In Uzbekistan, the system of satisfaction of claims secured by collateral will be further improved

    Finance 25 December 2023 1933

    In order to further improve the system for meeting collateral-backed claims, the Central Bank will implement the following procedures from January 1, 2024:

    providing an absolute advantage to creditors in satisfying their claims secured by collateral from the value of the pledged property - in the process of insolvency proceedings;

    setting a minimum price below which the mortgaged property cannot be sold at a repeat auction, in the amount of 80 percent of the starting price of the auction object;

    At the same time, if the property is not sold at a repeat auction, the recoverer is invited to keep this property for himself at a price 25 percent lower than the starting price of the auction, the Ministry of Justice reports.

    preventing the postponement of the sale of foreclosed property at public auction on the basis of the pledger’s petition;

    the abolition of the practice of ending enforcement proceedings by the state executor and lifting restrictions on the disposal of property in connection with the beginning of the process of voluntary liquidation of the debtor.