The law was developed in accordance with paragraph 155 of the State Program 2020 and the Roadmap to improve the ranking of the Republic of Uzbekistan in the World Bank's “Doing Business” report.

The law provides the following basic norms:

• first - in the name of the law the word "bankruptcy" is replaced by the word "insolvency";
• second - suspension of current tax payments in the process of insolvency in order to encourage the application of rehabilitation procedures, attraction of loans from commercial banks and financial institutions, resumption of business activities with the consent of creditors in case of partial repayment of debt;
• third - in practice, persons who have allowed the impossibility of full repayment of creditors' claims as a result of misconduct of persons in charge of the debtor in connection with the lack of procedure of subsidiary collection of overdue debts from responsible persons of the debtor may be brought to subsidiary liability by a court decision on these obligations;
• fourth - in connection with the specifics of the case of insolvency, the rules on the invalidation of deals concluded by the debtor in the case of refusal to fulfill them have been expanded;
• fifth - the institution and practice of insolvency of an individual was introduced. In this case an individual's accounts payable should be repaid within 3 years by installments or by selling his property.

In this case,

- the insolvent natural person's debts are repaid by installments for up to 3 years;

- repayment of debts of the natural person by sale of his property and exemption of overdue debts;

- in case of finding the insolvency of the individual as a result of illegal actions, the court administrator applies to law enforcement agencies and the case of insolvency is terminated and the individual is not released from debts.

• sixth - in order to protect the rights of owners who purchased housing built with their deposits, a special procedure for the insolvency declaration of such developers has been established (the rights of owners who made deposits are guaranteed).

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