Article 20. Foreclosure on the share of a participant in a general partnership of the Law on Business Partnerships

Home / RLA / Article 20. Foreclosure on the share of a participant in a general partnership of the Law on Business Partnerships

1. Foreclosure of a participant's share in the property of a general partnership for his personal debts is allowed only if there is a shortage of other property to cover his debts. Creditors of such a participant have the right to demand from the general partnership the allocation of a part of the partnership's property in proportion to the debtor's contribution to the partnership's authorized capital, in accordance with the procedure established by Article 17 of this Law, in order to foreclose on this property. The part of the partnership's property to be allocated or its value is determined by the balance sheet drawn up at the time of the creditors' claim for allocation.

2. Foreclosure of a participant's share in the property of a general partnership shall terminate his participation in the partnership and entail the consequences provided for in Articles 15, 19 and 24 of this Law.

The Law of the Republic of Kazakhstan dated May 2, 1995 No. 2255.

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