Article 116. Initiation of proceedings on the debtor's liquidation without initiation of bankruptcy proceedings The Law on Rehabilitation and Bankruptcy
The court, no later than five working days from the date of receipt of the application for liquidation of the debtor without initiating bankruptcy proceedings that comply with the requirements established by this Law, issues a ruling on the initiation of proceedings.
Copies of the court ruling on the initiation of proceedings are sent by the court to the debtor, the applicant, the authorized body, the regional chamber of private bailiffs, as well as to the territorial judicial authority at the debtor's location, if the debtor is a legal entity.
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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