Article 120. Monetary Obligations of Debtor Arising In Course of External Management

On insolvency (LRU-763-son) · Date: 12.04.2022 · In force

In cases where the amount of the debtor's monetary obligations arising in the course of the external management procedure exceeds twenty percent of the amount of creditors' claims in accordance with the register of creditors' claims, transactions which involve new monetary obligations of the debtor, may be performed by the external manager only with the consent of the meeting of creditors or the committee of creditors, with the exception of those provided for by the external management plan.

Transactions made in violation of part one of this article may be declared invalid by the court upon the application of the creditor, as well as of the newly appointed external manager, if they were made by a person who previously acted as the external manager of the debtor.

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National Database of Legislation of the Republic of Uzbekistan (lex.uz). Original on lex.uz: lex.uz/docs/6352957

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Cite as: Article 120. Monetary Obligations of Debtor Arising In Course of External Management On insolvency (LRU-763-son). neolex.uz/en/laws/law-5957616/120 (lex.uz/docs/6352957)