Article 120. Conditions and procedure for the compulsory liquidation of the Law on Banks and Banking Activities in the Republic Kazakhstan

Home / Laws / Article 120. Conditions and procedure for the compulsory liquidation of the Law on Banks and Banking Activities in the Republic Kazakhstan

1. From the date of entry into force of the court's decision on compulsory liquidation of the bank:

the consequences provided for in the sub-paragraphs occur 1), 2), 4), 5), 6), 7), 8) and 9) paragraph 1 of Article 84 of this Law;

The powers of the bank's previously operating bodies are terminated, senior employees, and if necessary, other employees are dismissed in accordance with the procedure established by the labor legislation of the Republic of Kazakhstan.

2. All expenses related to the forced liquidation of a bank shall be incurred only from the funds of that bank, with the exception of the cases provided for in paragraph 10 of Article 84 of this Law.

3. The bank's property is assessed by the liquidation commission in accordance with the legislation of the Republic of Kazakhstan on valuation activities.

4. The bank's liabilities denominated in foreign currency are recorded in tenge at the official exchange rate established by the National Bank of the Republic of Kazakhstan as of the effective date of the court decision on the forced liquidation of the bank.

5. The interim liquidation balance sheet and the register of creditors' claims of the bank being forcibly liquidated are approved by the authorized body.

6. Prior to the approval of the interim liquidation balance sheet, it is allowed to offset homogeneous counterclaims.

After the interim liquidation balance sheet is approved, homogeneous counterclaims are offset only when the appropriate queue for satisfying the creditor's claim arrives.

It is prohibited at any stage of compulsory liquidation to set off homogeneous counterclaims that have arisen against the bank being forcibly liquidated.:

from the contract of assignment of rights (claims);

as a result of the reorganization of legal entities that were affiliated to each other on the date of issuing a bank loan and (or) making another transaction that results in a claim.

7. The sale of the assets of a bank being forcibly liquidated is carried out by the liquidation commission of the bank in accordance with the procedure established by the regulatory legal acts of the authorized body.

8. The authorized body shall exercise control over the activities of the liquidation commission.

9. The liquidation commission shall submit to the court a liquidation report and a liquidation balance sheet agreed with the authorized body.

The court has the right to request from the authorized body and the liquidation commission any information related to the liquidation proceedings.

The court approves the liquidation report and the liquidation balance sheet and issues a ruling on the completion of liquidation proceedings.

The Liquidation Commission sends a copy of the court ruling to the State Corporation and the authorized body.

The liquidation commission is obliged to submit them to the State Corporation within thirty calendar days after the approval of the liquidation balance sheet and the liquidation report, and copies of these documents to the authorized body.

After the completion of the compulsory 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.

10. After registration of the termination of the bank's activities, the liquidation commission shall, within five working days, submit to the authorized body a copy of the order on registration of the termination of the bank's activities.

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

President

Republic of Kazakhstan

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