Article 28. Decision on the application of the procedure for restoring solvency of the Law on Restoring Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan
1. The decision on the application of the procedure for restoring solvency is made by the court, taking into account the conclusion of the financial manager provided for in subparagraph 1) paragraph 1 of Article 24 of this Law.
2. The court's decision on the application of the procedure for restoring solvency must contain instructions on:
1) submission by the financial manager of a solvency restoration plan no later than two months from the date of entry into force of the decision on the application of the solvency restoration procedure;
2) maintaining the consequences provided for in paragraph 1 of Article 22 of this Law.
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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