Article 117. Voluntary liquidation of the Law on Banks and Banking Activities in the Republic Kazakhstan
1. After the general meeting of shareholders of the bank decides on its voluntary liquidation, the bank is obliged to take measures to return deposits from individuals by paying them directly or transferring them to another bank or a branch of a non–resident bank of the Republic of Kazakhstan that are participants in the mandatory deposit guarantee system.
The transfer of deposits of individuals to a branch of a non–resident bank of the Republic of Kazakhstan is carried out in compliance with the conditions provided for in the second part of paragraph 7 of Article 22 of this Law.
The procedure for granting permission for the voluntary liquidation of a bank, as well as the procedure for returning deposits of individuals, transferring them to another bank or a branch of a non–resident bank of the Republic of Kazakhstan, are determined by a regulatory legal act of the authorized body.
2. After the repayment of deposits of individuals, the bank has the right to apply to the authorized body with a request for permission for its voluntary liquidation.
The specified application must be accompanied by:
a list of measures to terminate the bank's activities, indicating the timing of their implementation, approved by the General meeting of shareholders of the bank;
the bank's balance sheet, which indicates that the bank has sufficient funds to settle its obligations.;
other necessary information.
The list of documents and information attached to the application for a permit for the voluntary liquidation of the bank is established by a regulatory legal act of the authorized body.
3. An application for a permit for the voluntary liquidation of a bank must be considered by the authorized body within two months from the date of acceptance of the application for a permit for the voluntary liquidation of the bank.
In case of refusal to grant permission for the voluntary liquidation of the bank, the authorized body makes a reasoned decision on this, which it informs the bank.
4. A refusal to grant permission for the voluntary liquidation of the bank is made by the authorized body on any of the following grounds:
1) incompleteness or improper execution of the submitted documents;
2) insufficient funds of the bank to settle its obligations;
3) failure to take measures to repay deposits of individuals by paying them directly or transferring them to another bank or a branch of a non–resident bank of the Republic of Kazakhstan that are participants in the mandatory deposit guarantee system.
5. Upon receiving permission for voluntary liquidation, the bank creates a liquidation commission, which is responsible for managing the bank's assets and affairs.
The specifics of the activities of the liquidation commission of a voluntarily liquidated bank are determined by the regulatory legal acts of the authorized body.
6. The authorized body shall monitor the activities of the liquidation commission of the voluntarily liquidated bank.
7. After receiving permission for voluntary liquidation, the bank is obliged to publish information about this in Kazakh and Russian in two periodicals distributed throughout the Republic of Kazakhstan, as well as post it on the bank's Internet resource.
8. The liquidation commission is obliged to submit them to the State Corporation and the authorized body within seven calendar days after the approval of the liquidation balance sheet and the report on the liquidation of the bank.
Upon completion of the liquidation of the bank, the liquidation commission is obliged to hand over the documents for storage to the archive in accordance with the established procedure and notify the authorized body about this.
9. The bank is subject to compulsory liquidation in case of insufficient funds to satisfy the claims of all creditors of the voluntarily liquidated bank.
Due to the impossibility of completing the voluntary liquidation process, the authorized body applies to the court with an application for compulsory liquidation of the bank.
The Law of the Republic of Kazakhstan dated January 16, 2026 No. 258-VIII SAM.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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