KHUAJND, June 12, Asia-Plus  -- Amendments the country’s bankruptcy legislation were discussed at a roundtable meeting in Khujand, the capital of Sughd province on June 12.

 Staged by Anticrisis Managers’ Association jointly with the State Committee for Investments and State-owned Property Management under financial and technical support of the USAID Business Environment Improvement (BEI) Project, the meeting considered addenda and changes to the law that have been worked out by experts from the Anticrisis Managers’ Association (Association).  

Speaking in an interview with Asia-Plus, the Association expert Munir Kalemulloyev said that specialists propose to shorten the bankruptcy procedure period, especially for small and medium-sized enterprises (SMEs).    

Under the enacted bankruptcy legislation, the bankruptcy procedure includes four stages:  observation; temporary administration; competitive production; and amicable agreement.  “In all, this procedure takes some three years,” Kalemulloyev said, noting this term is more suitable for large enterprises, while for SMEs, the term should be shortened to 1½ years.

“Long bankruptcy procedure scares away foreign investors because under the enacted bankruptcy legislation they will be able to return invested funds only in three years,” the expert said.  

Improvement of the enacted bankruptcy legislation will allow entrepreneurs extending production and creating new jobs that will promote reduction in labor migration, rise in competitiveness and improvement of investment attractiveness of the country for domestic and foreign investors, the Association specialist said.  

We will recall that similar meetings were already held in Qurghon Teppa (in lat May) and Dushanbe (in early June), and during the meetings, it was noted that enacted bankruptcy law impedes further development of small and medium-sized enterprises in the country.