Uzbekistan Allows State Executors to Lift Property Bans for Creditors

President of Uzbekistan Shavkat Mirziyoyev has signed a new law introducing amendments to several regulations concerning state property registration and the enforcement of obligations.

The legislation grants state executors the authority to lift existing property bans. This applies in cases where a creditor agrees to retain property that was not sold during enforcement proceedings. The bans, originally imposed by state bodies responsible for registering property rights, can be removed based on the executor's decision.

This decision then serves as the legal basis for officially registering the property rights in favor of the creditor who accepted the asset.

Importantly, the law stipulates that any existing obligations tied to the property remain with the original debtor-owner. The only exception is if the creditor voluntarily agrees to assume responsibility for fulfilling these obligations themselves.

The new provisions come into effect from the date of their official publication.