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Article 108. Property remaining after satisfaction of creditors' claims The Law on Rehabilitation and Bankruptcy
1. The bankrupt manager transfers the money remaining after satisfying creditors' claims to the individual entrepreneur, the owner of the property (the body authorized by him), the founders (participants) of the bankrupt legal entity in accordance with the legislation of the Republic of Kazakhstan or the constituent documents of the bankrupt.
2. The bankrupt's property in kind remaining after satisfying creditors' claims, which was offered for sale but remained unrealized, and was not accepted by the creditor to satisfy the claim or by the administrator to reimburse administrative expenses, is transferred to the individual entrepreneur, the owner of the property (his authorized body), the founders (participants) of the bankrupt legal entity, except in the following cases: provided for by the civil legislation of the Republic of Kazakhstan.
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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