Uzbekistan, ADB to Strengthen Insolvency System Reform

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan and the Asian Development Bank (ADB) plan to expand cooperation on improving the country’s insolvency system, Uzbekistan’s Ministry of Justice said.

The further reform of the sector was discussed on 27 August by Uzbekistan’s Deputy Justice Minister Muzaff Ikramov and Kristina Pak, Assistant to the ADB General Counsel for Legal and Policy Reform.

The meeting focused on bringing insolvency legislation into line with international standards. The sides also discussed the possibility of involving foreign experts in the preparation and review of draft laws.

Another area of cooperation will be professional training for employees of the Insolvency Agency and judicial administrators. In particular, the participants discussed organizing educational programmes for them in foreign countries.

The meeting also covered the digitalization of processes related to insolvency cases. As part of this effort, the sides plan to launch a Unified Electronic Platform covering the relevant procedures.

Following the talks, the sides confirmed their readiness to continue reforming the insolvency system based on international experience and to expand practical cooperation between Uzbekistan and the ADB in this area.