Article 44. Consideration by the court of the final report of the financial manager of the Law on Restoration of solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Home / RLA / Article 44. Consideration by the court of the final report of the financial manager of the Law on Restoration of solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

1. The court shall appoint a court hearing no later than ten working days from the date of receipt of the financial manager's final report and the conclusion on the existence or absence of grounds for termination of the bankrupt's obligations.

IZPI's note! The first paragraph of paragraph 2 is amended by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

2. When considering the final report of the financial manager in court, the authorized body is obliged to file a motion for payment of remuneration to the financial manager from budgetary funds if the following circumstances are established in the course of the bankruptcy proceedings::

1) the debtor belongs to the category of socially vulnerable segments of the population in accordance with the housing legislation of the Republic of Kazakhstan;

2) there is no property on which, in accordance with the legislation of the Republic of Kazakhstan on enforcement proceedings and the status of bailiffs, foreclosure may be levied.

IZPI's note! Paragraph 2 is provided to be supplemented with Part two in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

The procedure for payment of remuneration by the authorized body to the financial manager is determined by the authorized body.

3. The court approves the final report of the financial manager and decides on the completion of the judicial bankruptcy procedure and the termination of the bankrupt's obligations that remained unfulfilled during the judicial bankruptcy procedure, or on the refusal to terminate such termination, no later than one month from the date of receipt by the court of the specified documents.

4. In the case of the circumstances provided for in Article 45 of this Law, the court shall decide on the completion of the judicial bankruptcy procedure and the refusal to terminate the obligations of the bankrupt that remained unfulfilled during the judicial bankruptcy procedure.

5. In the absence of the circumstances provided for in Article 45 of this Law, the court shall decide on the completion of the judicial bankruptcy procedure and the termination of the bankrupt's obligations that remained unfulfilled during the judicial bankruptcy procedure.

6. The decision on the completion of the judicial bankruptcy procedure and the refusal to terminate the obligations of the bankrupt that remained unfulfilled during the judicial bankruptcy procedure contains instructions on:

1) approval of the financial manager's final report;

2) completion of the bankruptcy court procedure;

3) termination of the powers of the financial manager;

4) refusal to terminate the obligations of the bankrupt that remained unfulfilled following the results of the judicial bankruptcy procedure;

5) the amount of creditors' claims that remained unsatisfied as of the date of the decision;

6) prohibition for five years on granting a loan to a bankrupt (except for obtaining micro-loans from pawnshops), as well as refusal to accept collateral from him in the form of collateral, guarantees and guarantees under bank loan agreements and the provision of micro-loans.

7) payment of the amounts specified in the application provided for in paragraph 2 of this Article;

8) instructing the authorized body to post on the e-government web portal an announcement on the completion of the bankruptcy proceedings and the refusal to terminate the debtor's obligations.

9) lifting the ban on the departure of the bankrupt from the Republic of Kazakhstan.

7. The decision on the completion of the judicial bankruptcy procedure and the termination of the bankrupt's obligations that remained unfulfilled during the judicial bankruptcy procedure contains instructions on:

1) approval of the financial manager's final report;

2) completion of the bankruptcy court procedure;

3) termination of the powers of the financial manager;

4) termination of the bankrupt's obligations that remained unfulfilled as a result of the judicial bankruptcy procedure, with the exception of the obligations specified in Article 46 of this Law;

5) a ban on making transactions for obtaining loans (except for obtaining micro-loans from pawnshops), issuing guarantees and sureties for five years;

6) payment of the amounts specified in the application provided for in paragraph 2 of this Article.

7) lifting the ban on the departure of the bankrupt from the Republic of Kazakhstan.

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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