Article 101. Rules for settlements with creditors of the Law on Rehabilitation and Bankruptcy

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1. The requirements of each queue are satisfied after the requirements of the previous queue are fully satisfied, unless otherwise specified in this article.

The creditor's claim, with his consent, may be satisfied in ways that do not contradict the legislation of the Republic of Kazakhstan, including in cash and (or) through the transfer of property in kind.

2. The bankrupt manager is obliged to offer for transfer in kind the property that was offered for sale but remained unrealized, in accordance with the order established by Article 100 of this Law.

The creditor, except for the creditor for taxes and customs payments, for social contributions to the State Social Insurance Fund and mandatory pension contributions, mandatory professional pension contributions, for deductions and (or) contributions to compulsory social health insurance, must express his written consent (disagreement) on the acceptance of the property in kind to repay the claim within a period not exceeding ten working days from the date of its proposal by the bankrupt manager. Failure by the creditor to provide written consent within the prescribed period is considered a refusal to accept property in kind.

If it is impossible for the creditor to accept the property in kind or if the creditor refuses to accept it, the bankrupt manager is obliged to offer such property to the creditors of the next stage.

3. By the decision of the creditors' committee, no later than ten working days from the date of its adoption, the bankrupt manager is obliged to declare to the creditor the offset of claims, if the offset of claims does not violate the priority of creditors' claims, is direct, mutual, without involving other persons. Offsetting is allowed only for claims for payment of money.

4. The claims of creditors of the first stage, filed after the expiration of the period provided for in paragraph one of paragraph 3 of Article 90 of this Law, but before the completion of settlements with all creditors, are included in the register of creditors' claims in the first stage and are subject to satisfaction at the expense of the estate. Repayment of creditors' claims is suspended until such claims are included in the register.

The claims of creditors of the first stage, filed after the completion of settlements with all creditors, but before the approval of the liquidation balance sheet, are satisfied from the bankrupt's property remaining after the creditors' claims are satisfied.

5. Creditors' claims resulting from the receipt of a loan by the bankrupt administrator during the bankruptcy procedure are repaid after full satisfaction of the claims of creditors included in the second stage, the debt to which arose before the initiation of bankruptcy proceedings.

6. Creditors' claims that are not satisfied due to a lack of bankrupt property are considered to be settled.

The specified amounts must be written off by the creditor from the accounts receivable on the basis of a court ruling on the completion of bankruptcy proceedings.

The provisions of this paragraph do not apply to:

1) claims secured by a guarantee, surety or pledge of third parties;

2) the cases provided for in paragraph 2 of Article 109 of this Law.

The Law of the Republic of Kazakhstan dated March 7, 2014 No. 176-V SAM.

This Law regulates public relations arising from the debtor's inability to satisfy creditors' claims in full, establishes the grounds for applying debt restructuring procedures, rehabilitation procedures and declaring the debtor bankrupt, liquidating the debtor without initiating bankruptcy proceedings, and also defines the procedure and conditions for their conduct.

President

Republic of Kazakhstan

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