President Shavkat Mirziyoyev reviewed a presentation on improving the institution of insolvency. It criticized the current system for being more oriented towards liquidating an enterprise rather than rehabilitating it.
It was noted that out of 93 thousand entrepreneurs who have fallen into financial difficulty, bankruptcy proceedings have been initiated for only 10 thousand, and the mechanisms for rehabilitation are almost non-functional.
According to new proposals, plans are being made to establish a special agency, enhance the activities of court-appointed administrators, and fully digitalize the processes.
Furthermore, it is envisaged to expand measures for supporting businesses in difficulty, including deferring loans, restructuring them, and conducting state-assisted rehabilitation.
