Article 83. Transition from rehabilitation procedure to bankruptcy procedure The Law on Rehabilitation and Bankruptcy

Home / RLA / Article 83. Transition from rehabilitation procedure to bankruptcy procedure The Law on Rehabilitation and Bankruptcy

1. The transition from rehabilitation procedure to bankruptcy procedure is carried out on the basis of a court decision to terminate the rehabilitation procedure, declare the debtor bankrupt and liquidate it with the initiation of bankruptcy proceedings.

2. The rehabilitation manager, within ten working days from the date of the decision by the creditors' meeting, applies to the court for termination of the rehabilitation procedure, declaring the debtor bankrupt and liquidating it with the initiation of bankruptcy proceedings if, during the rehabilitation procedure, a conclusion is drawn up that the debtor belongs to the III class of financial stability and there are grounds for recognizing it bankrupt.

An opinion on the financial stability of the debtor is drawn up by the rehabilitation manager, taking into account the provisions of article 49-1 of this Law.

3. The conclusion on the financial stability of the debtor during the rehabilitation procedure is drawn up by the rehabilitation manager in the form established by the authorized body, within one month from the date of:

1) adoption by the creditors' committee of a decision on the need to draw up such an opinion based on the results of consideration of the information provided for in subparagraph 8) of paragraph 3 of Article 71 of this Law;

2) receipt of a creditor's petition if the debtor fails to meet the schedule for meeting claims against such a creditor for more than three months.

4. When making a decision on the rehabilitation manager's appeal to the court, the creditors' meeting is obliged to simultaneously elect a candidate for the bankruptcy manager from among the persons whose notifications are included in the register of notifications of persons authorized to carry out the activities of the administrator.

5. The court shall consider the application of the rehabilitation manager for termination of the rehabilitation procedure, declaring the debtor bankrupt and its liquidation with the initiation of bankruptcy proceedings according to the general rules of civil procedure with the specifics provided for by this Law.

6. Based on the results of the consideration of the case, the court decides to terminate the rehabilitation procedure, declare the debtor bankrupt and liquidate him with the initiation of bankruptcy proceedings.

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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