Article 37. Term of the judicial bankruptcy procedure The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan
1. The term of the judicial bankruptcy procedure shall not exceed six months from the date of entry into force of the court decision on the application of the judicial bankruptcy procedure.
The term established by this paragraph may be extended by a court for no more than six months if there are grounds provided for in paragraph 2 of this article.
2. The grounds for extending the term of the judicial bankruptcy procedure are:
1) the presence in court proceedings of a case affecting the property interests of the debtor and his creditors;
2) the presence of unrealized property;
3) the appeal of the financial manager to the state revenue authorities on the grounds of deliberate bankruptcy or unlawful actions during the restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan;
4) the need to eliminate violations of the legislation of the Republic of Kazakhstan specified in the court ruling on the refusal to approve the final report of the financial manager;
5) the need to eliminate violations of the legislation of the Republic of Kazakhstan identified by the authorized body.
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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