Liability for Voting

Uzbek Civil Code (entered into force on March 1, 1997) and Uzbek LLC Law dated 6 December 2001 contain only general provisions on a liability of a participant in case of adopting decisions which led to insolvency (bankruptcy) of a legal entity. A joint/subsidiary liability of a participant shall be applicable only when a legal entity has insufficient property to cover obligations.

The LLC Law contains a separate article on liabilities of supervisory board members, sole executive body and members of collective executive body. Specifically, if a member of the supervisory board votes in favour of a decision that harms the company, such member of the supervisory board shall be liable for losses caused to the company as a result of such action (non-action). Unfortunately, court rulings are poorly issued in this area. There is no information about any court resolutions/judgments or court interpretation where there is...

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Liability for Voting

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