Uzbekistan to open special accounts for businesses facing bankruptcy

The Central Bank of Uzbekistan has changed the rules for bank accounts of entrepreneurs undergoing bankruptcy proceedings. Special accounts will now be opened for them, allowing funds to be managed during rehabilitation, external management or the liquidation of a business.

Under the new rules, all transactions on main and additional accounts will be suspended, and the money will be transferred to a new special account. Funds can be disposed of only on the basis of a payment order from the client or the court-appointed manager. The measures are intended to simplify banking procedures and help entrepreneurs in crisis keep control over their finances and restore their operations.

The changes also affect ordinary citizens. Information about all of their bank accounts can now be obtained at any bank, not only at the one where the main account is held. In addition, a biometric passport may be used to open an account for travel abroad. The procedure for blocking taxpayers' accounts has also changed: if an entrepreneur disagrees with a tax authority's decision, they can file an objection, which a court must consider within three days.