Article 22. Consequences of the 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. From the date of the ruling on the initiation of proceedings on the application of the procedure for restoring solvency or judicial bankruptcy, the following consequences occur::
1) the terms of the debtor's debt obligations specified in the application for the application of the procedure for restoring solvency or judicial bankruptcy are considered expired.;
2) it is prohibited to require the debtor to fulfill the obligations of creditors specified in the application for the application of the procedure for restoring solvency or judicial bankruptcy;
3) the accrual of penalties (penalties, fines) and remuneration for all types of debt owed by the debtor to creditors specified in the application for the application of the procedure for restoring solvency or judicial bankruptcy is terminated.;
4) the debtor is prohibited from assuming new monetary or property obligations (except for obtaining micro-loans from pawnshops);
5) the debtor's consent to creditors receiving information about his property from government agencies and other bodies and organizations is considered granted.;
6) it is prohibited for the debtor to travel outside the Republic of Kazakhstan, except in cases where it is necessary to conduct medical treatment, accompany a close relative for treatment, and bury a close relative outside the Republic of Kazakhstan;
7) it is not allowed to collect money from the debtor's bank accounts to satisfy creditors' claims, as well as foreclosure on the debtor's property;
8) claims against the debtor may be filed only as part of the procedure for restoring solvency or judicial bankruptcy, with the exception of the case provided for in paragraph 2 of this Article.;
9) the execution of enforcement documents in respect of the debtor's property is suspended;
10) the execution of decisions of state bodies, other bodies and organizations for which the debtor is obliged to transfer property, make payments or otherwise fulfill property obligations is suspended.
11) the creditor is prohibited from applying settlement and (or) recovery measures provided for by the laws of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", "On Microfinance activities" and "On Collection Activities".
The provisions of the sub-paragraphs 1), 2), 3), 7), 8) and 9) the first parts of this paragraph do not apply to claims for alimony and compensation for damage caused to life or health.
2. In the event that the debtor fails to fulfill its obligations secured by a guarantee, surety, or pledge from third parties, the initiation of proceedings on the application of the solvency restoration procedure or judicial bankruptcy does not prevent the creditor from taking actions to file claims against guarantors, guarantors, and mortgagors for the debtor's outstanding obligations outside the scope of the case on the application of the solvency restoration procedure or judicial bankruptcy.
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
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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