Audit and economical analysis

Bankruptcy Institute and its Development Prospects. Legal Norms for Economic Uncertainty

The Bankruptcy Institute is a complex legal entity, which includes the establishment and sequencing of prudential standards determined by a legal entity. Bankruptcy Institute of the Republic of Uzbekistan was founded in 1994. Significant work has been done and significant results have been achieved in the past period. Most importantly, a thorough and perfect legislative framework has been developed. Originally, May 5, 1994, the Law "On Bankruptcy" was adopted. This law was originally composed of 35 articles. However, according to the practice of the law, no bankruptcy was observed during this period. Only two of the bankruptcy applications were received and considered in practice. In 1995, the Special Decree of the Cabinet of Ministers on the Implementation of the Law on Bankruptcy and Bankruptcy was issued and the work in this area was slightly accelerated. In this year, 47 bankruptcy cases were considered. The Special Decree of the President of the Republic of Uzbekistan "On Measures for the Implementation of the Law on Bankruptcy" of December 11, 1996 allowed to accelerate this work. On August 28, 1998 the law was adopted in the new edition. It has been enriched with many substances. Particularly, the bankruptcy rules of some types of borrowers, the new procedures - external management have been added, and this has expanded the rights of creditors. This law specifies separately the bankruptcy of legal and individual entrepreneurs. On April 24, 2003, the Law was revised in a new version. It consists of 192 items, incorporating many new rules aimed at reducing the solvency of bankruptcy debtors and insolvent debtors. Two new chapters were added to the law, which included new bankruptcy procedures: surveillance and judicial rehabilitation, as well as all bankruptcy proceedings by court administrators, appointment and supervision by court administrators. Bankruptcy of economic entities is governed by the Law of the Republic of Uzbekistan "On bankruptcy" and its annexes, changes and other normative documents. Under current law, it is understood that a debtor, recognized by bankruptcy, is unable to fully satisfy the creditors' claims on monetary obligations and (or) to perform their obligations on mandatory payments in full. It should be noted that the debtor's failure to fully satisfy the creditors' demands and compulsory payments in the recognition of a bankruptcy is taken into account, as well as requirements set out in the second part of article 5 of the Law "On bankruptcy". This article addresses the following:

The bankruptcy case shall be considered by the Economic Court. In case of bankruptcy of bankruptcy cases, the aggregate requirement to a legal entity-legal entity shall be at least five hundred times the minimum wage, if the debtor is a physical person who has lost the status of an individual entrepreneur or an individual entrepreneur and in respect of a person - at least thirty-fold of the minimum wage, may be initiated by the economic court except for the cases stipulated by this Law ". Bankruptcy is also a failure to pay according to clearly defined requirements, but not on any creditors' requirements. The law defines the following two types of creditors' claims for bankruptcy: claims of the debtor on monetary obligations and mandatory payments, ie taxes, duties, fees. Failure to comply with all other claims does not constitute a ground for acknowledgment of a bankruptcy of an enterprise or entrepreneur. The notion of the debtor's monetary obligations is given in a narrow sense in the bankruptcy legislation of civil law. Under the bankruptcy legislation, monetary obligations are understood as the obligation to pay a certain amount of money to a creditor (Article 3 of the Law of the Republic of Uzbekistan "On bankruptcy"), as stipulated by the civil law agreement of the debtor and other grounds envisaged by the legislation. The first sign of monetary obligation is the obligation of the debtor to pay the amount of money, rather than to do business, to provide services or to transfer the goods. The second sign is that commitments are based solely on the Civil Code. The enterprise can not be recognized as a bankrupt due to inability of the enterprise to pay its wages in due time. Because the wage arising from labor is regulated by the Labor Code. Therefore, this obligation is not a monetary obligation. The Bankruptcy Institute plays an important role in improving contractual relationships among entrepreneurs, enhancing mutual payment discipline, reducing accumulated credit and debts, ultimately stabilizing production. When debtors are declared bankrupt, all bankruptcy facts are recognized. The bankruptcy case is considered by the Supreme Court. It also states that in accordance with Chapter III of the Law on Bankruptcy, economic entities can declare themselves bankrupt even without resorting to court. For this purpose, the head of the enterprise makes a decision on voluntary liquidation, which the creditors approve, and then the decision is approved by the proprietor (the state share in the debtor's property, the Committee on the affairs of the economically insolvent business). the debtor is considered to be a bankrupt from the moment of approval by the owner of the decision (the state share of the debtor's property in the property of the debtor, and also the Committee on the affairs of the economically insolvent enterprises).If one of the creditors disagrees with this decision or if all the creditors agree, but the debtor disagrees with this decision, the debtor can not be a bankrupt. In that case, he may file a bankruptcy petition in the manner prescribed by law. In the event that the debtor finds himself a bankrupt, he must be liquidated in the manner prescribed by the Law on Bankruptcy. According to Article 30 of the Economic Procedure Code of the Republic of Uzbekistan, cases of bankruptcy of organizations and citizens are considered at the court where the debtor is located. According to Article 23 of this Code, individuals possessing the status of a legal entity or entrepreneur can participate in court as individuals. That is, non-legal entities can not be recognized as bankrupt. Because they are responsible for their senior debt management organization. In case of bankruptcy symptoms, if total claims to a legal entity debtor are at least five hundred times the minimum wage, then the minimum wage for the debtor individual entrepreneur is at least if the arbitral tribunal is a party, may be prosecuted by the court. The debtor, the public prosecutor, the public tax authority, and other competent authorities have the right to appeal to the court with the petition for the debtor's bankruptcy as a result of non-performance of the mandatory payments. It is regulated by the Law of the Republic of Uzbekistan "On insolvency (bankruptcy)" of October 26, 2002, numbered bankruptcy №127-F3 in Russia. In accordance with the provisions of this law, special procedures are established for legal entities and individuals. In the course of consideration of insolvency (bankruptcy) cases more than 300 thousand UZS for legal entities and more than 3 months of payment, more than 500 thousand UZS for individuals, and payment period more than three months, for individual entrepreneurs The obligations for over 500,000 UZS and the maturity of 3 months are set as the norm for commencement of bankruptcy proceedings. Following are the procedures for bankruptcy: surveillance; financial rehabilitation; external management; bankruptcy process; contractual agreement. The establishment of the bankruptcy institute in Belarus began after its independence. On May 30, 1991, the law "On insolvency and bankruptcy" was adopted. The development of the institute's activity dates back to 2000s. During this period, the Law "On Economic Insolvency and Bankruptcy" was re-adopted as the Law on Economic Insolvency (Bankruptcy). The new law was adopted in 2012. The following are the basic procedures: defining the duration of protection; organization of competitive production; conclusion of an agreement.Competitive production: includes preparation of materials for court proceedings, rehabilitation and liquidity. Bankruptcy in the US is regulated by the Code of Banking "On Bankruptcy". A bankruptcy case in YAgona must be in the US territory. Voluntary bankruptcy cases are considered by the Board of Directors. Appeals to the tribunal for bankruptcy. These courts are the branches of the District Courts. Each state has at least one bankruptcy court. The Bankruptcy Law of Australia was adopted in 1966. Bankruptcy cases are considered only against individuals. Bankruptcy cases against enterprises end with external management or liquidity. Bankruptcy status is maintained for three years. Bankruptcy in Canada is regulated by federal law. Kushbu breeding norms are also applied to both enterprises and physical persons. Bankruptcy proceedings are monitored and handled by bankruptcy managers. In practice, the importance of competitive management. In the Netherlands, bankruptcy is regulated by the Codex Bankruptcy Code. In the practice of the country there are three types of bankruptcy practices: cockroach; Contracts and debts (this procedure applies only to individuals)