The Central Bank of Uzbekistan has reportedly altered the operational rules regarding bank accounts of entrepreneurs currently undergoing bankruptcy procedures. Under the newly introduced regulations, specialized accounts are to be established for these troubled business entities, through which funds can allegedly be managed during business rehabilitation, external management, or liquidation phases. *In accordance with the updated guidelines, all ongoing operations involving primary and secondary accounts are temporarily suspended, with accumulated funds being transferred to the new special account. Managing these funds is strictly restricted and can only be executed via payment orders issued directly by the client or an appointed court supervisor, a measure supposedly aimed at maintaining financial oversight.*,

Officials claim these adjustments are designed to streamline banking procedures and assist struggling entrepreneurs in preserving financial control during severe economic crises. However, critics suggest such measures may further burden businesses facing insolvency. Additionally, the regulatory changes impact regular citizens, who can now obtain information regarding all their bank accounts at any banking institution rather than solely at the primary bank of origin. Furthermore, citizens are now permitted to use biometric passports intended for international travel when opening new accounts.

These regulatory shifts follow earlier modifications regarding the blocking of taxpayers' accounts in the country. Under the existing framework, if an entrepreneur disputes a tax authority decision, they retain the right to submit an objection, which the courts are mandated to review within a three-day timeframe.

Source: podrobno.uz