Article 21. Initiation of proceedings on the application of the procedure of restoration of solvency or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Home / RLA / Article 21. Initiation of proceedings on the application of the procedure of restoration of solvency or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Article 21. Initiation of proceedings on the application of the procedure of restoration of solvency or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

1. The court, no later than ten working days from the date of receipt of the application, issues a ruling on the initiation of proceedings on the application of the solvency restoration procedure or judicial bankruptcy procedure if the application meets the conditions established by Article 20 of this Law.

2. The ruling on the initiation of proceedings on the application of the solvency restoration procedure or the judicial bankruptcy procedure specifies the obligation of the authorized body to appoint a financial manager within two working days from the date of such a ruling, as well as the obligations of the debtor, government agencies and other bodies, as well as the State Corporation "Government for Citizens", which carries out the registration of property rights, execution of the consequences provided for in paragraph 1 of Article 22 of this Law.

The ruling on the initiation of proceedings on the application of the judicial bankruptcy procedure also specifies the debtor's obligation to provide access to the financial manager to conduct an inventory of the debtor's estate.

3. Copies of the court ruling on the initiation of proceedings on the application of the procedure for restoring solvency or judicial bankruptcy shall be sent by the court to the debtor, the authorized body and the territorial body of justice at the debtor's place of residence and the Government for Citizens State Corporation, which register property rights.

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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