Article 42. Rules for settlements with creditors of the Law on Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan
1. Settlements with creditors are made by the financial manager both in cash (in kind) and in non-cash form by transferring money from the financial manager's account to the creditors' accounts.
2. When settling accounts with creditors, the financial manager uses the money received from the sale of the debtor's estate, as well as the debtor's income, with the exception of income that cannot be levied in accordance with Article 98 of the Law of the Republic of Kazakhstan "On Enforcement Proceedings and the Status of Bailiffs."
In this case, the money remaining at the disposal of the debtor should not be less than the amount specified in subparagraph 4) of paragraph 1 of Article 7 of this Law.
3. The claims of creditors of the first stage, filed after the expiration of the period provided for in paragraph one of paragraph 2 of Article 27 of this Law, but before the completion of settlements with all creditors, are included in the register of creditors' claims in the first stage and are subject to satisfaction at the expense of the debtor's estate. Repayment of creditors' claims is suspended until such claims are included in the register.
4. The amounts of money remaining after satisfying creditors' claims and the debtor's property, which was offered for sale but remained unrealized, and was not accepted by the creditor to satisfy the claim or by the financial manager to repay current expenses, are returned to the debtor.
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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