MPs to adopt Personal Insolvency Law

Deputies of the Legislative Chamber of Oliy Majlis has adopted the bill “On Insolvency” in the first reading, the press service of the lower house reported.

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The draft law consists of 17 chapters and 252 articles. The bill defines the introduction of practice and regulation of the insolvency of an individual, the procedure for payment of the debt by installments based on the payment schedule, depending on the monthly income of the debtor (individual).

The draft law also reflects the norms for the suspension of the calculation of current tax payments during the insolvency reorganization procedure, making payments after it, attracting funds from commercial banks, financial institutions and other sources in order to restore the debtor’s solvency.

According to MPs, the adoption of this bill will serve to further increase the rating of Uzbekistan in the annual report of the World Bank and IFC’s “Doing Business” report and will affect the attractiveness of the business environment for foreign investors.

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