ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of February 24, 1996 No. 102

About approval of the Regulations on procedure for identification of the companies falling under signs of bankruptcy and their improvement, procedure for their liquidation

In execution of the Law of the Republic of Tajikistan "About bankruptcy of the companies" the Government of the Republic of Tajikistan decides:

1. Approve the enclosed Provision "About Procedure for Identification of the Companies Falling under Signs of Bankruptcy and Their Improvement, Procedure for Their Liquidation".

2. To the state committee of the Republic of Tajikistan on management of state-owned property, the Ministry of Economics and external commercial relations of the Republic of Tajikistan, to the Ministry of Finance of the Republic of Tajikistan, executive bodies on places (Hukumatam), to creditors and owners to be guided by this Provision when implementing procedures of sanitation, reorganization, liquidation and privatization of economically insolvent companies.

Approved by the order of the Government of the Republic of Tajikistan of February 24, 1996 No. 102

Regulations on procedure for identification of the companies falling under signs of bankruptcy and their improvement, procedure for their liquidation

I. General terms

1. This Provision is developed according to the Law of the Republic of Tajikistan "About bankruptcy of the companies" and determines measures for support, improvement (sanitation) insolvent and liquidations of insolvent enterprises.

This provision is binding in all territory of the Republic of Tajikistan for all state bodies.

2. The basis for recognition of the company by insolvent (bankrupt) is considered:

- inability of satisfaction in time and in full requirements of the creditors having to it property claims;

- failure to carry out of the obligation to the budget;

- excess of the obligation of the companies over its property.

3. External signs of insolvency of the companies are:

- suspension of the current payments when the company does not provide or is obviously incapable to provide requirements of creditors within 3 months from the date of approach of term of their execution;

- failure to carry out of the judgment about payment of the debts by the company;

- exceeding of the amount of liabilities on the amount of its assets.

4. The companies performing activities without license or performing the work prohibited by the law are liquidated only judicially.

5. The following procedures can be applied to debtor enterprise:

- reorganization (external property management of the debtor without judicial process, sanitation of debtor enterprise);

- liquidating (involuntary liquidation, implementation of bankruptcy proceedings by a court decision, voluntary liquidation, i.e. liquidation without judicial participation under the agreement between owners of the company and creditors under control of creditors;

- the world agreement procedure which assumes achievement of the arrangement between the company and creditors concerning delay (payment by installments) of payments or discount from debts.

6. Cases on bankruptcy of the companies are considered by the Supreme economic court of the Republic of Tajikistan, regional economic and Dushanbe city economic courts in the company location according to the procedure, established by the Law of the Republic of Tajikistan "About bankruptcy of the companies". Consideration of the matter without judicial participation is performed concerning the state companies by the State committee of the Republic of Tajikistan on management of state-owned property (further the State Property Committee).

The ministries, departments, tax and financial bodies, and also banks shall report in case of detection of the facts which are the basis for recognition of the state company by the bankrupt about it in governing bodies of state-owned property which in week time from the moment of receipt of the message receive from the company:

- details of the company;

- complete list of creditors of the company;

- complete list of debtors of the company;

- the balance sheet for the last date before excitement of question of bankruptcy of the company, and also necessary information on financial property status of debtor enterprise at the discretion of body for management of state-owned property.

Information obtained by body for property management is not subject to disclosure before decision making about recognition of the company by the bankrupt. If the company is not declared bankrupt the body for property management returns the received documents to the company. The refusal of the state company to provide documents or for submission of these documents at the scheduled time to body for management of state-owned property attracts unconditional recognition by his bankrupt.

7. Proceeedings of bankruptcy of the company are initiated based on the claim of creditors or the statement of insolvent enterprise or the statement of state body of management of state-owned property.

8. The documents confirming requirements to the debtor, the assurance of receipt to it the notification confirming the direction of the copy of the application with appendices are attached to the claim of creditors.

9. The lawsuit to the court of insolvent enterprise shall be signed by the director or person replacing it. The amount of requirements which cannot be satisfied, data on form and subjects of property according to which reason the company cannot pay debts shall be specified in the statement. Complete lists of creditors and debtors with indication of creditor and receivables, the balance sheet shall be enclosed to the application. To creditors the copy of the application with appendices goes.

II. System of criteria for determination of unsatisfactory balance sheet layout of insolvent enterprises

1. Indicators for assessment of sufficiency of balance sheet layout of the company are:

- coefficient of current liquidity;

- coefficient of security with own means;

- coefficient of recovery (loss) of solvency.

2. The coefficient of current liquidity characterizes general security of the company with current assets for conducting economic activity and timely repayment of urgent obligations of the company.

The coefficient of current liquidity is determined as the relation of actual cost of the current assets which are available at the company in the form of production supplies, finished goods, money, debit debts, and other current assets (the amount of results II and III Sections of balance sheet asset) to the most urgent obligations of the company in the form of short-term creditors of banks, short-term loans and different short-term loans of banks, short-term loans and different accounts payable (result of the II Section of liability of balance less lines 500, 510, 730, 735, 740).

3. The coefficient of security with own means characterizes availability of own current assets at the company, necessary for its financial stability.

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