Rules on revealing false bankruptcy confirmed in Uzbekistan
The Uzbek Cabinet of Ministers approved the rules for revealing false bankruptcy, hiding bankruptcy and deliberate bankruptcy were approved in Uzbekistan, local media reported.
The document was designed to create an effective mechanism for early detection of false bankruptcy and increasing the responsibility of managers and owners of business entities for their economic competence.
The rules include concepts and features of false bankruptcy, hiding bankruptcy and deliberate bankruptcy, also set the order in which the court administrator shall take measures to identify these signs.
The document reads that the debtor's ability to satisfy the creditors' requirements on monetary obligations, or to perform the duties on obligatory payments on the date of debtor's appeal to the economic court on recognizing his bankruptcy are the signs of the false bankruptcy.
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