The State Assets Management Agency of the republic of Uzbekistan

At the State Assets Management Agency of the Republic of Uzbekistan (UzSAMA) was held a meeting with representatives of the Asian Development Bank (ADB) to discuss the application of the Law of the Republic of Uzbekistan “On Insolvency” to enterprises with state participation, as well as opportunities to improve the effectiveness of managing their financial position.

The meeting was attended by Hannah J. Lim, Chief Legal Counsel of ADB, and John Martin, ADB expert.

During the meeting, the parties discussed practical aspects of applying insolvency legislation to enterprises with state participation, including its role in the early identification of financial difficulties, debt resolution, and improving mechanisms for engagement with creditors.
 

Particular attention was paid to the potential use of statutory insolvency procedures to expedite the resolution of enterprises’ financial difficulties, improve the effectiveness of financial rehabilitation and restructuring, and facilitate timely decision-making in cases where restoring solvency is challenging. It was noted that the consistent application of relevant legal mechanisms could help strengthen financial discipline, promote the efficient use of state assets, and protect the legitimate interests of creditors.
 

Following the meeting, the parties reaffirmed their interest in further cooperation aimed at improving the practical application of insolvency legislation, strengthening interagency coordination, and enhancing the effectiveness of managing enterprises with state participation.