The president Shavkat Mirziyoyev signed a decree on April 15 entitling banks to sell collateral property not sold at auction directly at market price.
According to the decree, from May 1, 2025, banks whose equity capital is by 50% or more owned by the state, as well as investment companies under them, will be allowed to directly sell collateral property at market value. Collateral property can be sold under loan agreements, installments, leasing and other mechanisms permitted by law.
Rapid sale of these objects at market value is expected to spare additional resources and create 150 thousand new jobs. This was discussed on December 16, 2024, at a government meeting with the president. There are 3,000 inactive real estate real estate worth 6.5 trillion soums on the banks' balance sheets.
Banks are also allowed to sell buildings, equipment and other property received to pay off debts as a ready-made business. Investors will be able to restore suspended production on their basis through investment companies at banks.
As per the proposal of the Central Bank and the Supreme Court, in order to expedite the debt repayment process, from September 1, 2025, the maximum claim price, at which the case in court can be considered in a simplified manner, will increase:
- for legal entities - up to 150 times the basic calculation amount (56.25 million soums);
- for sole entrepreneurs - up to 100 times the basic calculation amount (37.5 million soums);
- for individuals - up to 50 times the basic calculation amount (18.75 million soums).
The Attorney General's Office, together with the Central Bank and the Ministry of Justice, must develop and submit to the Legislative Chamber within two months a draft law aimed at simplifying the procedure for transferring property to creditors if it was not sold at auction as part of compulsory execution.
The draft has proposed to:
- remove all restrictions on property imposed by agencies implementing state registration of property rights and other property rights - on the basis of a decision of the state executor;
- recognize the decision of the state executor as the basis for registering the right of ownership of this property for the person specified in the decision;
- leave all existing obligations on the property for its previous owner - the debtor, except for cases when the creditor voluntarily agreed to assume these obligations.
