Article 7. Powers of the debtor in the procedures of restoration of solvency, out-of-court or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan
1. The debtor has the right:
1) apply to the authorized body with an application for the application of an out-of-court bankruptcy procedure on the grounds provided for in Article 5 of this Law;
2) apply to the court for the application of the procedure of restoration of solvency or the procedure of judicial bankruptcy on the grounds provided for in Article 6 of this Law;
3) to make transactions for the alienation of their property, subject to the procedure provided for by this Law.;
4) on a monthly basis, leave money at his disposal in the amount of the minimum subsistence level established for the relevant financial year by the law on the republican budget for himself and disabled family members who are dependent on him, in the procedure for restoring solvency.
The amount of money left by the debtor at his disposal on a monthly basis may be increased by creditors;
5) have other rights provided for by this Law, as well as other laws of the Republic of Kazakhstan.
2. The debtor is obliged to:
1) notify the creditor of the application for the application of the procedure for restoring solvency or judicial bankruptcy no later than five working days from the day following the day of the ruling on the initiation of proceedings for the application of the procedure for restoring solvency or judicial bankruptcy;
2) apply to the authorized body through the Government for Citizens State Corporation, the e-Government web portal and (or) a special mobile application with a request to terminate the out-of-court bankruptcy procedure if, during the period of such procedure, property came into his ownership or his property status otherwise changed, which allows he must fulfill his obligations to creditors in full or by more than thirty percent, or an agreement has been concluded with the creditor to settle the debt owed to the creditor;
3) to participate in the development of a draft plan for the restoration of solvency;
4) provide the authorized body, the financial manager, as well as creditors with reliable information about their financial situation, property and obligations on the basis of their written request no later than ten working days from the date of its receipt;
5) assist the financial manager in obtaining information about his financial situation, assets and obligations;
6) comply with the requirements of the financial manager specified in this Law and not interfere in the exercise of his powers;
7) execute the measures of the solvency restoration plan;
8) provide the creditor (creditors) with information on the progress of the solvency restoration plan in accordance with paragraph 1 of Article 32 of this Law;
9) not to assume new monetary or property obligations, with the exception of transactions provided for in the solvency restoration plan;
10) within seven working days from the date of the occurrence of the event, notify creditors that the execution of the solvency restoration plan has become impossible due to force majeure, that is, extraordinary and unavoidable circumstances under these conditions (natural disasters, hostilities, state of emergency, etc.), or due to the fault of third parties;
11) apply to the court with a request to complete the procedure for restoring solvency at the end of the term of execution or in case of early execution of the plan for restoring solvency;
12) transfer the estate to the management of the financial manager within three working days from the date of entry into force of one of the following court decisions:
on the application of the judicial bankruptcy procedure;
on termination of the procedure of restoration of solvency and application of the procedure of judicial bankruptcy;
13) perform other duties stipulated by this Law and other laws of the Republic of Kazakhstan.
This Law regulates public relations arising in the event of the insolvency of a citizen of the Republic of Kazakhstan, establishes the grounds for the application of the procedure for restoring solvency, as well as the procedures for out-of-court and judicial bankruptcy, the procedure and conditions for their conduct.
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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