Article 121. Liquidation Commission of the Forcibly Liquidated Bank of the Law on Banks and Banking Activities in the Republic Kazakhstan

Home / Laws / Article 121. Liquidation Commission of the Forcibly Liquidated Bank of the Law on Banks and Banking Activities in the Republic Kazakhstan

1. After the decision on the forced liquidation of the bank is made, the court initiates liquidation proceedings and assigns to the authorized body the obligation to establish a liquidation commission of the bank, taking into account the presence of branches and representative offices of the bank.

The bank's liquidation Commission takes measures to complete the bank's affairs and ensure settlements with its depositors and other creditors.

2. The procedure for the appointment and dismissal of the liquidation commission of a bank being forcibly liquidated, the requirements imposed on the chairman and members of the liquidation commission, as well as the procedure for liquidation and the requirements for the work of the liquidation commission are determined by regulatory legal acts of the authorized body.

3. The rights and duties of the chairman and members of the liquidation commission of a bank being forcibly liquidated, including the right to remuneration, the scope of powers to manage the affairs and property of a bank being forcibly liquidated, are regulated by regulatory legal acts of the authorized body and an agreement concluded by the liquidation commission with the creditors' committee, subject to the requirements established by the legislation of the Republic of Kazakhstan.

The monthly amount of remuneration paid to the chairman, members of the liquidation commission of the bank and other involved employees should not exceed for each of them the amount of ten times the minimum wage established by the law on the republican budget for the relevant financial year.

4. The authorized body has the right to involve persons specializing in the provision of bank liquidation services to carry out the procedure of compulsory liquidation of the bank on behalf of the authorized body.

The requirements for persons involved in the compulsory liquidation of banks, the procedure for selecting a legal entity specializing in the provision of bank liquidation services, as well as the procedure for the compulsory liquidation of banks with their participation are determined by regulatory legal acts of the authorized body.

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

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases