Article 55. Consequences of initiating bankruptcy proceedings of the Civil Code of the Republic of Kazakhstan
1. From the date of the court's decision to declare the debtor bankrupt and initiate bankruptcy proceedings:
1) the owner of the bankrupt's property (the body authorized by him), the founders (participants), and all bodies of the bankrupt legal entity are prohibited from alienating property and paying off obligations;
2) the terms of all debt obligations of the bankrupt are considered expired;
3) the accrual of penalties and remuneration (interest) is terminated for all types of bankrupt debt;
4) disputes of a property nature involving a bankrupt, considered in court, are terminated if the decisions taken on them have not entered into legal force.;
5) claims may be filed against a bankrupt only in the framework of bankruptcy proceedings, with the exception of claims for the performance of guarantees and sureties of third parties, as well as foreclosure on the subject of collateral in cases where the pledgor is a third party;
6) on the basis of an application from a temporary or bankrupt manager and a submitted copy of the court decision declaring the debtor bankrupt, all restrictions and encumbrances on the bankrupt's property (collection orders from financial and government authorities to the debtor's accounts, seizures of property imposed by bailiffs, and others) are lifted without taking appropriate decisions of the authorities that imposed them;
7) the imposition of new arrests on the bankrupt's property and other restrictions on the disposal of the bankrupt's property is allowed only in cases of claims for invalidation of the transaction and the recovery of property from someone else's illegal possession brought against the bankrupt.;
8) the bankrupt's property, which was not transferred to the acquirer at the time of the initiation of bankruptcy proceedings, is included in the bankruptcy estate, and the creditor or the failed acquirer has the right to present his claims to the debtor under the bankruptcy procedure.
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