Article 154. Settlements with Creditors

The liquidation manager shall make settlements with creditors in accordance with the register of creditors' claims.

If transfer of funds to the account of the creditor is impossible, the due amount shall be deposited by the liquidation manager to the deposit settlement account of a notary or court at the location (residence) of the debtor, of which the creditor shall be informed. In case of non-receipt of this amount by the creditor within three years from the date of its deposit to the deposit settlement account of a notary or court, the specified amount shall be transferred by the relevant notary or court to the State Budget of the Republic of Uzbekistan.

Claims of creditors filed after the expiration of the time period specified in the publication for the commencement of liquidation proceedings for filing creditors' claims, as well as claims for taxes and fees that arose after the commencement of liquidation proceedings, regardless of the time period for their presentation, shall be satisfied after satisfying the claims of creditors filed within the established period, in accordance with the procedure provided for in Article 150 of this Law.

Satisfied claims, as well as those claims for which an agreement on compensation has been reached, or the liquidation manager has declared a set-off of the claim, or there are other grounds for termination of obligations, shall be deemed repaid claims of creditors. The set-off of a claim, as well as the repayment of a claim by providing compensation, shall be allowed only if the principle of priority and proportionality of satisfaction of the stated claims is observed. The repayment of creditors' claims by concluding a compensation agreement shall be allowed if this agreement is agreed upon with a meeting of creditors or a committee of creditors. Repayment of creditors' claims by concluding an agreement on the novation of the debtor's obligation in liquidation proceedings shall not be allowed.

Claims of creditors that are not satisfied due to the insufficiency of the debtor's property shall also be considered to be repaid. Claims of creditors that have not been recognized by the liquidation manager shall also be deemed repaid if the creditor has not applied to the court or such claims have been recognized by the court as unfounded.

The liquidation manager shall enter into the register of creditors' claims information on the repayment of creditors' claims.