Uzbekistan to fight pseudo-bankruptcy
19/08/2013 14:20
Uzbekistan to fight pseudo-bankruptcy
19/08/2013 14:20
Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan approved rules on revealing signs of pseudo-bankruptcy, hiding bankruptcy and intentional bankruptcy in order to create effective mechanism on timely revealing facts of pseudo-bankruptcy and increasing responsibility of heads and owners of business entities for their economic conditions.
The rules include notion and signs of pseudo-bankruptcy, hiding bankruptcy and intentional bankruptcy. It sets an order, in line with which judicial manager should adopt measures to eliminate these signs after his appointment.
The judicial manager and employee of the state tax inspection analyze the conditions of the enterprise. They receive right to demand documents on economic conditions of the enterprise and the officials of the enterprises should provide all requests information.
The judicial managers have right to attract auditor and valuation organization to evaluate the economic situation of the enterprises.
The sign of pseudo-bankruptcy is existence of ability of the debtor to satisfy demands of the creditor on its liabilities on the date of submission of application to economic court on announcement of bankruptcy of the enterprise.
In case of the pseudo-bankruptcy, the debtor will be liable for damage, caused to investors by submission of documents to bankruptcy, Norma.uz said.
Hiding bankruptcy is shown in hiding insolvency of the enterprise and rejects to satisfy demands of the creditors. The main sign of hiding bankruptcy is that the debtor will reject to satisfy demands of the creditors and provides faulty documents to them and information on economic and financial condition of the enterprise.
Intentional bankruptcy is committing actions with property of the enterprises, which will cause its bankruptcy, including criminal use of money resources and property of the enterprise, violation of payment discipline, selling property on the price below its real cost, etc.
After the analysis of the enterprise, the judicial manager will make up conclusion on signs of pseudo-bankruptcy or inexistence of these signs. If there are signs of pseudo-bankruptcy, the conclusion submitted to prosecutors , if there are no signs, the document will be handed over to creditors and shareholders.
Special commission of the State Committee on privatization, demonopolization and development of competition will consider the document, submitted by the judicial manager. The commission can affirm validity of the document or reject it.
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