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Uzbekistan simplifies bankruptcy procedure

06 Feb 2019 11:15 AM | Vera Dedyulya (Administrator)

Uzbekistan approved a number of measures to drastically simplify the bankruptcy procedure, Trend reports via a new decree of the head of state.

Now, judicial managers are appointed from among persons who have a fourth category judicial certificate and are members of the Uzbekistan Association of Judicial Managers when carrying out a simplified bankruptcy procedure instituted by the state tax services.

The activities of judicial managers can also be carried out by lawyers who have licenses with a specialization in civil and economic legal proceedings and who have received a certificate of judicial manager.

Appointment of judicial managers is carried out by a court on the recommendation of the creditor, an authorized state body for bankruptcies or the Association and its territorial divisions taking into account the rating assessment of the judicial managers.