On June 17, 2020, the Ambassador of Uzbekistan to Malaysia Ravshan Usmanov met with Director General of Malaysian Department of Insolvency (MDI) Anita Harun, Uzbekistan MFA reports.
The Malaysian side was informed about important changes and amendments introduced in December 2019 to the Law of the Republic of Uzbekistan On Bankruptcy, which are aimed at widespread use of recovery procedures in relation to economically insolvent and unprofitable business entities, as well as improving bankruptcy procedures, terms and indicators of debt repayment ratio.
The parties noted the relevance of comprehensive assistance to the most affected sectors of the economy in order to maintain production and ensure employment in the context of the pandemic.
MDI Director General expressed interest in establishing cooperation with State Assets Management Agency of the Republic of Uzbekistan in the areas of mutual interest.
Following the talks agreements were reached on organization of a videoconference to discuss cooperation issues, including by sharing best practices for improving the issues of insolvency of enterprises and bankruptcy proceedings, as well as introduction of online services in these areas, providing advisory assistance in development of the Draft Law of the Republic of Uzbekistan On Insolvency.