Article 9. Termination of an Economic partnership of the Law On Economic Partnerships

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1. The business partnership is terminated:

1) after the expiration of the period for which the business partnership was established;

2) upon reaching the goal for which it was created;

3) by agreement between the participants;

4) if the business partnership is declared bankrupt in accordance with the established procedure;

5) in other cases provided for by this Law, other legislative acts or constituent documents of an economic partnership.

2. Termination of a business partnership occurs through reorganization (merger, affiliation, division, transformation) or liquidation.

During the reorganization of a business partnership, the necessary changes are made to the constituent documents of the partnership and the National Register of Business Identification Numbers, and upon liquidation, the relevant information is entered into the National Register of Business Identification Numbers.

3. Economic partnerships of one type may be transformed into economic partnerships of another type or into production cooperatives by decision of the general meeting of participants in compliance with the provisions of this Law.

4. When a full or limited partnership is transformed into a joint-stock company, limited liability company, or additional liability company, each full partner who has become a participant in a joint-stock company, limited liability company, or additional liability company, shall bear subsidiary liability with all its property for obligations transferred to the joint-stock company, limited liability company, or additional liability company from full or limited liability company for two years. partnerships. The alienation by a former general partner of his shares (stakes) does not release him from such responsibility.

5. The liquidation of a business partnership is carried out by the liquidation commission appointed by its participants, and in case of bankruptcy – by the bankruptcy trustee.

The liquidation commission makes a publication on the upcoming liquidation of the business partnership in accordance with the procedure and terms established by the Civil Code of the Republic of Kazakhstan.

6. From the moment the liquidation commission is appointed, the authority to manage the affairs of the business partnership is transferred to it.

The liquidation commission evaluates the available assets of the business partnership, identifies creditors and settles accounts with them, draws up a liquidation balance sheet and submits it to the participants of the partnership.

Creditors' claims are satisfied in accordance with the Civil Code of the Republic of Kazakhstan, the legislative act of the Republic of Kazakhstan on rehabilitation and bankruptcy and other legislative acts of the Republic of Kazakhstan.

7. The remaining property of the business partnership, after settlements on the remuneration of the partnership's employees, including compensation payments provided for by legislative acts, and fulfillment of obligations to the budget and creditors of the partnership, is distributed among its participants in proportion to their contributions to the partnership's authorized fund or in another manner provided for in the constituent documents.

8. Upon liquidation of a business partnership, a liquidation balance sheet is submitted to the Government for Citizens State Corporation, on the basis of which a corresponding entry on the liquidation of the partnership is entered into the National Register of Business Identification Numbers.

9. The liquidation is considered completed, and the business partnership has ceased its activities from the moment information about it is entered into the National Register of Business Identification Numbers.

The Law of the Republic of Kazakhstan dated May 2, 1995 No. 2255.

President

Republic of Kazakhstan

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