Uzbekistan introduces bankruptcy procedure for individuals
By Trend
Uzbekistan introduced the bankruptcy procedure for individuals who lose their individual entrepreneur status.
The procedure is envisaged upon the Law on Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Improvement of Tax Administration.
According to the amendments, an individual who has lost the status of an individual entrepreneur or who carried out entrepreneurial activity without state registration and who is unable to meet the claims of creditors may be declared bankrupt in the prescribed manner.
The law came into force on January 1, 2018.
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