Article 44. Responsibility of a legal entity of the Civil Code of the Republic of Kazakhstan
1. Legal entities, except for special financial companies, state-owned Islamic special financial companies, institutions funded by the founder and state-owned enterprises, are liable for their obligations with all property belonging to them.
The institution is responsible for its obligations with the money at its disposal. If they are insufficient, the responsibility for its obligations is borne by its founder.
A State-owned enterprise is liable for its obligations with the money at its disposal.
If a state-owned enterprise does not have enough money, subsidiary responsibility for its obligations is borne by the Republic of Kazakhstan or an administrative-territorial unit with funds from the relevant budget.
A special financial company is responsible for its obligations in accordance with the procedure provided for by the legislation of the Republic of Kazakhstan on project financing and securitization.
The State-owned Islamic Special Financial Company is responsible for its obligations with the money at its disposal.
2. The founder (participant) of a legal entity or the owner of its property shall not be liable for its obligations, and the legal entity shall not be liable for the obligations of the founder (participant) of the legal entity or the owner of its property, except in cases provided for by this Code, other legislative acts or constituent documents of the legal entity.
3. The founder (participant) and (or) an official found guilty of intentional bankruptcy in the course of proceedings on administrative offenses or criminal proceedings, if the legal entity has insufficient funds as a result of the bankruptcy procedure, shall bear subsidiary responsibility to creditors.
4. A legal entity shall be liable to third parties for obligations assumed by the body of the legal entity in excess of its powers established by the constituent documents, except as provided for in paragraph 11 of Article 159 of this Code.
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