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Article 80. Responsibility of the rehabilitation participants The Law on Rehabilitation and Bankruptcy
1. A participant in the rehabilitation who has assumed the obligation provided for in paragraph 2 of Article 78 of this Law shall bear subsidiary responsibility for the debtor's outstanding obligations after its liquidation, unless he proves that the objectives of the rehabilitation have not been achieved as a result of force majeure or the actions of creditors or the debtor, the owner of the debtor's property (the body authorized by him).
If two or more persons participate in the rehabilitation, they jointly and severally bear such responsibility, unless otherwise provided by the agreement.
2. The responsibility of the rehabilitation participant who has not assumed the obligation to ensure the satisfaction of creditors' claims is determined by the agreement of the participant with the rehabilitation manager approved by the creditors' committee.
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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