Article 238. Insolvency of Legal Entity under Liquidation

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

If the value of the property of a legal entity in respect of which a decision was adopted to liquidate due to its failure to carry out financial and economic activities and (or) the failure to form its charter fund (authorized capital) within the time limits established by legislation, is insufficient to satisfy the claims of creditors, such a legal entity shall be liquidated within in the manner prescribed by this Law.

Upon discovery of the circumstances provided for by part one of this article, the liquidation commission (liquidator) shall be obliged to apply to the court with an application for initiating an insolvency case against a legal entity or to the state tax authorities to take the appropriate measures provided for by legislation.

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Source of the text

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 238. Insolvency of Legal Entity under Liquidation On insolvency (LRU-763-son). neolex.uz/en/laws/law-5957616/238 (lex.uz/docs/6352957)