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Article 109. Termination of the bankrupt's obligations and fulfillment of his obligations by third parties of the Law on Rehabilitation and Bankruptcy
1. Upon completion of settlements with creditors, the obligations of the bankrupt legal entity are terminated, unless otherwise provided by the Civil Code of the Republic of Kazakhstan.
Upon completion of settlements with creditors, the obligations of the bankrupt individual entrepreneur, as well as the claims of his creditors for obligations not related to entrepreneurial activity, submitted in accordance with the procedure established by this Law, are terminated. The claims of these creditors that they have not declared in this manner, as well as claims that have not been fully satisfied from the estate, remain valid and may be levied against the debtor as an individual after the bankruptcy proceedings are completed. The amount of these claims is reduced by the amount of satisfaction received during the debtor's bankruptcy.
2. The obligations of a bankrupt to creditors that remain unfulfilled as a result of bankruptcy proceedings are subject to execution by the person in respect of whom the court decision on recovery of the amounts of claims of such creditors has entered into force in a subsidiary manner in the amount determined in accordance with paragraph 3 of Article 96 and paragraph 4 of Article 11 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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