The law provides for the following basic rules:

First – in the title of the law the word "bankruptcy" was replaced by the words "insolvency”.

Second – the suspension of current tax payments in the process of insolvency in order to encourage the use of health-improving procedures, attracting loans from commercial banks and financial institutions, resuming the activities of the enterprise with the consent of creditors in the event of partial repayment of the debt.

Thirdly – in practice, persons who made it impossible to fully repay the claims of creditors as a result of unlawful actions of persons managing the debtor due to the lack of a procedure for the subsidiary recovery of overdue debt from the responsible persons of the debtor may be held subsidiary liable by a court decision on these obligations.

Fourth – due to the specifics of the insolvency case, the rules on invalidation of transactions concluded by the debtor in case of refusal of their execution were expanded;

Fifth – the institution and practice of insolvency of an individual have been introduced. In this case, the accounts payable of an individual are repaid in installments within 3 years or by selling his/her property.

In this case,

- deferred payment of an insolvent individual in installments up to 3 years;

- repayment of debts of an individual by selling property and releasing overdue debts;

- if a person's insolvency is discovered as a result of illegal actions, the court administrator applies to law enforcement agencies and the insolvency case is terminated, and the person is not discharged from debts.

Sixth - in order to ensure the protection of the rights of owners who have purchased housing built at the expense of contributions, a special procedure has been established for recognizing such developers as insolvent (the rights of owners who have made contributions are guaranteed).

The law also establishes new procedures to strengthen the guarantees of the rights of creditors, expand the rights of the court administrator and encourage the financial recovery of enterprises.

Source davaktiv.uz