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Article 56. Foreclosure on the property of legal entities and individual entrepreneurs The Law on Enforcement Proceedings and the Status of Bailiffs
1. If the debtor does not have sufficient sums of money to repay the debt, foreclosure may be levied on any other property belonging to him, as well as on the property of the founders (participants) of the legal entity, unless the law establishes restrictions on this property and provides for the property liability of the founders (participants) of the legal entity.
2. If during the execution it is established that the property of the debtor, a legal entity or an individual entrepreneur, is insufficient to repay the debt, and the civil legislation of the Republic of Kazakhstan allows the debtor to be declared insolvent (bankrupt), the bailiff is obliged to inform the recoverer about this.
3. Foreclosure on the property of a debtor declared bankrupt in accordance with the established procedure is carried out in accordance with the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.
4. In case of reorganization of a legal entity, foreclosure on property is suspended until the debtor's legal successor is determined in accordance with the procedure established by the civil legislation of the Republic of Kazakhstan.
The Law of the Republic of Kazakhstan dated April 2, 2010 No. 261-IV.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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