Tashkent, Uzbekistan (UzDaily.com) -- On 17 June 2020, the Ambassador of Uzbekistan to Malaysia Ravshan Usmanov met with the chairman of the State Bankruptcy Committee under the Administration of the Prime Minister of Malaysia (Malaysian Department of Insolvency - MDI) Anita Harun.

The Malaysian side was informed about important changes and amendments to the Law of the Republic of Uzbekistan on bankruptcy introduced in December 2019, which are aimed at the widespread use of health-improving procedures for economically insolvent and unprofitable business entities, as well as improving bankruptcy procedures, terms and indicators of the debt repayment rate.

Anita Harun praised the ongoing socio-economic reforms in Uzbekistan aimed at further supporting the population and business.

The parties noted the relevance of comprehensive assistance to the most affected sectors of the economy in order to preserve production and ensure employment in a pandemic.

MDI Chairman expressed interest in establishing cooperation with the State Assets Management Agency of the Republic of Uzbekistan (AUGA) in areas of mutual interest.

Following the negotiations, the following agreements were reached:

- Organization of a videoconference between AUGA and MDI to discuss issues of establishing cooperation, including through the exchange of best practices to improve issues of resolving insolvency of enterprises and bankruptcy procedures, as well as the introduction of online services in these areas;

- Advising AUGA in the development of the draft Law of the Republic of Uzbekistan on insolvency.

The Malaysian State Bankruptcy Committee was established in 1995 and is the main government agency that deals with insolvency and bankruptcy issues.