Tashkent, Uzbekistan, Sept. 6
By Demir Azizov- Trend:
Amendments to the law "On Bankruptcy", the Criminal Code and the Code of Administrative liability involving responsibility for intentional bankruptcy entered into force in Uzbekistan.
Intentional bankruptcy or intentional creation or increase of insolvency committed by an individual entrepreneur or an officer, founder or owner of the property of a legal entity for personal interests or interests of other persons, resulting in sustainable economic insolvency (bankruptcy) and causing large damage to creditors will be punished by either a fine of one hundred to two hundredfold of the minimum monthly wages or correctional labor for a term of up to three years or imprisonment for a term not exceeding three years, according to the innovations in the Criminal Code. Penalty of deprivation of liberty is not applicable in the case of compensation for material damage.
The new article "Intentional bankruptcy", introduced in the Code of administrative responsibility, provides for the imposition of a fifteen to twenty fold fine of the minimum wage on the officials responsible for the intentional bankruptcy.
The current minimum wage in Uzbekistan is 107.635.000 soums.
At present, the identification of false-bankruptcy, concealment of bankruptcy and deliberate bankruptcy were regulated in Uzbekistan by decision of the Cabinet of Ministers adopted in August 2013.
Additions have been approved by both houses of the Uzbek parliament, and the law "On introduction of amendments and additions to some legislative acts of the Republic of Uzbekistan" was signed the day before by president.
The official exchange rate on September 6 is 2351.84 sum / $ 1.