Article 70. Liability of participants for debts of the general Partnership of the Civil Code of the Republic of Kazakhstan

     1. If, upon liquidation of a general partnership, it turns out that the available property is not enough to cover all its debts, the missing part of the partnership is jointly and severally liable to its participants with all their property, which may be subject to foreclosure in accordance with legislative acts.

     A participant in a general partnership is liable for the debts of the partnership, regardless of whether they arose after or before his entry into the partnership, unless otherwise provided by legislative acts.

     2. A participant who has repaid the debts of a general partnership in a part exceeding his share in the property of the partnership has the right to apply with a claim of recourse in the relevant part to the other participants who bear shared responsibility to him in proportion to the size of their shares in the property of the partnership.

     3. A participant who resigned from a full partnership at his own request or was excluded from the partnership by a court decision, as well as the legal successor (heir) of the deceased participant who refused the offer to join the partnership, shall be liable for the obligations of the partnership that arose before their retirement, within two years from the date of approval of the report on the activities of the partnership for the year, in which they dropped out of the partnership.

     4. A participant who has withdrawn from a full partnership by way of transfer of a share to another participant or a third person, by way of foreclosure on his share in the partnership's property by the creditor (creditors), as well as the legal successor (heir) of the deceased participant, who was refused admission to the partnership by the other participants, are not liable for the obligations of the partnership.

     5. After the termination of the general partnership, the participants are liable for the obligations of the partnership that arose before its termination, within two years from the date of termination of the partnership.

     6. Agreements of the participants changing the procedure of their liability for the obligations of the general partnership provided for in this Article are void.

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