Approved by Committee on cases on economic insolvency of the companies of the Republic of Uzbekistan of October 12, 1999 No. 15

Provision on realization of stock and economic accessories, remaining balance of raw materials and finished goods of the bankrupt companies

I. General provision

1.1. This Provision according to the Law of the Republic of Uzbekistan "About bankruptcy" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2003, N 5, the Art. 63), the Presidential decree of the Republic of Uzbekistan of July 23, 1999 N UP-2342 "About Enhancement of the Mechanism of Bankruptcy and Sanitation of the Companies" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1999, N 7, the Art. 170), the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 26, 1999 N 362 "About additional measures for implementation of the legislation on bankruptcy of the companies" (the joint venture of the Republic of Uzbekistan, 1999, N 7, the Art. 42), the National accounting standard of the Republic of Uzbekistan "Inventory stocks" (NSBU N 4) (further - NSBU) (reg. N 1595 of July 17, 2006) (The collection of the legislation of the Republic of Uzbekistan, 2006, N 28-29, Art. 282) determines the mechanism of realization of stock and the economic accessories, and also remaining balance of raw materials and finished goods constituting inventory stocks during liquidating production for acceleration of repayment of obligations of the company declared bankrupt.

1.2. In this Provision inventory stocks (further - TMZ) are understood as assets which are in business entities in type:

raw material stocks and materials, purchased semifinished products and components, fuel, container and tare materials, spare parts, stock and economic accessories, the other materials intended for production, performance of works, rendering services, servicing of production, administrative requirements and other purposes;

young growth of the animal, adult animals who are on sagination and the nagul, birds, families of bees, the adult cattle rejected from the main herd for realization (without statement on sagination), the cattle accepted from outside for realization;

work in progress in the form of unfinished by processing and assembly of details, nodes, products and unfinished engineering procedures. Work in progress in the organizations performing works and rendering services consists of expenses on accomplishment of unfinished works (services) on which acceptance documents are not processed yet and the organization does not acknowledged the corresponding income;

the finished goods made in the organization (the resulting effect of production cycle - the asset finished with processing (picking) which is intended for realization and corresponds to the technical and quality characteristics provided by the agreement or to requirements of other documents in the cases established by the legislation);

the goods acquired (received) from other legal entities or physical persons and held for sale or resales without additional processing in the course of ordinary activities of the organization. At the same time objects of non-current assets (the building, constructions, vehicles, the property (exclusive) rights and others) can also be goods in cases if they are acquired for the purpose of further sale or resale.

Assets which are included stock and economic accessories are determined according to Item 6 NSBU.

II. Organization of sale of inventory stocks

2.1. By results of inventory count of property of the bankrupt company separate lists of TMZ by types are constituted, according to NSBU where their book (residual) value is reflected. The selling cost of TMZ taking into account percent of their depreciation and actual state is determined by means of the specialists invited by the liquidating managing director on contractual basis.

The authorized representative coordinates procedure and terms of sale of TMZ with meeting (committee) of creditors.

2.3. Realization of TMZ shall not lead to violation of production cycle of production.

2.4. Proceeds from realization of TMZ are used on repayment of requirements in priorities, the stipulated in Clause 134 Laws of the Republic of Uzbekistan "About bankruptcy".

2.5. The liquidating managing director shall submit the report on use of money of the debtor to regular meeting of creditors or creditor committee within one month from the date of its creation.

2.6. Upon completion of liquidating production, the liquidating managing director attaches the report on the course of realization of TMZ to the liquidation balance sheet.

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