Debt collection activities may be introduced in Uzbekistan

The Central Bank put the draft decree on the system of satisfaction of creditors' claims secured by collateral for public discussion.
The Central Bank announced for public discussion the draft decree on the further improvement of the system of satisfaction of creditors' claims secured by collateral.
According to him:
— the right of secured creditors to the collateral property takes precedence over all other claims, including claims for payments to the budget and state trust funds, wages and similar payments, social insurance payments ;
— in the process of insolvency proceedings, creditors are given absolute priority in satisfying the claims secured by collateral from the value of the collateral;
— if the property considered as a pledge is taken away from the pledger for committing a crime or other offense, the pledgee shall have the right to prioritize his claims at the expense of this property;
- it is not allowed to delay the sale of the pledged property at an open auction based on the request of the pledger;
- if the consent of another person or the permission of the body is obtained during the pledge, the demand that the demands of the pledgee secured by the pledge of this property be satisfied only in the court procedure shall be canceled;
— the lowest price at which the pledged property can be sold at a repeated auction is set at 50% of the estimated value of the auction object (90% in practice).
In this case, the difference between each auction step is ten minutes. If the property is not sold at the repeated auction, the receiver is offered to keep the property in the amount equal to the lowest price that can be sold at the auction;
The Central Bank studies the advanced foreign practice of regulating the collection of overdue debts by third parties (collection activities) and develops proposals for its introduction in the republic.
The discussion will end on December 4 and a decision will be made once it is approved.