of April 29, 2023 No. UP-63
About further enhancement of system of satisfaction of requirements of the creditors provided with pledge
For the purpose of providing priority of the rights of creditors concerning the property provided as ensuring obligation fulfillment, simplification of implementation processes of pledged property by means of auction, and also further enhancement of practice of collection of the obligations provided with pledge extrajudicially:
1. Determine that since July 1, 2023:
in case of the address of collection on pledged property it is extrajudicially allowed to offer subject to pledge for auction on electronic trade platform of "E-auksion" based on the order of the creditor and (or) the debtor;
in case of receipt of executive text of the notary debt collection on the bases following from settlement and credit relations does not require submission of the reconciliation statement, mutually confirmatory debt to commercial banks.
2. For the purpose of further enhancement of system of satisfaction of the requirements provided with pledge to approve the offer of the Central bank on implementation since January 1, 2024 of the following procedures:
provision of absolute benefit to creditors in satisfaction of their requirements provided with pledge from the cost of pledged property - in the course of the procedures of insolvency;
establishment of minimum price below which the pledged property cannot be realized at repeated auction, in the amount of 80 percent of the starting price of object of auction. At the same time in case of not realization of property at repeated auction the claimant is offered to reserve this property at the price of auction 25 percent lower than the starting price;
non-admission of delay of realization of pledged property on which collection, at the public biddings based on the petition of the pledger is turned;
cancellation of practice of the termination of enforcement proceeding by the state contractor and lifting of restrictions on the order property in connection with the beginning of process of voluntary liquidation of the debtor.
3. To Central Bank in three-months time to introduce to the Cabinet of Ministers the bill "About Modification and Amendments in Some Laws of the Republic of Uzbekistan", and also offers on the changes and amendments in bylaws following from this Decree.
4. Approve the Program of measures for further enhancement of system of satisfaction of requirements of the creditors provided with pledge according to appendix.
5. In Item 7 of the resolution of the President of the Republic of Uzbekistan of December 21, 2018 No. PP-4071 "About measures for ensuring financial stability, increase in efficiency of activities and enhancement of credit policy of commercial banks":
paragraphs two and the fourth to exclude;
to consider paragraphs of the third, fifth and sixth respectively paragraphs the second - the fourth.
6. To impose control of execution of this Decree on the Prime Minister of the Republic of Uzbekistan A. N. Aripov and the chairman of the Central bank M. B. Nurmuratov.
President of the Republic of Uzbekistan
Sh. Mirziyoev
Appendix
to the Presidential decree of the Republic of Uzbekistan of April 29, 2023 No. UP-63
|
№ |
Name of action |
Realization mechanisms |
Completion dates |
Executives in charge |
|
1. |
Enhancement of the mechanism of the taxation of subject of pledge. |
Draft of the regulatory legal act. Creation of the mechanism providing payment of the value added tax or mutual accounting of the value added tax by all participants of implementation process of subject of pledge. |
Till May 15, 2023 |
Ministry of Economics and finance, Central Bank, Bureau of forced execution |
|
2. |
Enhancement of system of satisfaction of the requirements provided with pledge. |
Bill. Entering of the following changes and amendments into acts of the legislation is provided: a) since January 1, 2024: provision of absolute benefit to creditors in satisfaction of their requirements provided with pledge from pledge cost in the course of the procedures of insolvency; non-admission of delay of realization at the public biddings of pledged property on which collection, based on the petition of the pledger is turned; determination of such criteria for evaluation of extremely insignificant extent of violation by the debtor of the obligation provided with pledge as not excess of the amount of the above-stated obligation of 5 percent of cost of pledge and delay of its execution no more than 3 months; cancellation of practice of the termination of enforcement proceeding by the state contractor and lifting of restrictions on the order property in connection with the beginning of process of voluntary liquidation of the debtor; establishment of term of the notice by the claimant on the decision to reserve unrealized property - 10 working days from the date of receipt of the offer from the state contractor; b) since January 1, 2025: preserving for the pawnbroker of the right to priority satisfaction of the requirements at the expense of the property which is pledge subject in case of withdrawal of this property at the pledger for crime execution or other offense; cancellation of the requirement of satisfaction of the requirements of the pawnbroker provided with pledge of property, exclusively judicially if by transfer of this property the consent of other person or permission of body as a deposit was received; preserving the right of the mortgage holder to repayment of uncovered part of obligations of the debtor at the expense of other property of the debtor after completion of satisfaction of requirements of the mortgage holder at the expense of mortgage extrajudicially. |
July, 2023 |
Central Bank, Prosecutor General's Office |
|
3. |
Simplification of system of repayment of obligations due to pledged property. |
Draft of the regulatory legal act. Determination since January 1, 2024 of minimum price below which the pledged property cannot be realized at repeated auction, in the amount of 80 percent of the starting price of object of auction. In case of not realization of property at repeated auction the offer to the claimant to reserve this property at the price of auction 25 percent lower than the starting price. |
July, 2023 |
Central Bank, Prosecutor General's Office |
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