Article 220. Special Considerations with Respect to Sale of Property of Natural Person

Within one month from the date of the inventory and valuation of the property of a natural person, the financial manager shall be obliged to submit to the court the procedure and conditions for the sale of the property of a natural person, indicating the initial sale price of the property. The procedure, conditions and term for the sale of the property of a natural person shall be approved by the court and must comply with the rules for the sale of the property of the debtor, who is a natural person, established by Articles 126 , 127 and 151 of this Law. A court ruling shall be issued on the approval of the procedure, conditions and term for the sale of the property of a natural person and on the establishment of the initial price for the sale of property. This ruling may be appealed (protested).

With regard to property located outside the Republic of Uzbekistan, a separate court ruling shall be issued, the execution of which shall be carried out according to the rules of the procedural legislation of the state on whose territory this property is located, or in accordance with international treaties of the Republic of Uzbekistan with the state on whose territory this property is located.

The valuation of the property of a natural person, which is included in the liquidation estate, shall be carried out by the financial manager independently. The valuation carried out may be disputed by a natural person, creditors, an authorized body in a case on the insolvency of a natural person.

The meeting of creditors shall have the right to decide on the valuation of the property of the debtor, who is a natural person in accordance with this Law, with the involvement of an appraisal organization and payment of the costs of this valuation at the expense of the persons who voted for the adoption of the relevant decision.

The property of a natural person, part of this property, shall be sold in the bidding in the form of an electronic online auction in the manner prescribed by this Law, unless otherwise provided by a decision of a meeting of creditors or a court ruling. The sale of the object of pledge shall be carried out in the manner prescribed by Article 126 of this Law.

If the financial manager fails to sell the property belonging to a natural person and (or) the right of claim from third parties in accordance with the established procedure, and if creditors refuse to accept this property and (or) the right to claim to pay off their claims after the sale of the property of a natural person is completed, their right to dispose of this property and (or) the right to claim shall be restored. In this case, the property constituting the liquidation estate and not sold by the financial manager shall be transferred to the natural person under the act.