Article 28-4. Court approval of the debt restructuring agreement and the Law on Rehabilitation and Bankruptcy

Home / RLA / Article 28-4. Court approval of the debt restructuring agreement and the Law on Rehabilitation and Bankruptcy

1. The debtor, no later than the deadline set by paragraph 1 of Article 28-3 of this Law, applies to the court with an application for approval of an agreement on debt restructuring.

2. The debtor shall attach to the application for approval of the debt restructuring agreement:

1) an agreement on debt restructuring signed by the debtor individual entrepreneur, the owner of the property (a person authorized by him), the founder (participant) of the debtor legal entity and each creditor;

2) a list of all creditors indicating their place of residence or location, as well as the amounts owed.

3. Based on the results of consideration of the debtor's application for approval of the debt restructuring agreement, the court makes one of the following determinations::

1) approval of the debt restructuring agreement;

2) the refusal to approve the debt restructuring agreement.

4. The grounds for the court's refusal to approve the agreement on debt restructuring of the debtor are:

1) violation of the rights and legitimate interests of creditors and (or) third parties;

2) the agreement on debt restructuring contradicts the legislation of the Republic of Kazakhstan.

5. An agreement on debt restructuring is binding on the debtor, the creditor (creditors) and (or) third parties participating in the agreement from the date of entry into force of the court ruling approving such agreement.

6. If the court refuses to approve the agreement, the debtor's debt restructuring procedure is considered completed and the consequences that have occurred in accordance with:

1) subparagraph 1) of Article 28-2 of this Law, – from the date of the court's decision on the application of the debt restructuring procedure;

2) by subitems 2) and 3) of Article 28-2 of this Law, – from the date of entry into force of the court ruling on the refusal to approve the agreement on debt restructuring.

7. The creditor (creditors) has the right to apply to the court for termination of the debt restructuring agreement in the following cases::

1) violation by the debtor of the terms of such an agreement;

2) failure to conclude an agreement on debt restructuring within the time period established by paragraph 1 of Article 28-3 of this Law.

8. The third parties specified in paragraph 3 of Article 28-3 of this Law have the right to apply to the court for termination of the debt restructuring agreement in case of violation by the debtor of the terms of such agreement.

8-1. In case of termination of the agreement, the debt restructuring procedure is considered completed, and the consequences that have occurred in accordance with Article 28-5 of this Law are terminated from the date of entry into force of the court's decision to terminate the debt restructuring agreement or the court's ruling to terminate the proceedings in connection with the plaintiff's rejection of the claim or the approval of the settlement agreement of the parties, the agreement parties to a dispute (conflict) settlement by way of mediation, agreements on dispute settlement by way of a participatory procedure on the subject of the dispute, including the conclusion of an agreement on debt restructuring on new terms.

9. The creditor (creditors) may not, during the period of validity of the debt restructuring agreement, apply to the court for declaring the debtor bankrupt if the debtor complies with all the terms of such agreement.

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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