Article 31. Consequences of the court's approval of the solvency restoration plan of the Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan
From the date of entry into force of the court's ruling on the approval of the solvency restoration plan, the following consequences occur::
1) the debtor's obligations are subject to fulfillment in accordance with the procedure and on the terms stipulated in the plan for restoring solvency.;
2) the debtor is prohibited from making transactions for the alienation of his property or the assumption of new obligations not provided for in the plan for the restoration of solvency;
3) restrictions on the debtor's property are lifted on the basis of the debtor's application and a copy of the court ruling on approval of the solvency restoration plan.;
4) accrual of interest on loans received is terminated;
5) the debtor is prohibited from making transactions for obtaining loans (except for obtaining micro-loans from pawnshops), issuing guarantees and sureties.
6) the powers of the financial manager are terminated.
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
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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