Set-off in derivatives

Uzbekistan is one of so-called “debtor favouring” jurisdictions. Here solvent set-off is allowed, however, set-off on insolvency is not possible (contrary to the English law mandatory set-off upon debtor’s insolvency under Rule 4.90 of the Insolvency Rules 1986). This conclusion is inferred from the following analysis of Uzbek bankruptcy legislation.

Pursuant to the Bankruptcy Law, the moratorium applies to enforcement by creditors of their rights against an Uzbek debtor as soon as a court has opened a bankruptcy case. In relation to an insolvent bank, the moratorium applies on enforcement of claims by bank’s depositors and other creditors as soon as a decision of the Central Bank regarding the withdrawal of a licence was adopted. A liquidator becomes in charge of the satisfaction of the bank’s creditors’ claims. However, if there are mutual obligations between the bank and his credi...

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Set-off in derivatives

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