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Article 39. Sale of the debtor's estate of the Law on Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan
1. The sale of the debtor's estate is carried out by the financial manager through an electronic auction or a direct sale method in accordance with the plan for the sale of the debtor's estate.
The debtor's property, which is a security for the fulfillment of obligations and has not been accepted by the secured creditor in kind in accordance with Article 41 of this Law, is subject to sale, subject to the provisions provided for by the Civil Code of the Republic of Kazakhstan and other laws of the Republic of Kazakhstan.
The debtor's property, which is the subject of securing the obligations of a third party, is subject to sale, taking into account the existing encumbrances.
2. The financial manager, within five working days from the date of the court's decision on the application of the judicial bankruptcy procedure, independently draws up a draft plan for the sale of the debtor's estate.
The chosen method of selling the debtor's estate should ensure the most profitable sale of property for the purpose of satisfying creditors' claims.
The debtor's property is sold at a value not less than seventy-five percent of the estimated value of such property, indicated in the assessment report, which has been completed no more than six months ago.
3. The draft plan for the sale of the debtor's estate is sent for consideration to creditors whose claims are included in the register of creditors' claims. Creditors shall submit proposals and/or comments within five working days from the date of receipt of the draft plan for the sale of the estate.
Making proposals and (or) comments on the draft plan for the sale of the debtor's estate later than the deadline specified in part one of this paragraph is equivalent to the absence of proposals and (or) comments from the creditor.
4. Within five working days from the date of expiry of the period specified in paragraph one of paragraph 3 of this Article, the financial manager draws up a final plan for the sale of the debtor's estate and sends it for information to creditors whose claims are included in the register of creditors' claims.
Creditors have the right to appeal to the court within five working days from the date of receipt of the plan for the sale of the debtor's estate.
A court decision that has entered into legal force is the basis for making changes to the plan for the sale of the debtor's estate.
5. The procedure for conducting and the organizer of an electronic auction for the sale of the debtor's property shall be determined 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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