Article 123. Priority of satisfaction of creditors' claims of the forcibly liquidated bank of the Law on Banks and Banking Activity in the Republic Kazakhstan

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1. The creditors' claims of a bank being forcibly liquidated shall be satisfied in accordance with the procedure established by this article.

2. Expenses related to liquidation proceedings, including ensuring the activities of the bank's liquidation commission, are incurred out of turn at the expense of money and (or) other property of the bank being forcibly liquidated.

3. Creditors' claims, recognized in accordance with the established procedure, are satisfied in the following order:

1) first of all, the requirements are satisfied:

individuals to whom the bank being forcibly liquidated is responsible for causing harm to life or health by capitalizing the corresponding time-based payments;

for the payment of alimony deducted from wages and (or) other income;

remuneration and compensation for persons who worked under an employment contract, with the exception of senior employees of a bank being forcibly liquidated;

on repayment of arrears on social contributions to the State Social Insurance Fund;

for the payment of mandatory pension contributions withheld from wages;

payment of mandatory pension contributions from the employer;

for the payment of mandatory occupational pension contributions;

on payment of deductions for compulsory social health insurance;

payment of royalties under copyright agreements;

2) secondly, the requirements of the organization providing mandatory deposit guarantees are satisfied in terms of the amount of compensation paid (paid) by it for guaranteed deposits and (or) the amount of the difference made up between the size of the bank's property and the amount of obligations under guaranteed deposits transferred to another (other) bank(s), the stabilization bank as part of the operation on simultaneous transfer of assets and liabilities of a bank in settlement mode;

3) the requirements are satisfied in the third place:

a clearing organization performing the functions of a central counterparty that arose as a result of transactions involving a central counterparty that were previously concluded and not executed by a bank being forcibly liquidated, which is a clearing participant in this clearing organization;

collateral creditors in the amount not exceeding the value of the collateral;

4) the fourth priority is to meet the requirements:

on deposits of individuals who are not shareholders of the bank, including interest-free demand deposits placed in a forcibly liquidated bank with a universal banking license engaged in Islamic banking operations, an Islamic bank;

for money transfers of individuals;

on deposits made at the expense of pension assets;

on deposits from insurance companies operating in the life insurance industry;

5) fifth of all, the deposit requirements of non-profit organizations engaged exclusively in charity, organizations of veterans of the Great Patriotic War, organizations of veterans equated in benefits to veterans of the Great Patriotic War, organizations of veterans of military operations on the territory of other states, the Voluntary Society of Persons with Disabilities of the Republic of Kazakhstan, the Kazakh Society of the Blind, the Kazakh Society of the Deaf, and also, production organizations that are subsidiaries of these legal entities, and other organizations of people with disabilities;

6) the sixth priority is to satisfy the requirements for deposits of other legal entities that are not shareholders of the bank.;

7) in the seventh turn, arrears on taxes, fees and other mandatory payments to the budget, as well as on repayment of loans issued at the expense of the republican budget and the National Fund of the Republic of Kazakhstan, are repaid.;

8) claims of other creditors who are not shareholders of the bank are satisfied in the eighth row, with the exception of claims that are satisfied in the tenth, eleventh or twelfth row.;

9) claims of creditors who are shareholders of the bank are satisfied in the ninth turn, with the exception of claims that are satisfied in the tenth, eleventh or twelfth turn.;

10) creditors' claims for the bank's instruments providing the overall loss absorption (coverage) capability are satisfied in the tenth turn, with the exception of claims that are satisfied in the eleventh or twelfth turn.;

11) in the eleventh turn, creditors' claims on the subordinated debt of the forcibly liquidated bank are satisfied;

12) in the twelfth turn, creditors' claims on indefinite financial instruments of the bank being forcibly liquidated are satisfied.

4. The requirements of each queue are satisfied after the requirements of the previous queue are fully satisfied.

The creditor's claim, with his consent, may be satisfied in ways that do not contradict the legislation of the Republic of Kazakhstan, including in cash and (or) through the transfer of property in kind.

5. When the claims of creditors of one queue are satisfied, the money and (or) other property of the liquidated bank are distributed simultaneously among the creditors of this queue in proportion to the amounts of claims to be satisfied, with the exception of the claims of collateral creditors.

6. When determining the amount of a pledge creditor's claim, the debt under the obligation in the part secured by the pledge is taken into account.

The claims of the secured creditor are satisfied within the limits of the amount:

the amount of proceeds from the sale of the pledged property, in case of refusal of the pledged creditor to accept the pledged property in kind;

the market value of the pledged property, confirmed by the appraiser, in case of the consent of the pledged creditor to accept the pledged property in kind, minus the administrative costs associated with the assessment and maintenance of such pledged property.

The amount of the collateral creditor's claims exceeding the amount of the proceeds from the sale of the pledged property, or the amount of the market value of the pledged property, confirmed by the appraiser, is subject to inclusion in the eighth stage.

In the event of receiving an insurance payment for the loss or damage of the pledged property, the claims of the pledged creditor are subject to satisfaction in the part not covered by the insurance payment, in the amount of the remaining value of the pledged property.

In case of loss of the pledged property, the claims secured by the lost pledged property are subject to inclusion in the eighth stage.

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

President

Republic of Kazakhstan

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