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Article 84. Term of bankruptcy procedure The Law on Rehabilitation and Bankruptcy
1. The term of the bankruptcy procedure is nine months and may be extended by the creditors' meeting to two years if there are grounds provided for in paragraph 2 of this Article.
A repeated extension of the term of the bankruptcy procedure is allowed if there are grounds provided for in paragraph 2 of this article, taking into account which the total term of such procedure should not exceed five years.
In case of a repeated extension of the term of the bankruptcy procedure, the main remuneration of the bankruptcy administrator and other administrative expenses accrued after the period of the repeated extension are paid at the expense of creditors who voted for such an extension, in proportion to the amounts of their claims included in the register of creditors' claims.
The term of the bankruptcy procedure is calculated from the date of entry into force of the court decision declaring the debtor bankrupt.
2. The grounds for extending the term of the bankruptcy procedure are:
1) the presence in court proceedings of a case affecting the property interests of the debtor and his creditors;
2) the presence of unrealized property;
3) excluded by the Law of the Republic of Kazakhstan dated December 27, 2019 No. 290-VI (effective ten calendar days after the date of its first official publication);
4) the need to eliminate violations of the legislation of the Republic of Kazakhstan specified in the court ruling on the refusal to approve the final report;
5) the need to eliminate violations of the legislation of the Republic of Kazakhstan identified by the authorized body.
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
© 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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