Article 13. Remuneration of the Administrator of the Law on Rehabilitation and Bankruptcy

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1. The main remuneration of the temporary administrator and the temporary manager is paid at the expense of the debtor or creditor who filed an application to the court for the application of a rehabilitation procedure or declaring bankruptcy.

The amount of the basic remuneration is determined by an agreement on the exercise of the powers of a temporary administrator or temporary manager concluded between the debtor or creditor and the person authorized to carry out the activities of the administrator, and may not be lower than the minimum limit established by the authorized body.

The agreement provided for in the second part of this paragraph is concluded before filing an application for the application of a rehabilitation procedure or declaring bankruptcy with the court and comes into force from the date of the court ruling on the initiation of rehabilitation or bankruptcy proceedings.

The debtor or creditor has the right to set the amount of the basic remuneration of the temporary administrator or temporary manager above the minimum limit established by the authorized body.

To the creditor who has paid the main remuneration to the temporary administrator or the temporary manager, the amount of the paid funds is reimbursed at the expense of the debtor's property in case of application of the rehabilitation procedure or bankruptcy procedure.

If the applicant is a creditor of taxes and customs payments, a government agency or a legal entity with the participation of the state, then the payment of the main remuneration of the temporary manager is carried out:

1) in accordance with paragraph 3 of Article 110 of this Law, in the amount of the minimum limit established by the authorized body, if, during the bankruptcy procedure, the circumstances provided for in paragraph 2 of Article 110 of this Law are collectively established.;

2) at the expense of the debtor's property in the amount of the minimum limit established by the authorized body, unless the circumstances provided for in paragraph 2 of Article 110 of this Law are established in the course of the bankruptcy procedure.

2. The minimum and maximum limits of the basic remuneration of a bankrupt manager shall be established by the authorized body.

The amount of the basic remuneration of the bankrupt manager is determined by the creditors' meeting within the limits established by the authorized body.

If the deadline for the procedure established by paragraph 1 of Article 84 of this Law is exceeded, the basic remuneration of the bankrupt manager shall be reduced and paid in the amount of:

seventy–five percent of the amount of the basic remuneration established on the basis of the decision of the creditors' meeting - starting from the month following the month in which the term of the bankruptcy procedure exceeded nine months.;

fifty percent of the amount of the basic remuneration established on the basis of the decision of the creditors' meeting – starting from the month following the month in which the term of the bankruptcy procedure exceeded two years.

The amount of the rehabilitation manager's basic remuneration is determined by the creditors' meeting.

3. Additional remuneration to the bankruptcy administrator shall be paid from the debtor's property in case of satisfaction:

1) less than twenty-five percent of creditors' claims included in the register of creditors' claims, in the amount of one percent of the amount aimed at satisfying the claims;

2) from twenty-five to fifty percent of creditors' claims included in the register of creditors' claims, in the amount of two percent of the amount aimed at satisfying the claims;

3) from fifty to seventy-five percent of creditors' claims included in the register of creditors' claims, in the amount of three percent of the amount aimed at satisfying the claims;

4) over seventy-five percent of creditors' claims included in the register of creditors' claims, in the amount of four percent of the amount aimed at satisfying the claims.

For the purposes of this paragraph, creditors' claims included in the register of creditors' claims are understood to mean claims assigned to the second, third, fourth and fifth queues of the register, unless otherwise established by part three of this paragraph.

When calculating the additional remuneration of a bankrupt manager, the amount of claims of collateral creditors satisfied in accordance with Article 104-1 of this Law, as well as the amounts received by the bankrupt's estate as a result of the execution of a judicial act on bringing the founder (participant) and (or) official to subsidiary liability, is not taken into account.

The additional remuneration of the bankrupt manager is payable on condition that the claims of the creditors of the first stage are satisfied in full.

4. The bankrupt manager is obliged to open a special bank account of the debtor for crediting the amount of additional remuneration.

The money deposited into a special bank account is subject to receipt by the person who carried out the activities of the bankruptcy trustee, on the basis of a court ruling on the completion of bankruptcy proceedings that has entered into force.

The special account must be closed within three working days from the date of receipt of the money specified in part two of this paragraph, at the request of the person who carried out the activities of the bankruptcy trustee.

5. The additional remuneration of the rehabilitation manager is subject to payment in the amount determined by the creditors' meeting, if the objectives of the rehabilitation procedure are achieved.

6. The creditor has the right to pay a premium to the bankruptcy administrator at the expense of funds aimed at satisfying his claims. The amount and procedure for payment of the bonus remuneration are determined by the lender independently.

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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