Tashkent, Uzbekistan (UzDaily.com) - The President of Uzbekistan Shavkat Mirziyoyev signed a law “On Amendments and Additions to the Law of the Republic of Uzbekistan “On Bankruptcy”.

According to the amendments, the debtor and creditor are given the right to indicate in the application for bankruptcy proceedings the need to initiate procedures to restore the solvency of the debtor or liquidation proceedings.

The practice of dividing into groups by the votes of creditors and introducing the votes of each group of creditors separately at a meeting of creditors has been introduced.

Also, now a settlement is not considered a bankruptcy proceeding. The debtor and creditors are entitled to conclude a settlement agreement at any stage of the consideration of the bankruptcy case by the economic court.

According to the Law, the term for bankruptcy proceedings is 1 month. (Until today, this period was 2 months).

In addition, judicial rehabilitation is introduced for a period not exceeding 24 months. (Until today, the term was 24 months, the economic court could extend for no more than 6 months).

This Law shall enter into force on the day of its official publication.