Article 190. Special Considerations with Respect to Insolvency of Developer for Shared Construction

Relations associated with the insolvency of the developer, unless otherwise provided by this chapter, shall be regulated by the rules established by this Law, regulating the insolvency of the debtor, which is a legal entity.

The person participating in the insolvency case of the developer for shared construction (hereinafter referred to as the developer), in addition to the persons provided for in Article 38 of this Law, shall also be the authorized state body in the field of regulation of construction activities.

The judicial manager, within ten days from the date of appointment, shall notify in writing the person who has entered into an agreement on participation in shared construction (hereinafter referred to as the shareholder) in order to acquire the construction object on the basis of ownership.

In order to complete construction works, objects of construction in progress (apartment buildings) in which funds of construction participants and (or) funds of participants in shared construction are attracted, infrastructure facilities and (or) engineering and technological facilities attached to them shall be transferred by decision of the meeting of creditors to another construction organization included in the prescribed manner in the Electronic List of Developers Raising Funds for Shared Construction (hereinafter referred to as another construction organization). In this respect, the rights and obligations of the developer under an agreement with shareholders shall be transferred to another construction organization that has accepted these objects in order to complete the construction.

The Cabinet of Ministers of the Republic of Uzbekistan shall determine the procedure for transferring the construction object to another construction organization, included in the prescribed manner in the Electronic List of Developers Raising Funds for Shared Construction, based on proposals from the authorized state body in the field of regulation of construction activities.

The value of construction objects (apartment buildings), infrastructure facilities and (or) engineering and technological facilities attached to them, transferred by the developer to another construction organization, shall be determined by an appraiser engaged by the liquidation manager at the expense of the debtor-developer.