President signs amendments to bankruptcy law

Tashkent, Uzbekistan (UzDaily.uz) -- President of Uzbekistan Islam Karimov signed a law “On introduction of changes and amendments to the law “On bankruptcy” on 3 October 2011.

Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 11 August 2011 and Senate approved it on 26 August 2011.

Changes and amendments directed at speeding up some procedures on liquidation of capacities, realization of property of bankrupt enterprises to new owners to organization of demanded production.

In particular, the law envisages to cut transfer of creditors meeting protocol to economic courts from five to two days and courts will have to consider the case within two months against earlier three months.

At the same time, the law envisages to carry out liquidation of production without stopping its activity to ensure social protection of population and organization of new laws.