Article 56. The decision on declaring the debtor bankrupt and its liquidation with the initiation of bankruptcy proceedings The Law on Rehabilitation and Bankruptcy

Home / Laws / Article 56. The decision on declaring the debtor bankrupt and its liquidation with the initiation of bankruptcy proceedings The Law on Rehabilitation and Bankruptcy

1. The decision on declaring the debtor bankrupt and its liquidation with the initiation of bankruptcy proceedings is made by the court, taking into account the conclusion of the interim manager on the financial stability of the debtor, provided for in subparagraph 3) paragraph 1 of Article 49 of this Law, or the act provided for in subparagraph 2) paragraph 3 of Article 49 of this Law.

2. The court's decision on declaring the debtor bankrupt should contain instructions on:

1) liquidation of the debtor with the initiation of bankruptcy proceedings;

2) transfer of the debtor's management rights to a temporary manager;

3) the amount of the declared claims of creditors who applied to the court before the decision was made;

4) transfer by officials of the bankrupt to the temporary manager within three working days from the date of the court's decision declaring the debtor bankrupt of constituent documents, seals (if any), stamps, within ten working days – accounting documents, title documents for the bankrupt's property, within twenty working days – material and other valuables, owned by the bankrupt;

5) removal of all restrictions and encumbrances on the bankrupt's property (collection orders issued to the bankrupt's accounts, property seizures, etc.) without making appropriate decisions of the authorities that imposed them, based on the application of the administrator.

3. The announcement of the debtor's bankruptcy and liquidation with the initiation of bankruptcy proceedings in Kazakh and Russian languages is sent to the authorized body by the interim administrator no later than two working days from the date of the debtor's bankruptcy for posting on the authorized body's Internet resource.

The authorized body is obliged to post the announcement in Kazakh and Russian on its Internet resource within two working days from the date of receipt of the announcement.

The publication on declaring the debtor bankrupt must contain:

1) the name of the court that issued the decision on declaring the debtor bankrupt and its liquidation with the initiation of bankruptcy proceedings;

2) last name, first name, patronymic (if it is indicated in the identity document) or the name, individual identification number or business identification number and location of the bankrupt;

3) information about the state registration of the bankrupt.

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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