Article 6. Liability for intentional bankruptcy The Law on Rehabilitation and Bankruptcy

Home / RLA / Article 6. Liability for intentional bankruptcy The Law on Rehabilitation and Bankruptcy

1. The founder (participant) and (or) an official found guilty of intentional bankruptcy in administrative or criminal proceedings shall bear subsidiary liability to creditors with their property in the amount determined in accordance with paragraph 3 of Article 96 of this Law.

If two or more persons are found guilty of intentional bankruptcy in administrative or criminal proceedings, such persons are jointly and severally liable.

2. The bankrupt manager, within ten working days from the date of entry into force of the judicial act on bringing the founder (participant) and (or) official to criminal or administrative responsibility, is obliged to file a claim with the court against such person for bringing him to subsidiary responsibility and collecting amounts in the amount determined in accordance with paragraph 3 of Article 96 of this Law.

The creditor also has the right to file a claim with the court in accordance with the procedure provided for in this article, if the founder (participant) and (or) an official are found guilty of intentional bankruptcy in administrative or criminal proceedings after the bankruptcy procedure is completed.

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.

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