Article 14. Recognition of the debtor's transactions as invalid and return of property The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Home / RLA / Article 14. Recognition of the debtor's transactions as invalid and return of property The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

1. Transactions are considered invalid if they were made by the debtor or a person authorized by him within three years prior to the initiation of proceedings on the application of procedures for restoring solvency and judicial bankruptcy, if there are grounds provided for by the civil legislation of the Republic of Kazakhstan.

2. When detecting transactions provided for in this article, the financial manager is obliged, including at the request of the creditor who identified the transaction, to apply to the court within ten working days from the date of detection with an application for invalidation of such transactions.

3. If the transaction is declared invalid, the defendant is obliged to return everything received under the transaction, if it is impossible to return in kind, to reimburse the cost of the property to be returned, the cost of using the property, work performed or services rendered in money, unless other consequences of the invalidity of the transaction are provided for by the Civil Code or other laws of the Republic of Kazakhstan.

In this case, the defendant acquires the right of claim against the debtor, which is subject to satisfaction in accordance with paragraph 4 of Article 40 of this Law.

4. If it is impossible to return the property due to its loss, damage, or subsequent acquisition in good faith by third parties, or in the case of a gratuitous transfer of property, the original purchasers of the claimed property are liable to the debtor for damages incurred in connection with the above actions within the value of the property lost, damaged, transferred, or acquired in good faith by third parties.

This Law regulates public relations arising in the event of the insolvency of a citizen of the Republic of Kazakhstan, establishes the grounds for the application of the procedure for restoring solvency, as well as the procedures for out-of-court and judicial bankruptcy, the procedure and conditions for their conduct.

President

Republic of Kazakhstan

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