LIQUIDATION BIAS AND INSTITUTIONAL QUALITY IN BUSINESS INSOLVENCY: B READY EVIDENCE FOR UZBEKISTAN, ВЛИЯНИЕ НА ЛИКВИДАЦИЮ И ИНСТИТУЦИОНАЛЬНОЕ КАЧЕСТВО ПРИ НЕПЛАТЕЖЕСПОСОБНОСТИ БИЗНЕСА: ДОКАЗАТЕЛЬСТВА ДЛЯ УЗБЕКИСТАНА, BIZNESNING TO‘LOVGA QOBIL BO‘LMASLIGIDA LIKVIDATSIYAGA TA’SIR VA INSTITUTSIONAL SIFAT: O‘ZBEKISTON UCHUN TAYYOR DALIL

<jats:p>This article examines cross‑country variation in business insolvency performance using the World Bank’s Business Ready (B‑READY) framework, with a focus on Uzbekistan’s position relative to OECD economies and members of the Shanghai Cooperation Organisation (SCO). The results show that insolvency outcomes are driven primarily by institutional infrastructure, digitalization, and restructuring orientation rather than by the mere availability and strong foundation of insolvency legislation. The findings contribute to comparative insolvency theory by empirically demonstrating that effective insolvency systems are institutional, not legislative, achievements</jats:p>