The amendments were introduced in line with the law “On introduction of changes and amendments to some legislative acts of Uzbekistan”.

President of Uzbekistan Islam Karimov signed the law on 11 December 2014. Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 7 November 2014 and Senate approved it on 14 November 2014.

The law envisages to strengthen guarantees for creditors on returning their resources through changing order of priority of their claims in the case of bankruptcy of the enterprises.

According to the amendments, judicial expenses and expenses, related with remuneration of court managers, current utility fees and exploitation payments, expenses to insuring of property of debtor, demands of citizens and others are repaid first.

The document said that salaries, alimony, copyright fees, payments in line with legal and related agreements should be repaid than.

Afterwards, the requests on mandatory payments, mandatory insurance, loans of the banks, insurance of loans, requests of the creditors, should be satisfied.

The requests of shareholders on calculated dividends should be satisfied. Other requests will be paid afterwards.

The funds, left after all payments, will be distributed among the founders of the bankrupt enterprise, the law said. If the debt liabilities were not satisfied due to shortage of property and funds, the debts will be considered as settled.