Insolvency Law

On September 24 of this year, a meeting of the Senate Committee of the Oliy Majlis on Budget and Economic Reforms was held.

The meeting considered the Law "On insolvency", which regulates relations in the field of insolvency of citizens, including individual entrepreneurs.

The Law "On Insolvency" was developed instead of the Law "On Bankruptcy" in a new edition.

The law has been expanded in terms of content, in accordance with the requirements of world practice, the term “bankruptcy” is replaced by the term “insolvency”.

The law contains norms to improve the business environment and the “Resolution of Insolvency” indicator in the World Bank report.

It also includes the practice of insolvency not only of an individual entrepreneur, but also of an individual as a whole.

With the approval of the Law, it will be possible to apply measures for the financial recovery of economically insolvent enterprises through the procedure for the recovery of insolvency.