On 7 September this year the State Assets Management Agency in cooperation with the European Bank for Reconstruction and Development (EBRD) and the law firm "Dentons" held a seminar for UzSAMA and its territorial departments, responsible representatives of relevant ministries and divisions, court representatives and court administrators, foreign experts and business entities within the framework of amendments and additions to the current legislation, based on the Law No. LRU-763 of 12 April 2022 "On Insolvency".

The main purpose of this event is to improve the qualification of personnel in this area by explaining the essence and meaning of the Law "On Insolvency" and its practical application, as well as to bring to the performers the experience of advanced foreign countries in this area.

It is worth noting that in connection with the adoption of the Law of the Republic of Uzbekistan "On Insolvency", Dentons law firm was engaged with the support of the European Bank for Reconstruction and Development for the effective implementation of the law, development of its comments and proposals for amendments and additions to the current legislation on the basis of this law.

The event was opened with a speech by Andi Aranitasi, Head of the EBRD office in Uzbekistan. The seminar discussed the main differences and conceptual changes between the previous Bankruptcy Law and the new Insolvency Law 2022, as well as the results of the EBRD's project to support the implementation of the new Law.

Also, international restructuring, insolvency and bankruptcy partner Lynn Harrison (Dentons USA) explained the successful elements of consumer bankruptcy in the US, and ensuring the success of consumer bankruptcy under the new insolvency law.

In turn, Senior Counsel Catherine Bridge (EBRD) introduced participants to Corporate Insolvency: A Comparative Overview of Business Reorganisation in the EBRD regions, including Uzbekistan, and the main international trends in the European Union.

In addition, international experts explained comparisons with leading insolvency jurisdictions, including the European Union and the US, focusing on lessons learnt in business restructuring as current challenges: early warning signals, liquidity and new financing (including Chapter 11 debtor financing in the US), stakeholder engagement, the role of expertise in ensuring success and jurisprudence against negotiated restructuring.