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RESOLUTION OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of June 18, 2004 No. 10-0316/237

(extraction)

By the judicial managing director interested persons concerning the debtor or creditors cannot be designated.

According to the statement of Management on cases on economic insolvency of the companies by economic court proceedings on recognition of JSC Gazavtomatika by the bankrupt are initiated.

Determination of economic court of January 24, 2003 at the company of the debtor enters external management for up to January 27, 2004 and T. Mukhsinov is appointed the external managing director. The term of external management is extended by determination of court from March 2, 2004 to August 2, 2004.

Without having agreed with the specified court resolutions, the prosecutor's office of Tashkent addressed with the prosecutor's appeal in which it asks them to cancel.

The judicial board considers determination of court of January 24, 2003 subject to partial cancellation, and determination of March 2, 2004 to leaving without change on the following bases.

According to the statement of body for bankruptcy the economic court initiates proceeedings about recognition of JSC Gazavtomatika by the bankrupt. According to the petition of the debtor and body for bankruptcy determination of economic court of January 24, 2003 at the company of the debtor enters external management for up to January 27, 2004 and T. Mukhsinov is appointed the external managing director.

Due to the termination of term of external management and the provided petition based on creditor meeting the term of external management of determination of court of March 2, 2004 is prolonged till August 2, 2004. The complaint which consideration is suspended before consideration of this prosecutor's appeal is made about this determination by one of creditors.

In the prosecutor's appeal the question of cancellation of determination of court of appointment of the external managing director is put because it is interested person. T. Mukhsinov worked as the head of debtor enterprise during the last three months before initiation of proceedings about bankruptcy. It is provided in article 18 of the Law RUZ "About Bankruptcy" that by the judicial managing director interested persons concerning the debtor or creditors cannot be designated. Article 17 of the same law provides that interested persons concerning the debtor the debtor's head, therefore, T. Mukhsinov is recognized, being the head of JSC Gazavtomatika, is person interested in the debtor's relation. Thus, in this part of the requirement of the prosecutor's appeal are proved and subject to satisfaction. As this judicial managing director is appointed by determination of court of January 24, 2003, therefore, external managing directors should recognize this court resolution regarding T. Mukhsinov's appointment illegal and subject to cancellation. In other part the court resolution enters at the company of the debtor external management which possibility of introduction is provided by the current legislation therefore in this part determination of court of January 24, 2003 is subject to leaving without change.

The judicial board considers the requirement of the prosecutor's appeal regarding cancellation of determination of court of March 2, 2004 unreasonable.

So, the term of external management is extended by the specified determination till August 2, 2004 that is performed based on the provided petition in connection with the consent of creditor meeting. The possibility of prolongation of term of external management is provided by articles 91 and 108 of the Law RUZ "About Bankruptcy". Thus, the prosecutor's appeal in this part is subject to variation.

Arguments of representatives of the debtor that T. Mukhsinov worked as the head of JSC Gazavtomatika only short time that circumstance that the director of the debtor is recognized the interested person concerning the debtor cannot be taken into account as such condition is not provided by the current legislation, and, it is established by the provisions of the law of RUZ "About Bankruptcy".

Under such circumstances external managing directors should cancel determination of economic court of January 24, 2003 regarding T. Mukhsinov's appointment, in other part to leave without change, and to leave determination of the same court of March 2, 2004 without change.

 

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