Article 15. Financial Manager The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Home / RLA / Article 15. Financial Manager The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

1. A financial manager may be a citizen of the Republic of Kazakhstan, whose notification of the commencement of the financial manager's activity is included in the state electronic register of permits and notifications in accordance with the legislation of the Republic of Kazakhstan on permits and notifications.

2. The notification of the commencement of the financial manager's activity may be submitted:

1) an administrator who carries out activities in accordance with the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy";

2) professional accountant;

3) the auditor;

4) Legal consultant.

3. The activity of a financial manager does not relate to entrepreneurial activity, nor is it an auditing activity.

4. The certificate of a professional accountant shall be attached to the notification of the commencement of the financial manager's activity if the applicant is the person specified in subparagraph 2) of paragraph 2 of this article.

5. The persons referred to in paragraph 2 of this Article shall submit a notification on the commencement of the financial manager's activity in the following circumstances::

1) lack of information about the state of registration in organizations providing medical care in the field of mental health for mental and behavioral disorders (diseases), including those related to the use of psychoactive substances;

2) the absence of an outstanding or outstanding criminal record;

3) the absence of information about the recognition by the court as legally incompetent or with limited legal capacity.

6. The Financial Manager is not entitled to exercise his powers in the following cases::

1) whether he has claims or obligations to the debtor or his creditors;

2) if he is a close relative, spouse, or close relative of the debtor's or creditor's spouse.

7. If the data specified in the notice of commencement of activity changes, the financial manager is obliged to send a notification of these changes to the authorized body within ten working days from the date of the data change.

7-1. The financial manager is dismissed by the authorized body from exercising his powers in relation to a certain debtor in case of refusal to exercise his powers upon revealing the circumstances established by paragraph 6 of this Article.

The dismissal of a financial manager in accordance with this paragraph does not entail dismissal from the exercise of powers and does not prevent the granting of powers to a financial manager in relation to other debtors.

8. Upon termination of activity, the financial manager is obliged to send a corresponding notification to the authorized body within ten working days from the date of termination of activity.

9. The notification of the financial manager is excluded by the authorized body from the state electronic register of permits and notifications in the following cases::

1) termination of citizenship of the Republic of Kazakhstan;

2) failure to submit the document provided for in paragraph 5 of this Article;

3) identification by the authorized body of the circumstances provided for in paragraph 6 of this Article;

4) identification of violations of the requirements established by this Law and other laws of the Republic of Kazakhstan based on the results of the audit;

5) termination of a criminal case or exemption from criminal liability on the grounds provided for in paragraphs 3), 4), 9) and 12) of the first part of Article 35 or the first part of Article 36 of the Criminal Procedure Code of the Republic of Kazakhstan;

6) the entry into force of the conviction against this person;

7) registration with organizations providing medical care in the field of mental health for mental and behavioral disorders (diseases), including those related to the use of psychoactive substances;

8) recognition in court as legally incompetent or with limited legal capacity;

9) submission of a notice of termination by the financial manager;

10) termination of activity or deprivation of the right to engage in the activities of an administrator, professional accountant, auditor, legal consultant in accordance with the laws of the Republic of Kazakhstan;

11) death or declaration by the court as deceased or recognition as missing.

10. The exclusion of the notification of the financial manager from the state electronic register of permits and notifications is carried out by the authorized body within five working days from the date of identification of the cases established by paragraph 9 of this Article.

11. The authorized body, within five working days from the date of exclusion of the notification from the state electronic register of permits and notifications, shall send to the debtor and creditor information on the exclusion of the financial manager from such register and on the appointment of a new financial manager.

12. A person whose notification is excluded by the authorized body from the state electronic register of permits and notifications has the right to re-submit a notification on the commencement of the financial manager's activity, provided that the reasons for the exclusion are eliminated, but not earlier than three years after the date of exclusion.

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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