Uzbekistan and ADB to strengthen insolvency reform

Uzbekistan and the Asian Development Bank (ADB) plan to deepen their joint work to modernize the insolvency system. Prospects for further reforms in this area were discussed on August 27 during a meeting between Deputy Minister of Justice of Uzbekistan Muzraf Ikramov and Kristina Pak, Assistant to the ADB's Chief Legal Adviser for Legal and Policy Reform, according to the Ministry of Justice of Uzbekistan.

A key aspect of the discussion was the harmonization of insolvency legislation with generally accepted international standards. The parties also explored the possibility of engaging foreign specialists to develop and analyze draft laws.

One of the priority areas of cooperation will be improving the professional training of employees of the Insolvency Agency and arbitration managers. In particular, the organization of training courses for them abroad was discussed.

The meeting participants also addressed the digitalization of insolvency procedures. This includes the implementation of a Unified Electronic Platform, which will cover all relevant processes.

Following the talks, the parties confirmed their intention to continue reforming the insolvency system, drawing on international experience, and to expand practical cooperation between Uzbekistan and ADB in this area.