Article 90. Formation of the register of creditors' claims in the bankruptcy procedure The Law on Rehabilitation and Bankruptcy

Home / Laws / Article 90. Formation of the register of creditors' claims in the bankruptcy procedure The Law on Rehabilitation and Bankruptcy

1. The interim manager is obliged to form a register of creditors' claims in Kazakh and Russian within two months from the date of his appointment in accordance with the procedure and in the form established by the authorized body.

In order to form a register of creditors' claims, the temporary administrator, no later than two working days from the date of the court ruling on the initiation of bankruptcy proceedings, and if the applicant is a creditor for taxes and customs payments or a government agency or a legal entity with state participation, sends an announcement on the initiation of proceedings to the authorized body from the date of his appointment. on bankruptcy proceedings and the procedure for creditors to file claims in Kazakh and Russian for posting on the authorized body's Internet resource.

Acceptance of creditors' claims is carried out by the temporary administrator at the location of the debtor or at the place of registration of the administrator indicated by him in the notice of commencement of activity as an administrator.

The authorized body is obliged to post the announcement on its Internet resource within two working days from the date of receipt.

If the debtor has an Internet resource, publication of the message on the specified Internet resource is mandatory.

2. The interim administrator, within two working days from the date of receipt from the bailiffs of a court decision or enforcement documents that have entered into force to recover money from the debtor, shall notify such creditors in writing of the initiation of bankruptcy proceedings (declaring the debtor bankrupt) and the procedure for filing claims.

The interim administrator, within two working days from the date of initiation of the bankruptcy case, and if the applicant is a creditor of taxes and customs payments or a government agency or a legal entity with the participation of the state, from the date of his appointment, also notifies in writing the citizens to whom the debtor is responsible for causing harm to life or health, initiation of bankruptcy proceedings (declaring the debtor bankrupt) and the procedure for filing claims.

3. Creditors' claims against the bankrupt must be filed by them within one month from the date of publication of the announcement on the procedure for filing claims by creditors.

Creditors' claims must contain:

1) information on the amount of the claim (separately on the amount of the principal debt, remuneration (interest), penalties and other penalties, losses). The amount of the claim is determined on the date of the application of the specified claim;

2) an indication of one of the methods of notification of the creditors' meeting provided for in paragraph 1 of Article 25 of this Law.

The request is accompanied by copies of documents confirming the basis and amount of the claim (court decisions that have entered into force, copies of contracts, recognition of debt by the debtor), with the presentation of the original documents for reconciliation.

If the amount of the claim for remuneration (interest) and losses specified in subparagraph 1) of part two of this paragraph is changed as of the date of the court's decision to declare the debtor bankrupt, the creditor shall, within ten working days from the date of the court's decision, re-declare his claims, taking into account the change.

Creditors are also entitled to submit other documents confirming the basis and amount of the claim.

A creditor's claim may not be included in the register of creditors' claims to the extent that it would not be recoverable in accordance with the procedure provided for by the civil legislation of the Republic of Kazakhstan due to the expiration of the limitation period.

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 and liquidate it with the initiation of bankruptcy proceedings.

The agent bank, acting on behalf of and in the interests of the participants of the creditors' syndicate in accordance with the legislation of the Republic of Kazakhstan on project financing and securitization, declares claims separately for each participant of the creditors' syndicate on the basis of a syndicated loan agreement.

If a bankruptcy case is initiated against an individual entrepreneur, creditors' claims that do not arise from his business activities must also be filed.

4. Amendments and additions to the formed register of creditors' claims are made in accordance with the procedure determined by the authorized body.

5. A creditor's claim filed later than the deadline specified in paragraph one of paragraph 3 of this Article shall be included in the register of creditors' claims, but such creditor shall be deprived of the right to vote in the creditors' meeting until the creditors' claims filed within one month are fully satisfied.

6. The creditors' claims must be reviewed by the interim manager or the bankrupt manager within ten working days from the date of the application of such claims.

Based on the results of the review, recognized claims are subject to inclusion in the register of creditors' claims.

The register may include creditors' claims filed by them earlier in court, if they meet the requirements specified in the second part of paragraph 3 of this Article, in the presence of a creditor's application.

7. The register of creditors' claims does not include:

1) claims of creditors defined by the legislation of the Republic of Kazakhstan on project financing and securitization, secured by allocated assets, and claims of mortgage bondholders secured by collateral for the following property: claims under housing mortgage loan agreements (including mortgage certificates), as well as government securities of the Republic of Kazakhstan in cases where ownership of these bonds originated by their holders or passed to them through transactions or other grounds provided for by the laws of the Republic of Kazakhstan;

2) creditors' claims on infrastructure bonds secured by state guarantees;

3) the claims of the debtor's founders (participants), with the exception of their claims for remuneration, compensation under employment contracts, obligations for social contributions to the State Social Insurance Fund, mandatory pension contributions and mandatory professional pension contributions, deductions and (or) contributions to compulsory social health insurance;

4) the claims of collateral creditors repaid as a result of foreclosure on the collateral in cases where the pledgor is a third party.

8. Creditors have the right to file claims against the debtor, including the amount of debt and remuneration (interest) due for this amount, losses caused by non-fulfillment or improper fulfillment of obligations on the part of the debtor, penalties (fines, penalties) and other penalties.

9. The amount of remuneration (interest) and losses is determined as of the date of the court's decision to declare the debtor bankrupt.

10. Creditors' expenses related to their participation in bankruptcy proceedings are not reimbursable.

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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