Greetings, dear readers of our website! A new step has been taken to fundamentally revitalize and modernize the institution of insolvency, a key link in our country's economic reforms. The Decree signed by our President on May 6 of this year, "On Measures to Further Improve the Institution of Insolvency" (No. PF-78), has ushered in a new era in the sector. Zamin.uz analyzes the essence of this important document and the expected changes.
A new special body under the Ministry of Justice
In accordance with the Decree, the Agency for Insolvency Affairs is being established within the Ministry of Justice system, along with its regional branches in all provinces. This Agency will operate as a special authorized body responsible for implementing a unified state policy in the field. From now on, all processes related to insolvency will be managed and monitored from a single point.
Main priority areas of the Agency
The newly established structure is entrusted with a number of responsible tasks:
Consistent implementation of state policy in the sector, regulation of processes, and ongoing monitoring;
Coordination of cooperation between state bodies and organizations on insolvency issues;
Reducing the human factor and eliminating excessive bureaucratic barriers through full digitalization of the system.
A unified self-governing system for court administrators
Another important innovation is the establishment of the Chamber of Court Administrators of Uzbekistan based on the existing Association of Court Administrators. This Chamber will be a single professional structure uniting all court administrators.
Regional branches of the Chamber will begin operations in the Republic of Karakalpakstan, the regions, and the city of Tashkent. This system will play an important role in ensuring the independence of court administrators, improving their qualifications, and strengthening their professional responsibility.
Achieving transparency through digitalization
The Decree places special emphasis on transitioning the sector to a fully digital format. This will not only speed up work but also serve to prevent corruption. The activities of court administrators and insolvency processes will be ensured to be transparent.
Dear readers of our website, in your opinion, how effective will the establishment of the new agency be in the financial recovery of enterprises? What else do you think should be focused on to reduce bureaucracy in the sector? Leave your thoughts in the comments!
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