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ORDER OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of November 19, 2008 No. P-4010

About approval of the Procedure for realization to commercial banks of economically insolvent companies

(The last edition from 14-02-2014)

In pursuance of the Presidential decree of the Republic of Uzbekistan of November 18, 2008. No. UP-4053 "About Measures for Further Increase in Financial Stability of the Companies of Real Production Sector" and for the purpose of creation of the effective mechanism of realization to commercial banks of economically insolvent companies:

1. Approve:

Procedure for realization of the bankrupt companies to commercial banks at the auction and competitive biddings according to appendix No. 1.

Regulations on the Republican commission on realization of economically insolvent companies to commercial banks according to appendix No. 2.

2. Establish procedure according to which:

sale, transfer into the ownership of commercial banks of the bankrupt companies or their property, its entering into authorized capitals of business entities, and also the subsequent realization of business entities by banks, newly created based on property of the bankrupt companies, are exempted from taxation on value added;

business entities, newly created commercial banks including with participation of other investors (having successful work experience in the organization and establishing production and realization of products) based on property of the bankrupt companies, are exempted from the tax discharge on profit, single tax payment, the property tax, the land tax until their realization to the strategic investor, but no more than three years from the moment of their state registration, with the target direction of the released funds for technical and technological rearmament, upgrade and development of production;

the managing companies established by commercial banks are exempted from the tax discharge on profit and single tax payment within the first two years after their state registration.

3. To the state committee of the Republic of Uzbekistan on demonopolization, support of the competition and entrepreneurship together with the Ministry of Justice of the Republic of Uzbekistan, other interested ministries and departments to make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution in a month.

4. Control of execution of this order to assign to the Prime Minister of the Republic of Uzbekistan Mirziyoyev Sh. M. and the chairman of the Central bank of the Republic of Uzbekistan Mullazhanov F. M.

President of the Republic of Uzbekistan

I. Karimov

Appendix No. 1

to the Order of the President of the Republic of Uzbekistan of November 19, 2008 No. P-4010

Procedure for realization of economically insolvent companies to commercial banks at the auction and competitive biddings

I. General provisions

1. This Procedure  No. UP-4053 "About Measures for Further Increase in Financial Stability of the Companies of Real Production Sector" is developed in pursuance of the Presidential decree of the Republic of Uzbekistan of November 18, 2008 and determines the main conditions, methods and procedures of realization of economically insolvent companies (daleepredpriyaty-bankrupt) at the auction and competitive biddings.

2. In this Procedure the following basic concepts are used:

The commission - the Republican commission on realization of property of economically insolvent companies to commercial banks;

Working body of the Commission - the State committee of the Republic of Uzbekistan on demonopolization and development of the competition;

the seller - the judicial managing director (the external managing director, the liquidating managing director) appointed according to the Law "About Bankruptcy";

biddings - type of the biddings organized for sale of the bankrupt companies to commercial banks under which the right to the conclusion of the purchase and sale agreement is granted to the buyer who offered the highest price on condition of accomplishment of the obligations established by the Commission;

the competitive biddings - type of the biddings organized for sale of the bankrupt companies and their property on zero redemption value with adoption of investment obligations on the basis of tender of offers of commercial banks, with adoption of investment obligations by commercial winner bank with simultaneous repayment of expenses and satisfaction of the requirements provided by part one of article 134 of the Law "About Bankruptcy", and wages payable;

investment obligations - the obligations on recovery, upgrade, technical and technological rearmament of production and release of competitive products accepted by commercial bank in case of the redemption of the bankrupt company or its property.

3. Only commercial banks - residents of the Republic of Uzbekistan can participate in the auction and competitive biddings.

4. Realization of the bankrupt company to commercial bank is made on condition of development by commercial bank of the business plan providing:

implementation of measures for recovery, technical and technological upgrade and rearmament of production, to ensuring release of products, competitive in the external and internal markets;

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