Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s State Assets Management Agency (SAMA) and the Asian Development Bank (ADB) have discussed the application of insolvency legislation to state-owned enterprises and measures to improve the management of their financial condition.
The meeting was attended by ADB Chief Legal Adviser Hannah J. Lim and bank expert John Martin.
The sides examined practical aspects of implementing the Law on Insolvency, including its provisions for identifying companies’ financial difficulties at an early stage, settling debts and improving engagement with creditors.
Particular attention was paid to financial rehabilitation and restructuring procedures. Participants discussed how the mechanisms provided for under the law could accelerate the review of distressed cases and help ensure timely decisions when restoring an enterprise’s solvency proves difficult.
According to the participants, consistent application of the legislation could strengthen financial discipline, promote more efficient use of state assets and protect the legitimate interests of creditors.
Following the talks, the sides reaffirmed their interest in further cooperation to improve the implementation of the law, strengthen interagency coordination and enhance the management of state-owned enterprises.
