Article 86. Foreclosure on accounts receivable Paragraph 3. Features of foreclosure on accounts receivable and property rights The Law on Enforcement Proceedings and the Status of Bailiffs

Home / Laws / Article 86. Foreclosure on accounts receivable Paragraph 3. Features of foreclosure on accounts receivable and property rights The Law on Enforcement Proceedings and the Status of Bailiffs

1. Foreclosure on accounts receivable consists in transferring to the recoverer the debtor's right to receive accounts receivable in the amount of the debt determined in accordance with paragraph 5 of Article 55 of this Law, but not more than the amount of accounts receivable that existed on the day of foreclosure, and on the same terms.

2. Foreclosure on accounts receivable is carried out:

1) with the consent of the recoverer - by depositing (transferring) accounts receivable by the debtor to the cash control account of the territorial authority or the current account of a private bailiff intended for storing the recovered amounts in favor of the recoverers;

2) in the absence of the consent of the recoverer or the failure (non-transfer) of accounts receivable by the debtor to the cash control account of the territorial authority or the current account of a private bailiff intended for storing the collected amounts in favor of the recoverers - by selling accounts receivable at auction.

3. The collection of accounts receivable is not applied in cases where:

1) the limitation period for its recovery has expired;

2) the debtor is located in a foreign country with which the Republic of Kazakhstan has not concluded a legal assistance agreement.;

3) the debtor is in the process of liquidation;

4) the debtor has ceased its activity as a legal entity and is excluded from the unified state register of legal entities.;

5) bankruptcy proceedings have been introduced against the debtor.

4. In order to foreclose on accounts receivable, the bailiff issues a resolution on foreclosure on accounts receivable, which specifies the procedure for depositing (transferring) money by the debtor to the cash control account of the territorial authority or the current account of a private bailiff intended for storing the collected amounts in favor of the recoverers.

The resolution on foreclosure on accounts receivable is sent to the debtor and the parties to the enforcement proceedings.

5. The bailiff's resolution obliges the debtor to fulfill the corresponding obligation by depositing (transferring) money to the cash control account of the territorial authority specified in the resolution or the current account of a private bailiff intended for storing the collected amounts in favor of the recoverers, and also prohibits the debtor from changing the legal relationship on the basis of which the receivable arose.

6. From the date of receipt by the debtor of the bailiff's order to foreclose on the receivable, the debtor's performance of the relevant obligation is carried out by depositing (transferring) money to the cash control account of the territorial authority specified in the resolution or the current account of a private bailiff intended to store the collected amounts in favor of the recoverers. Such fulfillment of the obligation by the debtor is considered fulfillment by the proper creditor. The debtor's rights in relation to the debtor do not change.

7. The debtor is obliged to immediately inform the bailiff and the debtor about the deposit (transfer) of money to the cash control account of the territorial authority or the current account of a private bailiff intended for storing the collected amounts in favor of the recoverers.

The Law of the Republic of Kazakhstan dated April 2, 2010 No. 261-IV.

President

Republic of Kazakhstan

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