Uzbekistan introduces liability for deliberate bankruptcy
05/09/2014 14:07
Uzbekistan introduces liability for deliberate bankruptcy
05/09/2014 14:07
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan introduced liability for deliberate bankruptcy.
President of Uzbekistan Islam Karimov signed a law "On introduction of changes and amendments some legislative acts of Uzbekistan" on 4 September.
Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 23 August 2014, the Senate approved it on 28 August 2014.
The law introduced changes to Criminal Code and Code on administrative responsibility.
According to amendments to Criminal Code, the deliberate bankruptcy or creation of insolvency of the enterprises, causing damage to creditors will lead to fine at the size from 100 to 200 sizes of minimal salary, or deprivation of certain rights up to five years, or correctional works up to three years, or imprisonment up to three years.
In line with the Code on administrative responsibility, the officials will be fined at the size from 15 to 20 sizes of minimal salary for deliberate bankruptcy or creation of insolvency of the enterprises, causing damage to creditors.
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