Uzbek farms to be compensated in case of liquidation

Business Materials 27 August 2020 17:14 (UTC +04:00)
Uzbek farms to be compensated in case of liquidation

BAKU, Azerbaijan, Aug. 27


The Cabinet of ministers in Uzbekistan approved the regulations on reimbursement of expenses of a farm enterprise or a producer of agricultural products in case of its liquidation or optimization, Trend reports referring to Norma information and legal portal.

To receive compensation, an agricultural producer applies to the appraisal organization and concludes an agreement. The costs that must be reimbursed include the costs of perennial plantations, irrigation networks and equipment, agrotechnical measures, refurbishment and landscaping work.

The copy of the appraisal organization's report on the appraisal results is sent to the khokimiyat (urban administration) of the district or city, which examines the documents within two days. In case of objections to the results of the assessment, the administration checks the documents within three days.

The regulation provides loans from commercial banks and transfer of another object as property as compensation for expenses, which can be realized in cash or in non-cash.

The expenses are reimbursed by the winner of tenders for a long-term lease of a land plot within three days from the date of the announcement of the results of the auction.