Article 23. Powers of the financial manager during 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 23. Powers of the financial manager during 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 23. Powers of the financial manager during 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 authorized body, within two working days from the date of the court ruling on the initiation of solvency restoration or judicial bankruptcy proceedings, appoints a financial manager from among the persons whose notifications of the commencement of financial managers' activities are included in the state electronic register of permits and notifications in accordance with the legislation of the Republic of Kazakhstan on permits and notifications.

IZPI's note! Article 23 is provided to be supplemented by paragraph 1-1 in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

1-1. Financial Manager:

1) no later than five working days after his appointment, demands from government agencies, individuals and legal entities information about the bankrupt, owned (owned) his property and copies of supporting documents, which must be submitted to him free of charge no later than ten working days from the date of the request.;

2) no later than five working days after his appointment, requests from the authorized body information on the availability and numbers of bank accounts of the bankrupt, which must be provided to him free of charge no later than ten working days from the date of the request;

3) no later than five working days from the date of identification of persons in arrears to the bankrupt, to file claims for recovery of this debt in court;

4) identifies transactions made by the debtor under the circumstances specified in Article 14 of this Law, and within two months from the date of the discovery of such a transaction, submits claims for their invalidation or for the return of property in court, including at the request of the creditor who revealed such a transaction.;

5) carries out the sale of the bankrupt's property in accordance with the sale plan;

6) maintains a register of creditors' claims;

7) performs settlements with creditors no later than five working days after receipt of money in favor of the debtor, and also performs settlements with creditors in accordance with the order of satisfaction of creditors' claims;

8) provides the authorized body with current and requested information on the progress of the bankruptcy procedure in the form, in the manner and within the time limits established by the authorized body;

9) informs the creditor about the progress of the bankruptcy procedure and the financial condition of the debtor on the basis of his written request within three working days from the date of receipt of the request.;

10) in the case of a judicial act affecting the interests of the bankrupt and his creditors, within seven working days from the date of its receipt, considers the issue of appealing this judicial act.;

11) within three working days after the entry into force of the judicial act on the completion of the bankruptcy procedure, sends a copy of it to the authorized body;

12) within three working days from the date of cancellation of the judicial act declaring the debtor bankrupt, transfers to the debtor the title documents for the property, as well as material and other valuables. If there is a property that is the subject of a pledge, the title documents for such property are subject to transfer to the secured creditor.;

13) in case of dismissal of the financial manager, he shall transfer to the newly appointed financial manager, within three working days from the date of his appointment, the title documents for the bankrupt's property, tangible and other valuables belonging to the bankrupt, as well as the available information on the availability and numbers of the bankrupt's bank accounts, on the balances and on the movement of money in these accounts;

14) performs other powers in accordance with this Law.

2. The powers assigned by this Law to the financial manager may not be transferred to other persons.

IZPI's note! The first part of paragraph 3 is amended by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

3. The remuneration of the financial manager in the procedure of restoration of solvency or judicial bankruptcy shall be paid at the expense of the debtor's funds, with the exception of the case provided for in paragraph 2 of Article 44 of this Law.

The amount of the financial manager's monthly remuneration is one minimum wage, established by the law on the republican budget for the relevant financial year.

4. To transfer the debtor's money, pay off current expenses and satisfy creditors' claims in the bankruptcy proceedings, the financial manager opens a current account in his name with a second-tier bank (an organization engaged in certain types of banking operations) in accordance with the procedure established by the National Bank of the Republic of Kazakhstan, with the submission of consent to the bank, an organization engaged in certain types of banking operations transfer by a bank, an organization that performs certain types of banking operations, information based on a request from the state revenue authority on the movement of money in this account.

The money held in the current account of the financial manager for crediting the debtor's money, paying off current expenses and meeting creditors' claims in the bankruptcy proceedings is not his property and (or) his income and cannot be included in his inheritance.

The seizure, foreclosure and suspension of spending operations on the current account of the financial manager for crediting the debtor's money, paying off current expenses and satisfying creditors' claims in the bankruptcy proceedings for the obligations of the financial manager are not allowed.

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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