Uzbekistan and ADB discuss law on corporate insolvency
The State Assets Management Agency of Uzbekistan and the Asian Development Bank discussed the application of the insolvency law to state-owned enterprises. UzDaily.uz reports.
Abdulrahman Sadikhli1 min read
The State Assets Management Agency of Uzbekistan (SAMA) and the Asian Development Bank (ADB) discussed the application of the law on insolvency to enterprises with state participation. The talks also addressed measures to improve the efficiency of managing their financial condition. UzDaily.uz reports.
Chief legal adviser to the ADB Hanna J. Lim and bank expert John Martin took part in the meeting.
Practice of applying the law
The parties considered practical aspects of applying the law “On Insolvency.” Among other things, they discussed the law's potential for the timely identification of financial problems at enterprises, the regulation of indebtedness, and improving interaction with creditors.
The participants paid particular attention to financial rehabilitation and restructuring procedures. They discussed how the mechanisms provided for by the law could speed up the consideration of problem situations and help make timely decisions if restoring an enterprise's solvency proves difficult.
Positions of the participants
In the participants' view, the consistent application of the law may help strengthen financial discipline, make more rational use of state assets, and protect creditors' legitimate interests.
Following the talks, the parties confirmed their interest in further cooperation to ensure the practical application of the law, strengthen international cooperation, and improve the efficiency of managing enterprises with state participation.
Source: uzdaily.uz
