Article 24. Liability of participants in the debts of a general partnership of the Law on Business Partnerships
1. If, upon liquidation of a general partnership, it turns out that the available property is not enough to cover all its debts, the missing part of the partnership is jointly and severally liable to its participants with all their property, which may be subject to foreclosure in accordance with legislative acts.
2. A participant in a general partnership who joined the partnership after its establishment by way of share transfer or succession is equally liable with other participants for obligations that arose before his entry into the partnership.
A participant in a general partnership who joined the partnership after its establishment in the order of admission of a new participant is liable only for obligations that arose after his entry into the partnership.
3. A participant who has left a full partnership at his own request, by decision of the guardian in case of recognition as missing, incompetent, or with the consent of the trustee in case of recognition as having limited legal capacity or excluded from the partnership by a court decision, as well as the legal successor (heir) of the deceased or declared deceased participant who refused the offer to join the partnership, are responsible for obligations of the partnership that arose before their retirement, within two years from the date of approval of the report on the activities of the partnership for the year in which they left the partnership.
4. A participant who has withdrawn from a full partnership by transferring a share to another participant or a third party, foreclosing on his share of the partnership's property by the creditor(s), or refusing the other participants to consent to participate in the activities of the partnership of a participant who is not recognized as having limited legal capacity, a guardian as the legal representative of a participant who is recognized as missing or incapacitated, and also, the legal successor (heir) of the deceased or declared deceased participant, who was refused admission to the partnership by the other parpant who has withdrawn from a full partnership by transferring a share to another participr a third party, foreclosing on his share of the partnership's property by the creditor(s), or refusing the other participants to consent to participate in the activities of the partnership of a participant who is not recognized as having limited legal capacity, a ardian as the legal representative of a participant who is recognized as missing or incapacitated, and also, the legal successor (heir) of the deceased or declared deceased participant, who was refused admission to the partnership by the other participants., they are not responsible for the obligations of the partnership.
5. A participant who has fully or partially repaid the debts of a general partnership has the right to file a claim of recourse in the relevant part to the other participants who bear shared responsibility to him in proportion to the size of their shares in the partnership's property.
6. In case of termination of the general partnership, the participants are liable for the obligations of the partnership that arose before its termination, within two years from the date of termination of the partnership.
7. Agreements of the participants changing the procedure of their liability for the obligations of the general partnership provided for in this Article are void.
The Law of the Republic of Kazakhstan dated May
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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