PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of June 28, 1999 No. UP-2331

About measures for simplification of procedure for liquidation of the companies which are not performing financial and economic activities and did not create the authorized funds in the terms established by the legislation

For the purpose of streamlining and the simplification of liquidation procedure of the companies which are not performing financial and economic activities and did not create the authorized funds in the terms established by the legislation:

1. To Council of Ministers of the Republic of Karakalpakstan, hokima of areas and Tashkent to create the permanent territorial special commissions on liquidation of the companies which are not performing financial and economic activities and (or) did not create the authorized funds in the terms established by the legislation as a part of representatives of khokimiyats, financial, tax authorities, banks, bodies of statistics, internal affairs, Chamber of Commerce and Industry, Council of farmer, Dehkan farms and owners of garden plots of Uzbekistan, single centers for rendering the state services to subjects of entrepreneurship for the principle "one window".

The chairman of the territorial special commission to determine according to the first deputy of hokim of the city, the area concerning economy and entrepreneurship.

2. Assign to the created territorial special Commissions:

the solution of question of feasibility of further continuation of activities of the companies which are not performing financial and economic activities and (or) did not create the authorized funds in the terms established by the legislation;

implementation according to solutions of the economic courts of liquidating process of the companies which are not performing financial and economic activities and (or) did not create the authorized funds in the terms established by the legislation in disagreement cases on liquidation of their founders (participants) or the bodies authorized by constituent documents, and also in case of impossibility of establishment of the location and ensuring attraction in process of liquidation of specified persons and bodies.

3. Determine that in cases not of implementation of financial and economic activities with carrying out cash transactions for bank accounts the trade and trade and intermediary enterprises within three months, and other managing subjects legal entities - within six months, commercial banks:

close accounts of business entities;

from closing date of accounts of business entity submit information in body of Tax Service for the place of its registration for study within three-day term in accordance with the established procedure of questions of feasibility of further continuation of its activities.

Remaining balance of means on the closed accounts of business entities is enlisted by commercial banks into special accounts without right to use, and the accounts payable of business entity shown to bank for payment - is transferred to the separate account of contingencies.

The means arriving addressed to business entities after closing of their bank accounts, are enlisted into special accounts without right to use.

The means accumulated on special accounts without right to use go commercial banks in first-priority procedure for debt repayment of business entities before the Government budget and the state trust funds, and the remained amounts - for repayment of their accounts payable in calendar payment priority.

4. To the bodies performing state registration of legal entities for representation of tax authorities and the corresponding conclusion of the territorial special commission to perform initiation of liquidating processes of the companies, including, if necessary, judicially.

Determine that in case of impossibility of establishment of the location of founders (participants) or bodies authorized by them initiation of liquidating process judicially can be performed after three months from the date of reference of the company to category not performing financial and economic activities and publications about it the corresponding announcements in mass media.

5. Exempt from payment of court costs and the state fee of the applicant and the defendant in cases on liquidation of the companies which are not performing financial and economic activities and (or) did not create the authorized capital in the terms established by the legislation.

6. Make the following changes to Presidential decrees of the Republic of Uzbekistan:

to state Item 6 of the Presidential decree of the Republic of Uzbekistan of November 30, 1996 to No. UP-1652 "About the Additional Incentives and Privileges Provided to the Companies with Foreign Investments" in the following edition:

"Determine that the deadline of forming of authorized capitals of the companies with foreign investments in the sizes provided by constituent documents shall not exceed one year from the moment of state registration of the company if other is not provided by separate government decisions";

consider No. UP-2276 "About Strengthening of Bank and Tax Control behind Activities of Again Created Business Entities" which voided Item 2 of the Presidential decree of the Republic of Uzbekistan of March 29, 1999.

7. To the Ministry of Justice of the Republic of Uzbekistan together with the interested ministries and departments to make offers on the changes and amendments in the legislation following from this Decree in a month.

8. To the Cabinet of Ministers in week time to accept the resolution on execution of this Decree.

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