Tashkent Court Declares Humans Bankrupt, Begins Liquidation Without Halting Operations

Tashkent, Uzbekistan (UzDaily.com) — The Tashkent Interdistrict Economic Court has declared the company Humans bankrupt following a claim by Octobank and has initiated liquidation proceedings without suspending the company’s operations, the court’s press service reports. The decision was made on October 14 under the chairmanship of Judge B. Sultonov.

The dispute began in June when Octobank disconnected Humans’ financial service from its system and suspended support for co-branded Visa cards. The bank filed a claim seeking repayment of over 500 billion soms in debt and damages, alleging that Humans repeatedly failed to return funds on time and pay due fees.

Humans responded with a counterclaim, accusing the bank of systematically violating contractual obligations, including ignoring cardholders’ inquiries and delaying their resolution.

On June 13, the court ordered Humans to pay Octobank nearly 430 billion soms ($35.8 million), including principal, fines, and state fees. However, the debtor failed to make payment.

During the proceedings, the court considered the company’s assets: Humans owns two vehicles and a commercial property in Yashnabad district, with no securities registered under the company’s name.

Under Article 210 of the Economic Procedural Code and the Law on Insolvency, the court found that Humans had failed to fulfill its obligations for over three months and showed signs of permanent insolvency. The decision of the creditors’ meeting on August 12, which supported liquidation without halting operations, was also taken into account.

The court ruled to:

Fully satisfy Octobank’s claim;

Declare Humans bankrupt;

Begin liquidation without suspending operations;

Appoint Abrorjon Madrahimov as the liquidator;

Recover court costs from Humans.

The liquidator is required within three days to publish information on the company’s bankruptcy, conduct an analysis of its operations, identify any potential concealment or mismanagement leading to bankruptcy, and submit a final report by July 10, 2026.

In early December, Telegram channels reported additional debts of Humans to Yandex, Asia Alliance Bank, and Octobank. Asia Alliance Bank announced it had filed a claim for more than 65 billion soms.

The court’s decision may be appealed.