Article 3. Basic Concepts

The following basic concepts shall be applied in this Law:

bankrupt means a debtor recognized as insolvent on the basis of a court decision, in respect of whom the procedure of liquidation proceedings or the sale of property is applied;

homogeneous creditors mean a group of creditors who have uniform claims against the debtor and do not have an advantage over each other in satisfying them;

settlement agreement means an agreement of the parties to terminate the insolvency proceedings on the basis of mutual concessions;

creditors mean legal entities or natural persons to whom the debtor is liable for monetary obligations and (or) the fulfillment of duties on taxes and fees, with the exception of citizens to whom the debtor is liable for causing harm to life or health, as well as the founders (participants) of the debtor which is a legal entity liable for obligations arising from such participation;

representative of a meeting of creditors or a committee of creditors means a person authorized by a meeting of creditors or a committee of creditors to participate in an insolvency case;

monitoring procedure means the procedure applied by the court in an insolvency case to a debtor which is a legal entity, from the date of acceptance of an application for declaring a debtor insolvent until the next procedure in order to ensure the safety of its property, analyze the financial condition of the debtor, draw up a register of creditors' claims and hold the first meeting of creditors;

procedure for the sale of property means a procedure used in the framework of an insolvency case to adequately satisfy the claims of creditors in relation to a natural person;

moratorium means suspension of the execution by a debtor which is a legal entity of monetary obligations and (or) duties on taxes and fees;

monetary obligation means the obligation of the debtor to pay the creditor a certain amount of money under a civil law contract, as well as on other grounds;

taxes and fees mean obligatory payments which are paid to the State budget of the Republic of Uzbekistan and (or) state trust funds;

false insolvency means causing damage to creditors as a result of an announcement by a legal entity and a natural person, as well as an individual entrepreneur of the impossibility of fulfilling obligations under monetary obligations and (or) fulfilling duties on taxes and fees in full, knowing about their economic solvency for their fulfillment;