Article 49. Grounds for liquidation of a legal entity of the Civil Code of the Republic of Kazakhstan
1. By the decision of the owner of his property or the body authorized by the owner, as well as the body of the legal entity authorized to do so by the constituent documents, the legal entity may be liquidated for any reason.
The liquidation of a legal entity – a voluntary accumulative pension fund, an insurance (reinsurance) organization, an Insurance Benefit Guarantee Fund, a special financial company is carried out taking into account the specifics provided for by the legislation of the Republic of Kazakhstan on social protection, insurance and insurance activities, the Insurance Benefit Guarantee Fund, project financing and securitization.
2. By a court decision, a legal entity may be liquidated in the following cases::
1) bankruptcy;
2) invalidation of the registration of a legal entity in connection with violations of the law committed during its creation, which are irreversible;
3) the absence of a legal entity at its location or actual address, as well as founders (participants) and officials, without whom the legal entity cannot function for one year.;
4) carrying out activities in gross violation of the law:
systematic implementation of activities contrary to the statutory objectives of a legal entity;
carrying out activities without a proper license or activities prohibited by legislative acts;
5) provided for by other legislative acts.
3. A claim for liquidation of a legal entity on the grounds specified in paragraph two of this article may be brought to court by a state body to which the right to file such a claim has been granted by legislative acts, and in cases of bankruptcy - also by the creditor.
By a court decision on the liquidation of a legal entity, the obligations to liquidate a legal entity may be imposed on the owner of its property, the body authorized by the owner, the body authorized to liquidate the legal entity by its constituent documents, the body (person) that initiated the procedure for the compulsory liquidation of the legal entity, or another body (person) if the functions of liquidating the legal entity this body (person) does not contradict the legislation of the Republic of Kazakhstan.
4. If the value of the property of a legal entity in respect of which a decision on liquidation has been taken in accordance with paragraph 1 of this Article is insufficient to satisfy creditors' claims, such legal entity must be liquidated in accordance with the procedure established by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.
5. Liquidation of certain types of legal entities is possible by decision of the relevant body authorized by the State, on the grounds provided for by legislative acts.
The footnote. Article 49 as amended by the Laws of the Republic of Kazakhstan dated 01/21/1997 No. 68; dated 06/19/1997 No. 134; dated 03/02/1998 No. 211; dated 12/18/2000 No. 128; dated 12/24/2001 No. 276 (effective from 01.01.2002); dated 02/20/2006 No. 127 (for the procedure of entry into force, see art. 2); dated 12.01.2007 No. 225 (effective effective from the date of its official publication); dated 07/21/2007 No. 299; dated 12/30/2009 No. 234-IV; dated 03/25/2011 No. 421-IV (effective after ten calendar days after its first official publication); dated 12.01.2012 No. 539-IV (effective after ten calendar days after its first official publication); dated 21.06.2013 No. 106-V (effective after ten calendar days after its first official publication); dated 07.03.2014 No. 177-V (effective after ten calendar days after date of its first official publication); dated 05/16/2014 No. 203-V (effective six months after the date of its first official publication); dated 27.12.2019 No. 290-VI (effective after ten calendar days after the date of its first official publication); dated 05.01.2021 No. 409-VI (effective from 01.01.2022); dated 20.04.2023 No. 226-VII (effective from 01.07.2023).
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