Article 96. Property estate The Law on Rehabilitation and Bankruptcy

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1. The composition of the estate includes:

1) the bankrupt's property, including those not reflected in his financial documents, but to which there are documents confirming the debtor's ownership, including the rights of claim (accounts receivable);

2) the rights of permanent and long-term temporary land use of a bankrupt in cases stipulated by the land legislation of the Republic of Kazakhstan.

2. The estate includes and takes into account separately the personal property of a bankrupt individual entrepreneur, the property of participants in a general partnership, limited partnership, partnership with additional liability, as well as members of a production cooperative, to whom, if the bankrupt's property is insufficient, foreclosure may be levied in accordance with the legislation of the Republic of Kazakhstan on enforcement proceedings and the status of bailiffs.

3. The amount of the claimed claims when a person is held vicariously liable is equal to the amount of damage established by a judicial act on the basis of which such a person was found guilty of intentional bankruptcy in administrative or criminal proceedings.

4. The estate does not include:

1) material assets of the state material reserve;

2) allocated assets that are collateral for the obligations of a special financial company in project financing and collateral for bonds of a special financial company in securitization in accordance with the legislation of the Republic of Kazakhstan on project financing and securitization, and pledged property that is the following collateral for mortgage bonds: the right of claim under housing mortgage loan agreements (including mortgage certificates), as well as government securities of the Republic of Kazakhstan in the following cases:, when the ownership of the said bonds originated with their holders or passed to them through transactions or other grounds provided for by the laws of the Republic of Kazakhstan.

The allocated assets are transferred by the bankrupt managers to the management (with the right to sell the allocated assets and foreclose on mortgaged property and other collateral included in the allocated assets) to a representative of the bondholders of a special financial company in accordance with the procedure established by a regulatory legal act of the authorized body responsible for state regulation, control and supervision of the financial market and financial organizations.

The mortgaged property, which is collateral for mortgage bonds specified in part one of this subparagraph, is transferred by the bankrupt manager to the representative of the holders of mortgage bonds to satisfy the creditors of the issuer of mortgage bonds.;

2-1) the property sold to the state Islamic special financial company on the basis of the decision of the Government of the Republic of Kazakhstan;

3) funds of liquidation funds established in accordance with the legislation of the Republic of Kazakhstan on subsoil and subsoil use;

4) property that is part of the public-private partnership facility;

5) the bank deposit of the operator of a category I facility, which is financial support for the requirements for obligations related to the elimination of the consequences of the activity, as well as units of emission reduction quotas, certified emission reductions, internal emission reductions, and greenhouse gas absorption provided for by the Environmental Code of the Republic of Kazakhstan;

6) mortgaged property in case of its transfer to the mortgaged creditor in the manner and on the terms provided for in Article 104-1 of this Law.;

7) the rights of temporary gratuitous and temporary short-term paid land use (lease);

8) financial instruments of a client (clearing participant) of a clearing organization that are full or partial collateral for transaction obligations, margin contributions, contributions to clearing (guarantee or reserve) funds provided for by the legislation of the Republic of Kazakhstan on the securities market;

9) voting shares (shares of participation in the authorized capital) of a legal entity engaged in the provision of shared-equity construction of an apartment building;

10) the leased item, except in the case of a decision by the creditors' meeting on the early redemption of the leased item;

11) a security payment provided to the creditor in accordance with the procedure and on the terms determined by the transaction (transactions) under the general financial agreement, prior to the date of initiation of bankruptcy proceedings and (or) rehabilitation or the date of revocation of the debtor's license to engage in activities in the financial sector and (or) activities related to the concentration of financial resources, in depends on which of these dates came earlier.

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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