Article 12. Administrator of the Law on Rehabilitation and Bankruptcy

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1. The administrator may be those who have submitted a notification of the commencement of the administrator's activity to the authorized body in accordance with the procedure established by this Law.:

1) an individual who meets the requirements set out in paragraph 2 of this Article;

2) professional accountant.

The powers assigned by this Law to the administrator may not be transferred to other persons, except for the cases provided for in paragraph 2 of Article 78 and Article 118-1 of this Law, as well as the Law of the Republic of Kazakhstan "On Equity Participation in Housing Construction".

2. Requirements for the persons specified in subparagraph 1) of paragraph 1 of this article to carry out activities as an administrator:

1) Higher education in law, economics and business;

2) work experience of at least three consecutive years in the legal, economic, accounting, financial, auditing or auditing fields;

3) is not registered with organizations providing medical care in the field of mental health, for mental and behavioral disorders (diseases), including those related to the use of psychoactive substances;

4) has no outstanding or outstanding criminal record;

5) has not been recognized by the court as legally incompetent or with limited legal capacity.

3. The basis for entering the applicant's notification in the register of notifications of persons authorized to carry out the activities of the administrator is the submission by the applicant to the authorized body of a notification of the commencement of activities through the state digital system of permits and notifications.

The notification is accompanied by:

1) the decision of the Commission on passing the qualification exam by a person claiming the right to carry out the activities of an administrator, if the applicant is the person specified in subparagraph 1) of paragraph 1 of this Article.

The decision of the Commission on passing a qualification exam by a person claiming the right to carry out the activities of an administrator is valid for one year from the date of passing such an exam.;

2) the certificate of a professional accountant – if the applicant is the person specified in subparagraph 2) of paragraph 1 of this Article.

4. If the data specified by the applicant in the notification is changed, the applicant is obliged to send a notification of these changes to the authorized body within ten working days from the date of the data change.

Upon termination of the activity, the administrator is obliged to send a notification to the authorized body.

If the administrator participates as a rehabilitation and (or) bankruptcy administrator, a copy of the minutes of the creditors' meeting on the selection of a new candidate for rehabilitation and (or) bankruptcy administrator for each debtor is attached to the notice of termination at his own request.

5. An affiliated person cannot be appointed as an administrator.

The person who exercised the authority to manage the debtor in the rehabilitation procedure, which was terminated on the grounds provided for in subparagraph 2) paragraph 1 and subparagraph 3) paragraph 3 of Article 82 of this Law may not be appointed to exercise the authority to manage the debtor in the rehabilitation procedure within two years from the date of entry into force of the court ruling on termination of the rehabilitation procedure.

An administrator may not be a person excluded from the register of notifications of persons authorized to carry out the activities of an administrator on the grounds provided for in subparagraphs 3), 4) and 6) of paragraph 8 of this Article, if less than three years have passed since the date of exclusion.

6. For the period of the rehabilitation procedure and bankruptcy procedure, all bodies of the debtor are removed from management and the debtor acts as the sole governing body.:

the rehabilitation manager (in case of his appointment in the rehabilitation procedure) or the participant in the rehabilitation – from the date of entry into force of the court ruling on the approval of the rehabilitation plan;

interim manager – from the date of entry into force of the court's decision declaring the debtor bankrupt until the appointment of the bankruptcy manager;

bankrupt manager – from the date of his appointment.

Rehabilitation and bankruptcy managers, participants in the rehabilitation are required to exercise their powers at the location of the debtor.

The provisions of the first part of this paragraph shall not apply in the case provided for in subparagraph 1) paragraph 1 of Article 69 of this Law.

7. A rehabilitation or bankruptcy administrator is suspended by the authorized body from exercising its powers in relation to a certain debtor in the following cases::

1) his refusal to exercise his powers in accordance with the first part of paragraph 5 of this Article;

2) adoption by the creditors' meeting of a decision on his removal;

3) identification of violations of the requirements established by this Law and other laws of the Republic of Kazakhstan based on the results of the audit;

4) sending him the notification provided for in paragraph 7 of Article 18 of this Law more than three times within twelve consecutive calendar months.

The removal of a rehabilitation or bankruptcy administrator in accordance with the provisions of this paragraph does not entail his removal from the exercise of the administrator's powers in relation to other debtors and does not prevent him from being given the administrator's powers in relation to other debtors.

8. The authorized body shall exclude the notification of the administrator from the register of notifications of persons authorized to carry out the activities of the administrator in the following cases::

1) failure by the applicant to submit the documents provided for in the second part of paragraph 3 of this Article;

2) refusal to perform the administrator's powers more than twice within twelve consecutive calendar months, with the exception of refusal to perform the powers in accordance with the first part of paragraph 5 of this Article;

3) failure by the administrator to inform about the existence of circumstances that prevented his appointment as a rehabilitation or bankruptcy administrator in accordance with the first part of paragraph 5 of this article, if they are identified by the authorized body during the rehabilitation procedure or bankruptcy procedure.;

4) violations of the requirements of this Law, which have resulted in damage to the interests of the creditor or debtor, the fact of which has been established by a judicial act that has entered into legal force.;

5) failure to submit documents confirming professional development;

6) termination of a criminal case or exemption from criminal liability for the commission of criminal offenses in the field of economic activity, as well as the commission of corruption and other criminal offenses against the interests of the civil service and public administration on the grounds provided for in paragraphs 3), 4), 9) and 12) of the first part of Article 35 or the first part of Article 36 of the Criminal Code- the Procedural Code of the Republic of Kazakhstan;

7) the entry into force of the conviction against this person;

8) registration with organizations providing medical care in the field of mental health for mental and behavioral disorders (diseases), including those related to the use of psychoactive substances;

9) recognition in court as legally incompetent or with limited legal capacity;

10) submission of a notice of termination by the administrator;

11) death or declaration by the court as deceased or recognition as missing.

9. The exclusion of a notification from the register of notifications of persons authorized to carry out the activities of an administrator is carried out by the authorized body within the following time limits:

1) in the case provided for in subparagraph 1) paragraph 8 of this Article, – within one working day from the date of detection;

2) in the cases provided for by the sub-paragraphs 2), 3), 4), 6), 7), 8), 9), 10) and 11) of paragraph 8 of this Article, – within five working days from the date of detection;

3) in the case provided for in subparagraph 5) of paragraph 8 of this Article, within twenty working days from the beginning of the year following the year in which the period for advanced training expired.

10. The authorized body, within three working days from the date of exclusion of the notification from the register of notifications of persons authorized to carry out the activities of the administrator, shall send to the creditors' meeting information on the exclusion of the rehabilitation or bankruptcy administrator from such register.

11. In the event that a rehabilitation or bankruptcy trustee is removed from the exercise of his/her assigned powers or his/her notification is excluded from the register of notifications of persons authorized to carry out the activities of an administrator, the newly appointed rehabilitation or bankruptcy trustee continues to exercise the powers provided for by this Law.

12. The administrator is obliged to improve his/her qualifications in accordance with the procedure determined by the authorized body.

The submission of supporting documents on professional development is carried out once every three years. The calculation of the period begins from the year following the year when the notification was entered into the register of notifications of persons authorized to carry out the activities of the administrator.

The deadline for submitting the documents specified in this paragraph is during the year in which the advanced training is completed.

13. The Administrator has the right to interact with the authorized body and other persons electronically in accordance with the procedure determined by the authorized body.

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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