekistan and is recognized the mass media determined by it.

The message on carrying out creditor meeting shall contain the following data:

the name and the location of the debtor - the legal entity;

date, time and venue of creditor meeting;

agenda of creditor meeting;

procedure for acquaintance with the materials which are subject to consideration by creditor meeting;

order of registration of participants of the meeting of creditors;

surname, name, middle name and the debtor's residence - the individual entrepreneur or physical person.

The judicial managing director shall create to creditors opportunity to get acquainted with the materials which are subject to consideration on creditor meeting, at least in three working days prior to date of meeting.

Article 15. Procedure for convocation of creditor meeting

Creditor meeting is convoked at the initiative of the judicial managing director either upon the demand of creditor committee or upon the demand of creditors whose requirements for monetary commitments and (or) obligations for taxes and fees constitute at least one third of the total amount of requirements for monetary commitments and (or) obligations on the taxes and fees entered in the register of requirements of creditors or at the initiative of one third of total number of creditors.

In the requirement about carrying out creditor meeting the questions which are subject to entering into the agenda of creditor meeting shall be formulated.

The judicial managing director has no right to make changes to the formulation of questions of the agenda of the creditor meeting convoked upon the demand of creditor committee or the creditors specified in part one of this Article.

Creditor meeting upon the demand of creditor committee or the creditors specified in part one of this Article is convoked by the judicial managing director in time no later than thirty days from the moment of the address with the corresponding statement to the judicial managing director.

Creditor meeting is held in the location (residence) of the debtor if other rule is not established by creditor meeting or creditor committee. In case of impossibility of carrying out the first creditor meeting the venue of the first creditor meeting is determined by the location (residence) of the debtor by the judicial managing director.

Article 16. Protocol of creditor meeting

On creditor meeting the protocol is taken.

Shall be attached to the protocol of creditor meeting:

register of requirements of creditors of date of creditor meeting;

the documents confirming powers of representatives of creditors;

registration sheets of participants of the meeting of creditors;

the materials provided to participants of the meeting of creditors for acquaintance and (or) approval;

proofs of the proper notice of creditors and the relevant authorized bodies about date, time and the venue of creditor meeting;

bulletins for voice;

other documents at the discretion of the judicial managing director or to the solution of creditor meeting.

The protocol of creditor meeting and documents attached to it are subject to transfer to court no later than two days from date of creditor meeting.

Article 17. Procedure for decision making by creditor meeting

Solutions of creditor meeting on the questions put to the vote are accepted by a majority vote from number of the attendees at creditor meeting having the right to vote.

Each creditor having the right to vote has poll in proportion to its share in general accounts payable on date of creditor meeting.

Creditor meeting accepts the majority from poll of all creditors having the right to vote:

decision on the conclusion of the voluntary settlement;

the decision on appeal to the court with the petition for introduction of the procedure of judicial sanitation or external management, prolongation of their term or early termination;

the decision on appeal to the court with the petition for recognition of the debtor by the bankrupt and the beginning of the procedure of liquidating production;

the decision on appeal to the court with the petition for appointment, replacement or release of the judicial managing director.

If on creditor meeting there is no necessary quorum of the creditors having the right to vote, for decision making, provided by part three of this Article, repeated creditor meeting which is competent to make such decisions by a majority vote from number of the creditors having the right to vote and attendees at meeting provided that about date, time and the venue of creditor meeting creditors were notified properly is convoked.

The decision of creditor meeting made with violation of requirements of this Law and other legal acts and violating the rights and legitimate interests of creditors can be nullified by court according to the statement of the creditor who did not participate in vote or voted against this decision.

Such solution of creditor meeting can be nullified by court if it violates the rights and legitimate interests of other persons participating in the case of insolvency. The application can be submitted within twenty days from the date of when the creditor and (or) other person participating in proceeedings about insolvency learned or shall learn about the decision.

The decision on appeal to the court with the petition for introduction of the procedure of judicial sanitation or external management, prolongation of their term or early termination is deemed accepted if most of creditors of the first and second groups voted for it. In case most of creditors of the first and second groups voted against, and also during the vote in each group is not gained necessary number of votes, the decision on appeal to the court with the petition for recognition of the debtor by the bankrupt and the beginning of liquidating production is made.

The creditors of each group having the right to vote have the equal rights of participation in vote.

Article 18. Register of requirements of creditors

The register of requirements of creditors is kept by the judicial managing director.

Account of requirements of creditors in the register of requirements of creditors is kept in national currency of the Republic of Uzbekistan. The requirements of creditors expressed in foreign currency are considered in the register of requirements of creditors, on the official rate of the Central bank of the Republic of Uzbekistan on the date of carrying out creditor meeting according to the procedure, established by the legislation if other is not provided in the agreement signed between the creditor and the debtor. In the register of requirements of creditors the information about each creditor, the established size of its requirements for monetary commitments and (or) obligations on taxes and fees are specified, to priority of satisfaction of each of its requirements.

The creditor shall specify in the statement of requirements the information about himself, including full trade name, the location (postal address), the e-mail address (in the presence), personal identification number of physical person, and also bank details (in the presence).

Person whose requirements are entered in the register of requirements of creditors shall notify within one week the judicial managing director on change of information about him, and also on change of the size and contents of the requirements to the debtor, including with concession of requirements to the third parties. If such data are not provided or timely are not provided, the judicial managing director and the debtor do not bear responsibility for caused with respect thereto damage.

Access to the register of requirements of creditors shall be provided to creditors. The judicial managing director shall upon the demand of the creditor or his representative within five working days from the date of receipt of such requirement to send to this creditor or his representative the statement from the register of requirements of creditors about the size, structure and priority of satisfaction of its requirements. Expenses on preparation and the direction of such statement are assigned to the creditor.

The disagreements arising in case of creation of the register of requirements of creditors are considered by court.

Article 19. Creditor committee

The creditor committee represents the interests of creditors and exercises control of actions (failure to act) of judicial managing directors.

Creditor committee representatives of creditors in the quantity determined by creditor meeting are included.

If the number of creditors less than twenty, can be provided by the solution of creditor meeting assignment of functions of creditor committee on creditor meeting.

For implementation of the functions assigned to it the creditor committee has the right:

demand from judicial managing provision of information on financial condition of the debtor and the course of the procedure of insolvency;

appeal in court of action (failure to act) of the judicial managing director;

elect the representative for participation in the case of insolvency;

perform other actions provided by this Law and the plan of judicial sanitation or external management.

The creditor committee has the right to make decisions:

about creditor meeting convocation;

about the recommendation to creditor meeting to appeal with the petition to court for appointment, replacement and release of the judicial managing director;

about approval or refusal in approval of large deals of the debtor and transactions of the debtor in which making there is interest.

In case of the solution of questions on committee meeting of creditors each member of the committee of creditors has one voice. Transfer of voting power by the member of the committee of creditors to the other person is not allowed.

Decisions of creditor committee are made by a majority vote from total number of members of the committee of creditors.

The employee representative of the debtor, the judicial managing director, the representative of founders (participants) or the owner of property of the debtor can participate in committee meetings of creditors without voting power.

Article 20. Election of creditor committee

Members of the committee of creditors are elected by creditor meeting for procedures of judicial sanitation, external management and liquidating production. According to the solution of creditor meeting of power of all members of the committee of creditors can be stopped ahead of schedule. Such decision can be made on all members of the committee of creditors at the same time.

The candidates who got the maximum number of votes are considered as the elected to structure of creditor committee.

Members of the committee of creditors can elect the chairman of creditor committee from the structure.

If in creditor committee more than five members, then the chairman of creditor committee are elected without fail.

Article 21. Interested persons

Interested persons concerning the debtor - the legal entity are:

the legal entity who is head or dependent in relation to the debtor according to the legislation;

the head of the debtor, and also persons who are part of the supervisory board, collegiate executive body, the chief accountant (accountant) including in termination cases with them the employment contract within one year until initiation of proceedings about insolvency;

founders (participants) of the legal entity or owner of property of the debtor.

The interested person concerning physical person, including the debtor - the individual entrepreneur, in this Law is understood as his spouse (spouse), relatives on the direct ascending and descending line, sisters, brothers and their relatives on the descending line, parents, sisters and brothers of the spouse (spouse).

Interested persons concerning judicial managing directors, creditors are determined according to parts one and the second this Article.

Article 22. Judicial managing directors

The nominated persons having the higher education, length of service at least two years, and also who underwent certification in authorized state body can be judicial managing directors.

The lawyer who is meeting the requirements of part one of this Article, having the license on specialization of conducting civil and economic legal cases can also be the judicial managing director.

Judicial managing directors cannot be appointed:

interested persons concerning the debtor or creditors;

persons having the incomplete or not removed criminal record;

persons recognized by court incapacitated;

individual entrepreneurs or physical persons concerning which the procedure of insolvency is entered;

persons, earlier in case of fulfillment of duties of the judicial managing director the caused damage to the debtor, creditors and not indemnified the specified loss;

persons whose effective period of the certificate of the judicial managing director was stopped it (is cancelled) and temporarily suspended (for the term of temporary suspension of effective period of the certificate of the judicial managing director) according to the decision of authorized state body;

persons concerning whom there are restrictions for implementation of activities for administration and (or) property of other persons (person deprived of the occupation right by such activities).

The court, according to the bases specified in part three of this Article refuses appointment of the candidate recommended to judicial managing directors or exempts the managing director from accomplishment of obligations in case of availability of the evidence produced by persons participating in the case of insolvency.

The judicial managing director within ten days from the date of its appointment as court as the judicial managing director shall insure the responsibility on damnification case to persons participating in the case of insolvency.

The requirements specified in part five of this Article do not extend to the judicial managing directors performing the simplified procedure for insolvency.

Creditor meeting has the right to demand from the judicial managing director to sign the insurance contract of property of the debtor.

Article 23. Rights and obligations of the judicial managing director

The judicial managing director has the right:

convoke creditor meeting;

require convocation of creditor committee in the cases provided by this Law;

file claim and other petitions without advance payment of the state fee;

earn reward according to article 26 of this Law;

attract on contractual basis of other persons with payment of their activities at the expense of means of the debtor if other is not established by the agreement with creditors;

use the state services including rendered through the Agency of the state services under the Ministry of Justice of the Republic of Uzbekistan without advance payment;

obtain free information from physical persons and legal entities (including credit institutions) and state bodies about property, accounts and deposits of the debtor, including about its credit cards, electronic balances and electronic money transfers;

request from the debtor - physical person information on its sales activity of the restructuring plan of debt of physical person;

for accomplishment of the obligations assigned to it free of charge to obtain information from the State Tax Service and customs authorities, off-budget funds, registration authorities of the real estate documents and other authorized bodies having necessary information on debtor enterprise and the property belonging to it;

file a lawsuit the statement for early termination of execution of the obligations.

The judicial managing director can have and other rights according to the legislation.

The judicial managing director shall:

take measures for protection of property of the debtor;

create and keep the register of requirements of creditors;

analyze financial condition of the debtor;

submit upon the demand of the creditor within ten-day term information on financial condition of the debtor and (or) the activities;

perform actions and take measures for identification of signs of pseudo-insolvency, concealment of insolvency or deliberate insolvency and to report about identification of such signs to creditor meeting, court, authorized state body, and also law enforcement agencies;

exercise control over the implementation of the restructuring plan of debt of the debtor - physical person;

control timely complete payment of means for satisfaction in full of requirements of creditors with the debtor - physical person;

carry out the obligations assigned by court resolutions.

The judicial managing director can have other obligations according to the legislation.

When holding procedures of insolvency the judicial managing director shall act for the benefit of reasonably the debtor and creditors.

If to the debtor, creditors and the third parties the damage in case of non-execution or improper execution of the obligations assigned to it is caused to judicial managing directors, such damage can be collected from the judicial managing director judicially.

Article 24. Public associations of judicial managing directors

Public associations of judicial managing directors are the non-state non-profit organizations combining on voluntary basis of judicial managing directors.

Public associations of judicial managing directors shall develop and support the professional level of judicial managing directors, promote protection of their professional interests.

Public associations of judicial managing directors:

participate in project development of the regulatory legal acts regulating activities of judicial managing directors;

protect the rights and legitimate interests of judicial managing directors in the relations with state governing bodies;

request information necessary for accomplishment of the functions from state governing bodies;

bring into court the candidate for position of the judicial managing director according to the procedure, established by this Law;

develop and approve rules of professional ethics of judicial managing directors;

perform rating assessment of activities of judicial managing directors, monitoring of observance by them of the legislation, rules of professional ethics;

develop and submit for approval in authorized state body of the program of training of judicial managing directors;

participate in certification (recertification) of judicial managing directors;

study and analyze activities of the members.

Public associations of judicial managing directors can perform also other powers according to the legislation.

Article 25. Responsibility of the judicial managing director

The judicial managing director bears responsibility according to the law for non-execution or improper execution of the obligations assigned to it.

Persons participating in the case of the insolvency having the right to demand from judicial managing compensation of the damage caused as a result of its actions (failure to act).

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