DUSHANBE, June 6, Asia-Plus  -- Over the past four years, economic courts in Tajikistan has considered cases of bankruptcy of eight economic entities, Alouddin Nosirov, an expert with the Anticrisis Mangers’ Association, announced at a roundtable meeting was held in Dushanbe yesterday to discuss amendments proposed to the bankruptcy law.   

According to him, among them are Tajik-Dutch joint venture Tajiktel and commercial banks Dushanbe and Textinvestbank.  

The addenda and changes proposed to the bankruptcy law have been worked out by experts from Anticrisis Managers’ Association (Association).     

            Nosirov noted that the fact that cases on bankruptcy of only eight economic entities have been considered in the country since 2004 does not reflect the real state of affairs.   “The point is that the bankruptcy institution has not yet been developed well in Tajikistan ,” said the expert.   “For example, actually failed company sometimes is not considered.”  

As an example, he cited closed joint-stock company Khujand-Packaging in northern Tajikistan .   “The enterprise was launched with loan support of the European Bank for Reconstruction and it produced its first product in 1993 and sent it for realization to Russia .   Because of economic crisis in the Russian Federation the company failed to receive money for its products,” said Nosirov.   “Therefore, the company failed to pay its loan off the EBRD loan and the bank had to apply to court for declaring the enterprise bankrupt.”   However, because of the same shortcomings of the law, court did not declare Khujand-Packaging bankrupt.  

The court justified its decision as based on the provinces of Articles 5 and 21 of the RT Law “On Bankruptcy”, under which indication of bankruptcy is the fact that legal entity’s debt should be not less than 10 percent of its assets.