Article 33. Consequences of non-fulfillment of the solvency restoration plan of the Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan
1. In the event that the execution of the measures provided for in the solvency restoration plan has become impossible, the debtor must, no later than one month from the day following the expiration of the planned event, apply to the court with a motion to terminate the solvency restoration procedure and apply the judicial bankruptcy procedure.
2. In case of non-fulfillment by the debtor of the measures provided for in the solvency restoration plan for more than two months, the creditor has the right to apply to the court with a motion to terminate the solvency restoration procedure and apply the bankruptcy court procedure.
3. Failure by the debtor to fulfill the obligation provided for in paragraph 1 of this article is the basis for the court's refusal to terminate its obligations that remained unfulfilled as of the date of completion of the bankruptcy proceedings.
This paragraph does not apply to cases when the execution of the measure provided for in the solvency restoration plan has become impossible due to force majeure circumstances, that is, circumstances that are extraordinary and unavoidable under these conditions (natural disasters, military operations, state of emergency, etc.), or due to the fault of third parties.
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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