Article 30. The results of the court's review of the solvency restoration plan of the Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Home / Laws / Article 30. The results of the court's review of the solvency restoration plan of the Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

1. The court, based on the results of consideration of the solvency restoration plan submitted by the financial manager, issues one of the following judicial acts:

1) determination on approval of the solvency restoration plan;

2) a decision to terminate the procedure for restoring solvency and apply the judicial bankruptcy procedure.

2. The decision on the approval of the solvency restoration plan is made by the court in the following cases::

1) the absence of proposals and (or) comments from creditors on the draft plan for restoring solvency;

2) taking into account all proposals and (or) comments of creditors when drawing up a final plan for restoring solvency;

3) if the calculations attached by the financial manager to the final plan for restoring solvency indicate that the execution of the plan for restoring solvency will entail satisfaction of the claims of all creditors in an amount not less than in the event of termination of the procedure for restoring solvency.

3. The court's ruling on the approval of the solvency restoration plan must contain instructions on:

1) approval of the solvency recovery plan;

2) the deadlines for the execution of the plan for restoring solvency, notifying creditors of the execution of such a plan, and requesting the debtor to complete the procedure for restoring solvency.

3) termination of the consequences provided for in subparagraph 6) of the first paragraph of paragraph 1 of Article 22 of this Law.

4. The decision to terminate the solvency restoration procedure and apply the judicial bankruptcy procedure shall be taken by the court if the calculations attached by the financial manager to the final solvency restoration plan indicate that the execution of the solvency restoration plan will entail satisfying the claims of all creditors to a much lesser extent than in the case of termination of the solvency restoration procedure and the application of the judicial bankruptcy procedure. bankruptcy at the request of the creditor.

5. A court decision on termination of the procedure for restoring solvency and applying the judicial bankruptcy procedure must contain instructions on termination of the procedure for restoring solvency and applying the judicial bankruptcy procedure, as well as instructions provided for in paragraph 2 of Article 36 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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