Article 118-1. The procedure for the authorized body to liquidate the debtor without initiating bankruptcy proceedings The Law on Rehabilitation and Bankruptcy
1. When the duty to carry out the debtor's liquidation procedure without initiating bankruptcy proceedings is assigned to the authorized body, the rights and duties of the administrator provided for by this Law shall be transferred to it.
2. The authorized body is obliged to:
1) to place an announcement on the debtor's liquidation without initiating bankruptcy proceedings and the procedure for creditors' claims in Kazakh and Russian on the authorized body's Internet resource no later than two working days from the date of the court's decision on the debtor's liquidation without initiating bankruptcy proceedings;
2) to form a register of creditors' claims in accordance with the procedure established by Article 90 of this Law;
3) submit the final report and the liquidation balance sheet to the court for approval no later than five working days from the date of approval by the creditors' meeting;
4) send to the bank, an organization engaged in certain types of banking operations, an application for the closure of the bankrupt's bank accounts no later than three working days after the court approves the final report.
3. In case of absence of property from the debtor, the authorized body is obliged to submit the final report and the liquidation balance sheet to the creditors' meeting for approval within one month from the date of formation of the register of creditors' claims.
4. If, during the liquidation of the debtor, the estate is identified and (or) the return of previously withdrawn property to the estate, as well as non-compliance with the provisions provided for in paragraph 3 of Article 114 of this Law, the authorized body is obliged to apply to the court that made the decision to liquidate the debtor without initiating bankruptcy proceedings, with a petition to initiate bankruptcy proceedings.
The Law of the Republic of Kazakhstan dated March 7, 2014 No. 176-V SAM.
The article was amended and supplemented by the Law of the Republic of Kazakhstan dated July 23, 2026, No. 352-VIII 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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