Article 5. Grounds for applying to the court for declaring the debtor bankrupt and its liquidation with the initiation of bankruptcy proceedings The Law on Rehabilitation and Bankruptcy
1. The basis for the debtor's application to the court for declaring him bankrupt and liquidation with the initiation of bankruptcy proceedings is his stable insolvency.
Insolvency is sustainable if the debtor's obligations exceed the value of his property on the date of filing the application to the court and at the beginning of the year in which the application was filed, as well as at the beginning of the year preceding the year of filing the application, if the application was filed by the debtor in the first quarter of the calendar year.
2. The basis for the creditor's application to the court for declaring the debtor bankrupt and its liquidation with the initiation of bankruptcy proceedings is an unfulfilled monetary obligation of the debtor to the creditor on the basis of a judicial act or executive document on the recovery of money from the debtor, or recognition of the debt by the debtor, unless otherwise provided by this paragraph.
The basis for the creditor's application for taxes and customs payments to the court for declaring the debtor bankrupt and its liquidation with the initiation of bankruptcy proceedings is the debtor's failure to repay the amount of tax arrears, as well as arrears on customs payments, special, anti-dumping, countervailing duties, and interest after taking all enforcement measures in accordance with the procedure established by tax and customs legislation Of the Republic of Kazakhstan.
The Law of the Republic of Kazakhstan dated March 7, 2014 No. 176-V SAM.
This Law regulates public relations arising from the debtor's inability to satisfy creditors' claims in full, establishes the grounds for applying debt restructuring procedures, rehabilitation procedures and declaring the debtor bankrupt, liquidating the debtor without initiating bankruptcy proceedings, and also defines the procedure and conditions for their conduct.
President
Republic of Kazakhstan
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