Article 115. Powers of the authorized body in the liquidation process of the Bank of the Law on Banks and Banking Activities in the Republic Kazakhstan

Home / Laws / Article 115. Powers of the authorized body in the liquidation process of the Bank of the Law on Banks and Banking Activities in the Republic Kazakhstan

1. In order to monitor the activities of liquidation commissions of voluntarily and forcibly liquidated banks, the authorized body has the right:

1) establish the form, timing and frequency of reports and additional information provided by the liquidation commissions;

2) receive other necessary information from the liquidation commissions;

3) to carry out inspections of the activities of liquidation commissions in accordance with the procedure established by the laws of the Republic of Kazakhstan;

4) if deficiencies and (or) risks are identified in the activities of liquidation commissions that may lead to the creation of a situation threatening the rights and legitimate interests of depositors and other creditors, or violations of the rights and legitimate interests of depositors and other creditors are identified, or violations of the requirements of the legislation of the Republic of Kazakhstan, to issue written instructions mandatory for the liquidation commissions to eliminate the identified deficiencies and (or) risks in the activities of liquidation commissions, violations and (or) causes, as well as conditions, who contributed to their commission within the prescribed period, and (or) on the submission of an action plan within the prescribed period.

The action plan, submitted within the time limit set by the written order, contains descriptions of violations, the reasons that led to their occurrence, a list of planned activities, the timing of their implementation, as well as responsible officials.;

5) in case of non-fulfillment by the liquidation commission of a written instruction within the prescribed period to replace the members of the liquidation commission or to require their replacement in case of voluntary liquidation of the bank, to apply measures provided for by the legislation of the Republic of Kazakhstan, as well as to apply to the court or prosecutor's office for the protection of the rights and legitimate interests of depositors and other creditors;

6) to establish the specifics and procedure for the formation and approval of estimates of liquidation costs;

7) determine the requirements for the implementation by the liquidation commissions of the rules for storing cash in the cash register, performing incoming and outgoing operations with cash, maintaining cash documents, ensuring the expenditure of cash, limits on cash balances, as well as deadlines for depositing cash to the current account of the liquidation commission.

2. In case of violation by the liquidation commission of the legislation of the Republic of Kazakhstan, the chairman, the head of the division of the liquidation commission shall bear the responsibility established by the laws of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated January 16, 2026 No. 258-VIII SAM.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases