RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of July 3, 1999 No. 327

About 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 implementation of the Presidential decree of the Republic of Uzbekistan of June 28, 1999 the 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" Cabinet of Ministers decides:

1. Approve Regulations on 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 according to appendix.

2. Determine that in case of the insufficiency of means and property of the liquidated companies which are not performing financial and economic activities and did not create the authorized funds in the terms established by the legislation, the outstanding debt which is registered for them on obligatory payments in the budget and off-budget funds is written off by bodies of the State Tax Service according to the procedure, established for write-off of bad tax debt.

To provide to the State Tax Committee of the Republic of Uzbekistan and off-budget funds conducting the isolated accounting on the amounts of the debt which is written off by them.

In cases, stipulated by the legislation, materials to officials of the liquidated companies which allowed formation of the irredeemable tax debt and to other obligatory payments are transferred in accordance with the established procedure by bodies of the State Tax Service and off-budget funds to law enforcement agencies for involvement of perpetrators to the responsibility established by the law and compensation of the material damage caused to the state.

3. Take into consideration that the companies which did not create the authorized capital in the time established by the legislation in the sizes provided by constituent documents can reduce it to actually created, but the minimum size established by the legislation suffices or to be transformed to other forms of business in accordance with the established procedure.

In case of failure to carry out of these requirements by the companies their liquidation is performed according to the procedure, established by the legislation.

4. Ceased to be valid according to the Resolution of the RUZ Cabinet of Ministers of 01.11.2012 No. 313

5. To add Item 7 of the Regulations on Government commission on enhancement of the mechanism of calculations and strengthening of discipline of payments in the budget approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of June 10, 1999 No. 298, with the paragraph the fourth the following content:

"on representation of the State Tax Committee of the Republic of Uzbekistan to make decisions on debt write-off before the budget and off-budget funds of the liquidated companies which are not performing financial and economic activities and did not create the authorized funds in the terms established by the legislation".

6. To impose control of execution of this resolution on the Deputy prime minister of the Republic of Uzbekistan Hamidov B. S.

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 3, 1999 No. 327

Regulations on 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

I. General provisions

1.1. This Provision determines procedure for liquidation of the companies which are not performing financial and economic activities within six months (the trade, trade and intermediary enterprises with carrying out transactions by on-demand deposit accounts - within three months), and also the companies which did not create the authorized funds in the time established by the legislation.

1.2. In this Provision the term "financial and economic activities" is understood as activities of the companies for production, performance of works and rendering services with the related maintaining the accounting and financial, settlement and shipping documentation.

1.3. The bases for liquidation of the company are:

decision of founders (participants) of the company (voluntary liquidation);

decision of economic court;

if in family company there is the single participant

Voluntary liquidation of the companies is performed according to the legislation.

1.3-1. Rules of this provision are not applied in case of liquidation:

banks and credit bureaus;

state bodies, non-state non-profit organizations, including their separate divisions (representations and branches), being legal entities, and also representations and branches of the international and foreign non-state non-profit organizations;

the organizations declared court bankrupt.

1.4. 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, and also implementation according to solutions of economic courts of liquidating process of the companies (in disagreement cases on liquidation of their founders, participants, and also in case of impossibility of establishment of the location and ensuring attraction in process of liquidation of specified persons) is performed by the special commissions under khokimiyats of areas and cities (further - the special commissions).

1.5. Action of the Section III of this provision extends to the companies which are not performing financial and economic activities from the moment of state registration, and the company at which it is impossible to establish the location of founders (participants) or the bodies authorized by them taking into account the features provided in Sections IV and V.

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