Uzbekistan has enacted a new law that modifies procedures for handling debtors' property and clarifies the powers of state enforcement officers. According to the legislation, if a claimant agrees to retain property that failed to sell at auction, bans imposed on that property by registration authorities can be lifted based on a decision by a state enforcement officer.

This decision simultaneously serves as the legal basis for registering ownership of the property to the new owner. Following the issuance of the enforcement officer's ruling, registration bodies are obligated to record the property under the name of the individual specified in the document.

A critical aspect is that obligations associated with the property remain with the debtor who was the previous owner. An exception is possible only if the claimant voluntarily agrees to assume responsibility for fulfilling these obligations. Consequently, the new owner acquires the property but does not automatically inherit all related debts.

It is worth recalling that Uzbekistan has previously proposed implementing a mandatory system for declaring assets and incomes of judges and their family members. This initiative was discussed during a meeting between the president and judicial system leadership as part of measures to reduce corruption risks.

Source: podrobno.uz