Article 88. Powers of the Interim Administrator of the Law on Rehabilitation and Bankruptcy

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1. The temporary manager has the right to:

1) request from government agencies, individuals and legal entities information about the debtor and his property, including copies of supporting documents, which must be provided to him free of charge no later than ten working days from the date of the request;

2) to identify transactions made by the debtor under the circumstances specified in Article 7 of this Law, and to make demands for their invalidation and the return of property in court, including at the request of the creditor who revealed such a transaction.;

3) request from creditors documents confirming the basis and amount of the claimed claims;

4) exercise other rights provided for by this Law and the legislation of the Republic of Kazakhstan.

2. From the date of the court's ruling on the initiation of bankruptcy proceedings until the end of its consideration, the interim manager must:

1) to collect information on the financial condition of the debtor on the basis of accounting documents and financial statements in order to draw up an opinion on the financial stability of the debtor;

2) submit to the court an opinion on the financial stability of the debtor;

3) perform other duties stipulated by this Law and the legislation of the Republic of Kazakhstan.

3. After the court's decision declaring the debtor bankrupt and before the appointment of a bankruptcy trustee, the interim trustee must:

1) within two working days from the date of declaring the debtor bankrupt, send to the authorized body in Kazakh and Russian a publication on declaring the debtor bankrupt for posting on the authorized body's Internet resource;

2) within seven working days from the date of declaring the debtor bankrupt, request from the authorized body information on the availability and numbers of bank accounts of the person for whom the court decision on declaring bankruptcy has entered into force, on the balances and on the movement of money in these accounts;

3) notify the bankrupt's employees about the upcoming termination of the employment contract in accordance with the labor legislation of the Republic of Kazakhstan;

4) accept from the bankrupt's officials the constituent documents, accounting documents, title documents for the bankrupt's property, seals (if any), stamps, tangible and other valuables belonging to the bankrupt;

5) to form a register of creditors' claims in accordance with the procedure, terms and form established by the authorized body;

6) ensure, in accordance with the established procedure, that creditors' claims denominated in foreign currency are recorded in tenge at the official exchange rate set by the National Bank of the Republic of Kazakhstan as of the date of the court's decision to declare the debtor bankrupt;

7) to carry out an inventory of the bankrupt's estate and submit an inventory report to the first creditors' meeting;

8) Excluded by the Law of the Republic of Kazakhstan dated 12/30/2022 No. 179-VII (effective sixty calendar days after the date of its first official publication).

9) provide the authorized body with current and requested information on the progress of the bankruptcy procedure in the form, in the manner and within the time limits established by the authorized body;

10) on the basis of a written request from the creditor, the bankrupt individual entrepreneur, the owner of the property (the body authorized by him), the founder (participant) of the bankrupt legal entity, to report on the progress of the bankruptcy procedure no later than three working days from the date of receipt of the request;

11) notify creditors of the date, time and place of the creditors' meeting;

12) if the court issues an act affecting the interests of the debtor and his creditors, submit a copy of it to the creditor or the debtor, upon whose application the bankruptcy case has been initiated, within three working days from the date of receipt for consideration of the issue of appealing this judicial act.;

13) to organize and hold the first creditors' meeting;

14) transfer to the bankruptcy trustee, within three working days from the date of his appointment, the constituent documents, accounting documents, title documents for the bankrupt's property, seals (if any), stamps, tangible and other valuables belonging to the bankrupt;

15) in case of cancellation of the court's decision declaring the debtor bankrupt, transfer to the debtor, within three working days from the date of adoption of the relevant judicial act, the constituent documents, accounting documents, title documents for the debtor's property, seals (if any), stamps, tangible and other valuables belonging to the debtor;

16) perform other duties stipulated by this Law and the legislation of the Republic of Kazakhstan.

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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