Members of the Legislative Chamber in the first reading passed the Bankruptcy Bill, the press service of the lower house said. The Bill reportedly consists of 17 chapters and 252 articles and introduces practice and regulation of the bankruptcy of an individual, the procedure for payment by installments from monthly income of debtor (individual).
The Bill also includes the provisions for suspension of calculation of current tax payments during the bankruptcy reorganization procedure, making payments after this procedure, attracting funds from commercial banks, financial institutions and other sources in order to restore the debtor's solvency. The triggering of measures for preliminary calculation of what part of debt should be repaid during the reorganization is also regulated.
According to the MPs, the adoption of this Bill will serve to further enhance Uzbekistan’s rating in the annual report of the World Bank and the international financial corporation Ease of Doing Business, and will affect the attractiveness of the business environment for investors.
