Uzbekistan Allows State Executors to Lift Property Bans for Creditors

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

The legislation grants state executors the authority to lift previously imposed bans on property. This applies when a creditor agrees to accept the unrealized property as compensation, rather than having it sold at auction.

A decision by the state executor serves as the legal basis for registering the property rights in favor of the creditor. This streamlines the process for creditors to take possession of assets directly from debtors.

However, the existing obligations tied to the property, such as mortgages or other liens, remain with the original debtor-owner. The only exception is if the creditor voluntarily agrees to assume these liabilities.

The law will take effect from the date of its official publication.