Article 28-5. Consequences of the court's approval of the debt restructuring agreement and the Law on Rehabilitation and Bankruptcy
From the date of entry into force of the court's ruling on the approval of the debt restructuring agreement, the following consequences occur::
1) the accrual of penalties (penalties, fines) and remuneration (interest) is terminated for all types of debt owed by the debtor;
2) all restrictions of state bodies on the debtor's accounts are lifted without making appropriate decisions of the bodies that imposed them.;
3) the execution of previously adopted court decisions and arbitral awards is terminated, with the exception of payments to citizens to whom the debtor is responsible for causing harm to life or health, without taking into account claims for compensation for moral damage, the deadline for payment of which came after the conclusion of an agreement on debt restructuring;
4) the imposition of new arrests on the debtor's property and other restrictions on the disposal of his property is allowed only in cases of claims for invalidation of the transaction and the recovery of property from someone else's illegal possession brought 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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