The relevant Presidential Resolution dated 12 July 2023 "On introducing amendments to some acts of the President of the Republic of Uzbekistan in connection with the improvement of legislation in the field of insolvency" has been adopted.

In accordance with this Resolution, the term "bankruptcy" in the Resolutions and Decrees is replaced by the term "insolvency", and in connection with the introduction of the practice of insolvency of individuals, strengthened the legal basis for the application of insolvency procedures to them.

Also, the Resolution establishes:

• upon detection by the enforcement authority of the impossibility to collect the debts of a debtor enterprise, the tax authorities shall apply to the court with a petition for insolvency not later than 30 days;
• liquidation proceedings may not exceed 12 months, in special cases may be extended up to 3 months by court decision on the basis of a request of the individuals involved in the insolvency case;
• a court judgement that has entered into legal force on establishing signs of false insolvency, concealment of insolvency or deliberate insolvency as a result of actions of a person as a founder (participant) having the right to give binding instructions to a legal entity, or the owner of the property of a legal entity or individuals who are entrusted with management duties by legislative acts, is the basis for bringing such individuals to subsidiary liability in accordance with the procedure established by legislative acts;
• the property of debtors subject to insolvency procedures is subject to be realised by court administrators through an online electronic auction on the electronic trading platform "E-auksion";
• in case of application of insolvency proceedings in respect of a debtor - individual and (or) in respect of another debtor of the simplified insolvency procedure, the expenses on payment of remuneration to the court administrator shall be covered from the State Budget by the tax authority that submitted the application on initiation of insolvency proceedings in respect of the debtor.