RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of March 23, 2004 No. 138

About measures for the organization of activities of judicial managing directors of economically insolvent companies

According to the Law of the Republic of Uzbekistan "About bankruptcy" in the new edition and for the purpose of providing necessary regulatory framework of activities of judicial managing directors when carrying out insolvency proceedings the Cabinet of Ministers decides:

1. Approve:

Regulations on judicial managing directors according to appendix No. 1;

Regulations on certification of judicial managing directors according to appendix No. 2.

2. To the state committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition:

in a month to organize carrying out in all regions of the republic of training courses for training of judicial managing directors and their certification according to this resolution;

provide permanent monitoring and control of activities of judicial managing directors.

3. To impose control over the implementation of this resolution on the Deputy prime minister of the Republic of Uzbekistan Azimov R. S.

Appendix № 1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 23, 2004 No. 138

Regulations on judicial managing directors

I. General provisions

1. This Provision is developed according to the Law of the Republic of Uzbekistan "About bankruptcy" and determines procedure judicial managing directors of powers when carrying out insolvency proceedings of the debtor.

2. The economic court on specific case on bankruptcy appoints the following types of judicial managing directors:

the interim manager - in case of introduction of the procedure of observation;

the sanifying managing director - when holding procedure of judicial sanitation;

the external managing director - in case of introduction of external management;

the liquidating managing director - when opening liquidating production.

3. The judicial managing director is appointed from among the candidacies proposed by the creditor (creditors) - in case of introduction of the procedure of observation.

In case the candidacy of the interim manager is not presented by the creditor (creditors), he is appointed from among the candidacies presented by the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition (further - Committee) or its territorial administration;

the creditor meeting or persons which provided ensuring obligation fulfillment - when holding procedure of judicial sanitation;

creditor meeting or Committee or its territorial administration - when holding procedures of external management and liquidating production.

As the candidate for the judicial managing director when holding procedures of judicial sanitation or external management or liquidating production the face performing powers of the interim manager can be considered.

4. Nominated persons concerning which there are restrictions for implementation of activities as the judicial managing director according to articles 18 of the Law of the Republic of Uzbekistan "About bankruptcy" cannot be judicial managing directors.

5. Activities of judicial managing directors stop in the cases provided by the Law of the Republic of Uzbekistan "About bankruptcy".

II. The organization of activities of judicial managing directors when carrying out insolvency proceedings

2.1. Procedure for activities of the interim manager

6. The interim manager from the moment of appointment it as economic court:

constitutes the approximate schedule of work;

within three days provides the direction in official publications of the message on introduction concerning the debtor of the procedure of observation;

notifies, no later than ten days from the date of the publication, all revealed creditors, except for creditors on salary payment, on introduction of the procedure of observation. All expenses on the publication of the message and notification of creditors it is made at the expense of the debtor;

in writing notifies governing bodies of the debtor on introduction of the procedure of observation and appointment of the interim manager, and also informs officials of governing bodies of the debtor on receipt the list of their obligations during observation;

provides control of actions of the head of the debtor according to the notification of workers of the debtor, founder (participant) or owner of property of the debtor on introduction concerning the debtor of the procedure of observation;

will organize ensuring safety of property of the debtor. If necessary takes economic legal action with the petition for acceptance of additional measures for ensuring safety of property of the debtor;

approves transactions and decisions of the debtor. In three-day time after the address of the debtor agrees in writing (refusal) to transactions or decision making by the debtor according to article 64 of the Law of the Republic of Uzbekistan "About bankruptcy".

performs actions for identification of signs of pseudo-bankruptcy and concealment of bankruptcy of the debtor and prepares following the results the corresponding conclusion according to the procedure, established by the legislation;

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