Article 28-1. Making a decision on debt restructuring of the Law on Rehabilitation and Bankruptcy

Home / RLA / Article 28-1. Making a decision on debt restructuring of the Law on Rehabilitation and Bankruptcy

1. The debtor has the right to make a decision on restructuring his debts in the event of temporary insolvency, determined in accordance with paragraph 1 of Article 5-1 of this Law, provided that there are no rehabilitation or bankruptcy cases initiated by the court, unless otherwise provided by this article.

2. The debtor applies to the court with an application for debt restructuring, accompanied by documents attesting to temporary insolvency.

At the same time, when submitting an application to the court, the debtor notifies creditors.

In this case, the debtor does not have the right to apply to the court with such an application if one year has not expired from the date:

the entry into force of the court's ruling on the refusal to approve the debt restructuring agreement;

expiration of the period established by paragraph 1 of Article 28-3 of this Law, subject to non-conclusion of an agreement on debt restructuring.

3. The court, within ten working days from the date of acceptance of the debtor's application for debt restructuring, shall make one of the following decisions::

1) on the application of the debt restructuring procedure;

2) the refusal to apply the debt restructuring procedure.

The reason for the court's refusal to apply the debtor's debt restructuring procedure is the debtor's failure to submit documents indicating temporary insolvency, or the existence of rehabilitation or bankruptcy cases initiated by the court.

4. The court's decision to apply the debt restructuring procedure is subject to immediate execution.

5. The debtor shall immediately notify the authorized body and creditors of the decision taken by the court.

6. The authorized body, within two working days from the date of receipt of the notification, shall post on the authorized body's Internet resource in Kazakh and Russian an announcement on the application of debt restructuring procedures against the debtor.

The Law of the Republic of Kazakhstan dated March 7, 2014 No. 176-V SAM.

This Law regulates public relations arising from the debtor's inability to satisfy creditors' claims in full, establishes the grounds for applying debt restructuring procedures, rehabilitation procedures and declaring the debtor bankrupt, liquidating the debtor without initiating bankruptcy proceedings, and also defines the procedure and conditions for their conduct.

President

Republic of Kazakhstan

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