Uzbekistan Doing Business 2020

Uzbekistan
Doing Business 2020
Page 32

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Details – Legal Rights in Uzbekistan
Strength of legal rights index (0-12)
6
Does an integrated or unified legal framework for secured transactions that extends to the creation, publicity and enforcement of functional equivalents
to security interests in movable assets exist in the economy?
Yes
Does the law allow businesses to grant a non possessory security right in a single category of movable assets, without requiring a specific description
of collateral?
No
Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of
collateral?
Yes
May a security right extend to future or after-acquired assets, and does it extend automatically to the products, proceeds and replacements of the
original assets?
No
Is a general description of debts and obligations permitted in collateral agreements; can all types of debts and obligations be secured between parties;
and can the collateral agreement include a maximum amount for which the assets are encumbered?
No
Is a collateral registry in operation for both incorporated and non-incorporated entities, that is unified geographically and by asset type, with an
electronic database indexed by debtor's name?
Yes
Does a notice-based collateral registry exist in which all functional equivalents can be registered?
Yes
Does a modern collateral registry exist in which registrations, amendments, cancellations and searches can be performed online by any interested third
party?
Yes
Are secured creditors paid first (i.e. before tax claims and employee claims) when a debtor defaults outside an insolvency procedure?
No
Are secured creditors paid first (i.e. before tax claims and employee claims) when a business is liquidated?
No
Are secured creditors subject to an automatic stay on enforcement when a debtor enters a court-supervised reorganization procedure? Does the law
protect secured creditors’ rights by providing clear grounds for relief from the stay and sets a time limit for it?
No
Does the law allow parties to agree on out of court enforcement at the time a security interest is created? Does the law allow the secured creditor to sell
the collateral through public auction or private tender, as well as, for the secured creditor to keep the asset in satisfaction of the debt?
Yes