Article 29. Powers of Authorized State Body

The Agency for Management of State Assets of the Republic of Uzbekistan shall be an authorized state body.

Authorized state body shall:

monitor the financial condition of enterprises, in the charter fund (authorized capital) of which there is a state share, in order to identify insolvent, unprofitable and economically insolvent enterprises and organize the formation of their electronic database;

apply to the court with an application to initiate a case on the insolvency of enterprises in the charter fund (authorized capital) of which there is a state share and (or) arrears to the Republic of Uzbekistan for monetary obligations;

conduct certification of judicial managers and maintain a unified register of judicial managers;

agree plans for pre-judicial rehabilitation, judicial rehabilitation and external management of enterprises in the charter fund (authorized capital) of which there is a state share;

exercise control over the course of pre-judicial rehabilitation and insolvency procedures of enterprises in the charter fund (authorized capital) of which there is a state share;

monitor the insolvency process;

exercise control over the activities of judicial managers in accordance with the legislation, apply to the court for the release of the judicial manager from the performance of duties if a systematic or single gross violation of the legislation is detected in their activities;

have the right to nominate candidates for judicial managers in the course of consideration of cases of a simplified insolvency procedure, as well as in the liquidation proceedings of enterprises in the charter fund (authorized capital) of which there is a state share;

impose fines on managers or other officials of enterprises, financial condition of which are monitored, for failure to provide or untimely provision of materials on the financial and economic activities of these enterprises;

exercise other powers in accordance with the legislation.

Decisions adopted by the authorised state body within the scope of its powers shall be binding on ministries, agencies, other republican executive authorities, as well as legal entities and individuals.