Netting and Set-offs

Set-off is recognized by the Uzbek Civil Code on the condition that an Uzbek counterparty is solvent. There are strict rules in Uzbek Civil Code according to which only matured obligations in the same currency may be off-set against each other. Set-off under the Uzbek Civil Code is a unilateral action and it distinct from netting which is a reciprocal agreement. Netting is now effectively not possible in Uzbekistan.

Upon insolvency of the Uzbek Bank, any acceleration of payment, set-off, close-out netting or other settlements between BTMU and the Uzbek Bank may be prevented or disallowed by the moratorium under insolvency laws, or, alternatively, by the existence of the “suspect period”. Please note that Uzbekistan is one of so-called “debtor favouring” jurisdictions. Here solvent set-off (with cert...

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Netting and Set-offs

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