Structure of creditor ranking Uzbekistan banks insolvency law

Please note that there is no specific law that would govern the bankruptcy of an Uzbek bank. Rather, general provisions of the Bankruptcy Law shall be applicable to the bankruptcy of Uzbek banks to the extent they are relevant and unless they do not contradict other laws governing banks’ activity. We will, therefore, refer to the Bankruptcy Law for determination of creditors’ ranking upon the bankruptcy of an Uzbek bank.

Article 134 of the Bankruptcy Law provides for the creditor ranking structure for the purposes of discharging claims of a bankrupt company. Court expenses, the remuneration of the external manager and the trustee, current utility payments, claims arising from the obligations assumed in the process of liquidation are always paid before creditors.

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Structure of creditor ranking Uzbekistan banks insolvency law

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