Bankruptcy of individual entrepreneurs
Bankruptcy is the debtor's insolvency recognized by a court decision, which is the basis for its liquidation.
In accordance with Article 4 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy" (hereinafter referred to as the Law), bankruptcy is established voluntarily on the basis of a debtor's application to the court or forcibly on the basis of an application to the court of creditors or other persons authorized by this Law.
The basis for the debtor's application to the court for declaring him bankrupt is his insolvency in the absence of the possibility of restoring solvency.
At the same time, in accordance with paragraph 2 of Article 11 of the Law, the debtor is obliged to apply to the court for declaring him bankrupt in the following cases::
- when the owner of his property, the body authorized by him, or the body of a legal entity authorized to do so by the constituent documents, decides to liquidate it, and the value of the property is insufficient to satisfy creditors' claims in full.;
- if the satisfaction of the claims of one creditor or several creditors leads to the impossibility of fulfilling their monetary obligations in full to other creditors;
- within six months, apply to the court for declaring him bankrupt from the moment when the debtor learned or should have learned about the onset of insolvency.
The basis for the creditor's application to the court for declaring the debtor bankrupt is the debtor's insolvency.
The conditions for the debtor's insolvency are specified in part 1 of Article 5 of the Law.
Jurisdiction of cases on declaring a debtor bankrupt.
According to part 2 of Article 3 of the Law and Article 313 of the CPC RK, bankruptcy cases of individual entrepreneurs and legal entities are considered by the court according to the general rules of civil procedure, with the specifics established by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.
Bankruptcy proceedings are initiated in court on the basis of an application from the debtor, the creditor (creditors), if there are grounds provided for in article 5 of the Law, the prosecutor in cases provided for in Article 47 of the Law, and the rehabilitation manager in cases provided for in article 82 of the Law.
The state revenue authority and other authorized state body with respect to taxes and other mandatory payments to the budget, as well as natural and legal persons who are creditors for civil and other obligations, have the right to file a creditor's application to the court for declaring the debtor bankrupt.
Bankruptcy proceedings are considered initiated from the moment the court issues a ruling on the acceptance of an application for declaring the debtor bankrupt.
At the same time, the application submitted by the debtor, the rehabilitation manager for bankruptcy cannot be withdrawn without an appropriate court decision.
The applications of the creditor (creditors), except in cases of filing an application on the grounds provided for in article 82 of the Law (Termination of the rehabilitation procedure), may not be withdrawn by them before making a decision to declare the debtor bankrupt. In
In accordance with Article 44 of the Law, a bankruptcy case may be initiated on the basis of a creditor's (creditors') application for civil and other obligations.
In our opinion, based on the meaning of art. 44 of the Law (bankruptcy proceedings may be initiated at the request of both a legal entity and an individual), part 2 of Article 3 of the Law (bankruptcy cases are considered by the court according to the general rules of civil procedure with the specifics established by this law), Article 313 of the CPC (bankruptcy cases of individual entrepreneurs and legal entities are considered by the court according to the general rules of civil procedure). according to the rules stipulated by this Code, with the specifics established by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy), bankruptcy cases, due to their specificity, should be considered by specialized inter-district economic courts.
In accordance with Article 30 of the CPC, the consideration of cases in this category belongs to the exclusive jurisdiction of specialized interdistrict economic courts.
Bankruptcy legislation provides for the initiation of civil bankruptcy proceedings against an individual entrepreneur both at the request of the debtor individual entrepreneur and at the request of the creditor.
According to article 41 of the Law, the debtor's application is submitted to the court in writing, signed by an individual entrepreneur or a person replacing him, and must contain the name of the court to which the application is submitted; justification for the inability to satisfy creditors' claims; information about his property, including property encumbered by collateral, which is in property lease (lease) and (or) leasing, about money held in bank accounts, account numbers and location of banks, a list of debtors indicating their location and the amount of their debt; information about obligations that have not been fulfilled; information about the relation of activities to the sphere of natural monopoly or that the debtor is a market entity that occupies a dominant (monopoly) position in the commodity market; a list of attached documents. At the same time as submitting the application to the court, the debtor is obliged to send copies of the application and the documents attached to it to the authorized body.
In case of non-compliance of the debtor's application for declaring him bankrupt with the above requirements, it is subject to refund.
The same requirement is laid down in Article 22 of the Law of the Republic of Kazakhstan "On Bankruptcy". Thus, the individual entrepreneur of the farm "Malaev E.S." applied to the specialized interdistrict economic court of the Almaty region with a statement declaring him bankrupt due to his insolvency and insolvency, and therefore is unable to fulfill the obligation to repay debts to the budget.
Since the application complied with the requirements of Article 41 of the Law, Sodom's application was accepted for production, considered on its merits, and the decision of 12/24/2014 was satisfied. By the ruling of the same court dated 05/16/2014, the application of IP Galibaev G.E. for declaring him bankrupt was returned on the grounds that it did not comply with the requirements of part 4 of Article 22 of the Law "On Bankruptcy", since the application did not include documents confirming its insolvency, including sending copies of the application to the debtor and the authorized body. other necessary documents.
By the decision of the specialized interdistrict Economic Court of the Almaty region dated 08.12.2014. the application of IP "Khamraev Sakhinur Arkinovich" was returned to the State Revenue Agency for the Panfilovsky district of the Department of State Revenue for the Almaty region of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan, to the third party of the State Revenue Agency for the Almaty region for declaring him bankrupt on the grounds that in violation of paragraph 1 of Article 41 of the Law of the Republic of Kazakhstan "On rehabilitation and bankruptcy" there are no documents attached to the debtor's application for declaring the debtor bankrupt, confirming the sending of copies of the debtor's application and the documents attached to it to the creditor and the authorized body; other circumstances on which the debtor's application is based.
In accordance with Article 44 of the Law, the application of the creditor (creditors) must indicate the name of the court to which the application is being submitted.;
last name, first name, patronymic (if any), place of residence of the debtor, an individual entrepreneur, or the name and location of the debtor, a legal entity;
last name, first name, patronymic (if any), place of residence of the creditor, an individual, or the name and location of the creditor, a legal entity;
the debtor's obligation to the creditor (creditors) from which his claim arose, the term of performance of this obligation; the nature and amount of the claims of this creditor (creditors) to the debtor;
the amount owed on the obligation and the remuneration (interest) accrued on this amount, the penalty (fine, penalties) and losses to be recovered from the debtor;
legal requirements of the creditor;
information known to the creditor about the debtor's existing property;
information that the debtor is absent when submitting an application for declaring the absent debtor bankrupt;
list of attached documents; evidence of claims against the debtor;
other information, if it is necessary for the consideration of the bankruptcy case.
At the same time as submitting the application to the court, the creditor (creditors) is obliged to send copies of the application and the documents attached to it to the debtor or the authorized body.
A creditor's (creditors') application that does not comply with the requirements provided for in paragraphs 2 and 3 of Article 44 of the Law, as well as submitted without the necessary documents, is returned by the court without consideration.
Thus, by the definition of the specialized interdistrict economic court of Atyrau region dated 08/22/2014. The application of the debtor, the individual entrepreneur INSIGHT IT-SOLUTIONS, for declaring him bankrupt was returned without consideration due to the fact that the debtor's application does not meet the requirements of art. 150 of the CPC and subitems 4), 5) and 6) of Article 42 of the Law, since the application does not contain information about obligations that have not been fulfilled, information about the relationship of activities to the sphere of natural monopoly, or whether the debtor is a market entity occupying a dominant (monopoly) position in the commodity market.
Based on the analysis of bankruptcy legislation and the norms of the CPC, we believe that this practice is justified, complies with bankruptcy legislation and contributes to the discipline of participants in the bankruptcy process, since bankruptcy proceedings are initiated in court on the basis of an application from the debtor, creditor (creditors), if there are grounds provided for in Article 5 of the Law, and is considered initiated with the moment when the court issues a ruling on the acceptance of an application for declaring the debtor bankrupt.
At the same time, the Law attaches certain importance to the form and content of the application, since, in accordance with Article 43 of the Law, applying to a court for bankruptcy that does not comply with the requirements of articles 41 and 42 is the basis for returning the application without consideration.
In accordance with sub-paragraphs 6) and 7) of Article 1 of the Law, bankruptcy is recognized as the insolvency of a debtor recognized by a court decision, which is the basis for its liquidation.
Bankruptcy procedure is a procedure carried out in order to satisfy creditors' claims at the expense of the bankrupt's estate in accordance with the procedure established by the laws of the Republic of Kazakhstan.
Having received the application for declaring the debtor bankrupt, the court, no later than five working days after receipt of the application, issues a ruling on the initiation of proceedings, copies of which are sent to the debtor, the applicant, the authorized body, the state and other bodies registering property rights, the regional chamber of private bailiffs and the territorial judicial authority at the location of the debtor.
While preparing the case for trial, the court sends copies of this ruling to the authorized body, the debtor, creditors, the prosecutor and other persons involved in the case.
Justifiably satisfying the IP's application, the court stated the following: in accordance with art.313 of the Civil Procedure Code of the Republic of Kazakhstan, paragraph 2 of art.3 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy" bankruptcy cases are considered by the court according to the general rules of civil procedure with the specifics established by the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy".
By virtue of the requirements of paragraph 3) paragraph 1 of Article 5 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy", the debtor is insolvent if obligations to other creditors are not fulfilled within three months from the date of their due date and collectively amount to at least three hundred monthly calculation indices established for the relevant financial year by the law on the Republican the budget for individual entrepreneurs.
As follows from the case file, the debtor Duzbenbetova Elmira Baurzhanovna was registered as an individual entrepreneur with the Tax Committee of the Saryarkinsky district on the basis of the IP registration certificate series 6203 No. 0001382 dated 30.03.2007. At the hearing, it was established that IP Duzbenbetova E.B. had arrears in taxes and other mandatory payments to the budget in accordance with the act of documentary audit No. 211 dated 03/31/2014 and the reconciliation act dated 07/04/2014.
According to the letter from the State Institution "Tax Administration for Saryarkinsky district of the Tax Department for mountains. Astana" as of 07/11/2014, the debt of IP Duzbenbetov E.B. to the creditor amounted to:
- tax "101202" arrears on the main payment 28 531 808.91 tenge, arrears on the penalty 6 448 181.93 tenge;
- for the "105101" tax, the arrears on the basic payment are 33,763,235 yen, the arrears on the foam are 9,428,343.44 tenge.
From the certificate of absence (availability) of real estate issued on 07/04/2014, it follows that Duzbenbetova E.B. real estate is not registered.
It follows from the certificate of an individual's participation in legal entities, branches and representative offices issued on 07/04/2014 that there is no data for Duzbenbetova E.B. in the state database of legal entities.
According to a letter from the State Department for the Enforcement of Judicial Acts of the Mountains. Astana" KISA of the Ministry of Justice of the Republic of Kazakhstan dated 07/22/2014 No.04-17/5841 according to the information from the electronic database for registration of incoming correspondence, enforcement proceedings against IP Duzbenbetov E.B. are not pending.
According to a letter from the Administrative Police Committee of the Ministry of Internal Affairs of the Republic of Kazakhstan dated 07/09/2014, there is no information on registered and de-registered vehicles from 2011 to the present for IP Duzbenbetova E.B..
Thus, due to the termination of financial and economic activities, insufficient property and funds, IP Duzbenbetova E.B. is unable to repay the debt owed to the State Institution "Tax Administration for Saryarkinsky district of the Tax Department of Astana" in the amount of 78,171,569. 28 tenge, is an insolvent debtor and is unable to satisfy the creditor's claims for monetary obligations.
In accordance with paragraphs 1, 5 of Article 4 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy", bankruptcy is established voluntarily on the basis of a debtor's application. The basis for declaring a debtor bankrupt in court is his insolvency.
When establishing the fact of insolvency, the debtor's obligations, the due date of which has come, as well as those accepted and (or) under execution, must be taken into account. By virtue of the requirements of paragraph 2 of Article 5 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy", the basis for the debtor's application to the court for declaring him bankrupt is his insolvency in the absence of the possibility of restoring solvency.
Thus, the court established and confirmed by the submitted documents that the debtor has not fulfilled its obligations to the creditor for a long time to repay debts, property and funds of IP Duzbenbetova E.B. does not have, which indicates the debtor's insolvency and insolvency and the lack of the possibility of restoring solvency.
In accordance with the requirements of paragraph 1 of Article 56 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy", the decision to declare the debtor bankrupt and liquidate it with the initiation of bankruptcy proceedings is made by the court, taking into account the conclusion of the interim administrator on the debtor's insolvency and the existence of grounds for declaring him bankrupt.
In such circumstances, taking into account the conclusion of the interim manager on the debtor's insolvency and the existence of grounds for declaring the debtor bankrupt, as well as the debtor's inability to fully satisfy the creditor's claims of the State Institution "Tax Administration for Saryarkinsky district of the Tax Department of Astana" and repay the debt due to the lack of property and financial and economic activities, which indicates regarding his insolvency, the court considers it necessary to satisfy the applicant's claim and declare bankrupt IP Duzbenbetova E.B. with the initiation of bankruptcy proceedings.
K.E. Uzakbayeva, an individual entrepreneur, applied to the court for declaring her bankrupt and liquidating her, instituting bankruptcy proceedings on the grounds that she provided various services in the field of sales of inventory, as well as catering in the Burlinsky district and Aksai.
According to the reconciliation report on taxes and other mandatory payments to the budget on 29.11.2014, the debt to the budget amounted to 5,315,160 tenge. The specified amount of taxes was generated by the relationship with Foreststroy LLP, against the head of which a criminal case was initiated under Article 192 of the Criminal Code of the Russian Federation, terminated on 15.01.2014 by an amnesty act, however, all business activities of the LLP were recognized as illegal and false, including settlements with IP Uzakbaeva K., in connection with which the tax authority added taxes, penalties and fines.
The sole proprietor is unable to repay the debt due to the lack of work and services, as well as due to the lack of funds in the accounts, the absence of any movable and immovable property, and there are no funds in the settlement account at the Bank Center Credit branch.
There are no debtors. By the decision of the specialized interdistrict Economic Court of the West Kazakhstan region dated December 26, 2014. the application of IP Uzakbaeva K.E. was satisfied on the grounds that the court established that the individual entrepreneur Uzakbaeva Kurmet Yertayevna is registered as a taxpayer with the State Revenue Department for the Burlinsky district on the basis of the certificate of the individual entrepreneur series 10915 No. 0030222 dated 10.12.2001.
According to the certificate of the State Revenue Department for the Burlinsky district dated December 24, 2014, the tax debt amounts to 5,419,610 tenge, including the amount of taxes 3,476,815 tenge, penalties 1,887,235 tenge, and the amount of the fine 55,560 tenge.
The debt was incurred upon notification of the results of the desk inspection dated 24.02.2014. in connection with the recognition of Foreststroy LLP as a false enterprise on the basis of a court order dated 15.01.2014. According to the certificate of the registration authorities, there are no registered movable or immovable properties for the debtor.
According to the certificates of the second-tier banks, there are no funds in the debtor's current accounts. 12. Based on the results of collecting information on the debtor's financial condition, the Interim Manager drew up an opinion on the debtor's insolvency and the existence of grounds for declaring him bankrupt.
In such circumstances, the debtor's insolvency and insolvency have been established, and therefore the court considers it possible to satisfy the application for declaring the debtor bankrupt with the initiation of bankruptcy proceedings.
According to paragraph 1 of Article 56 of the Law of the Republic of Kazakhstan, a decision to declare a debtor bankrupt at the request of a creditor or prosecutor and its liquidation with the initiation of bankruptcy proceedings is made by the court, taking into account the conclusion of the interim manager on the debtor's insolvency and the existence of grounds for declaring him bankrupt, as well as in the case of failure to provide the interim manager with access to accounting documents, which prevented the preparation of an opinion.
Meanwhile, the conclusion of the temporary insolvency administrator is not an unconditional basis for the court to declare the debtor bankrupt, the court takes into account all the circumstances established in the case.
The claim did not state any other circumstances that could serve as a basis for declaring the debtor bankrupt when applying to the court, and therefore the court reasonably considered the claim to be premature.
According to Article 313 of the Civil Procedure Code of the Republic of Kazakhstan, Article 3 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy", bankruptcy cases of individual entrepreneurs are considered by the court according to the general rules of civil procedure with the specifics established by the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy".
According to paragraph 1 of Article 56 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy", the decision to declare the debtor bankrupt at the request of the creditor or prosecutor and its liquidation with the initiation of bankruptcy proceedings is made by the court, taking into account the conclusion of the interim manager on the debtor's insolvency and the existence of grounds for declaring him bankrupt, as well as in the case of failure to provide the interim manager with access to accounting records. documentation, which prevented the drawing up of an opinion.
In accordance with paragraph 3 of Article 4 of the Law, in the cases established by this Law, the debtor is obliged to apply to the court for declaring him bankrupt.
According to paragraph 2 of Article 5 of the Law, the basis for the debtor's application to the court for declaring him bankrupt is his insolvency in the absence of the possibility of restoring solvency.
The form and content of the debtor's application for declaring him bankrupt are specified in article 41 of the Law, the documents attached to it are specified in Article 42.
The debtor's application to the court for declaring him bankrupt, which does not comply with the requirements provided for in articles 41 and 42 of the Law, is the basis for his return without consideration.
In the case when applying to the court for declaring him bankrupt is mandatory for the debtor and the necessary documents are not attached to the application, such an application is accepted by the court for production, and the missing documents are claimed by the court in order to prepare the case for trial.
According to Article 47 of the Law, the prosecutor applies to the court for declaring the debtor bankrupt when he finds signs of deliberate bankruptcy, in the interests of the creditor – the Republic of Kazakhstan, government agencies. In this case, the prosecutor's application is submitted to the court in compliance with the requirements provided for by this Law in respect of the creditor, unless otherwise provided for by legislative acts of the Republic of Kazakhstan or follows from the substance of the legal relationship.
This provision is consistent with the provision of part 3 of Article 55 of the CPC that the prosecutor has the right to apply to the court with a claim, a statement on the protection of the rights, freedoms and legitimate interests of citizens, the rights and legitimate interests of organizations, public or state interests.
From the meaning of paragraph 23 of the Regulatory Resolution of the Supreme Court of the Republic of Kazakhstan dated January 12, 2009 No. 1 "On certain issues of the application of legislation on pseudo-entrepreneurship", pseudo-enterprises are not subject to liquidation on the grounds of bankruptcy. An analysis of judicial practice shows that the courts comply with this requirement.
Thus, Enti-Engineering LLP applied to the court for declaring it bankrupt due to the inability to repay accounts payable. By the decision of the specialized interdistrict economic court of the Akmola region dated December 24, 2014, the application of the LLP was refused on the grounds that a criminal case on false entrepreneurship was initiated against the head of the LLP.
During the consideration of the civil case, it was established that as of December 19, 2014, the debtor has a tax debt in the amount of 1,353,577,789 tenge, for wages of 279,230 tenge.
The court also found that by the decision of the senior investigator of the Department of Internal Affairs of the Akmola region, Muratov M.J. dated December 18, 2014, the earlier charge against the director of Engineering LLP, Geringer I.I., of committing a crime under Part 3 of Article 222 of the Criminal Code of the Republic of Kazakhstan, was reclassified to a charge of committing a crime under paragraph "b" of Part 2 of Article 192, part 2 of the Criminal Code (false entrepreneurship).
Due to the initiation of a criminal case on the fact of false entrepreneurship against the director of Enti-Engineering LLP, as well as the absence of a final procedural decision in this case, the court came to a legitimate and reasonable conclusion that declaring Enti-Engineering LLP bankrupt is premature.
In accordance with Article 28 of the Law of the Republic of Kazakhstan "On Private Entrepreneurship", a private business entity is declared bankrupt by a court decision on the basis of an application from a debtor or creditor, and in cases provided for by the laws of the Republic of Kazakhstan, and other persons.
The bankruptcy procedure of an individual entrepreneur is carried out in accordance with the procedure established by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.
It should be noted that the grounds for initiating bankruptcy proceedings against an individual entrepreneur, the requirements for the procedure for initiating and considering cases of this category, the grounds for satisfying or refusing to satisfy the application, and the requirements for a court decision issued as a result of the case review in respect of a legal entity and an individual entrepreneur are identical.
According to Articles 4, 5 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy of the Republic of Kazakhstan", bankruptcy is established voluntarily on the basis of a debtor's application to the court. The reason for declaring a debtor bankrupt is his insolvency. The basis for the debtor's application to the court for declaring him bankrupt is his insolvency in the absence of the possibility of restoring solvency.
According to paragraph 2 of Article 11 of the Law, the debtor is obliged to apply to the court for declaring him bankrupt within six months from the moment when he learned or should have known about the onset of insolvency. On September 11, 2014, the company decided to apply to the court for bankruptcy.
In accordance with paragraph 1 of Article 56 of the Law, the decision to declare the debtor bankrupt at the request of the creditor or the prosecutor and its liquidation with the initiation of bankruptcy proceedings is made by the court, taking into account the conclusion of the interim manager on the debtor's insolvency and the existence of grounds for declaring him bankrupt of any property, due to which repayment of debt is possible, the company also does not have there is no money in the company's checking account.
55 of the Law, having considered a bankruptcy case at a court hearing, the court may adopt one of the following judicial acts: a decision to declare the debtor bankrupt and liquidate it with the initiation of bankruptcy proceedings; a decision to declare the debtor bankrupt and liquidate it without initiating bankruptcy proceedings; a decision to refuse to declare the debtor bankrupt.
The decision to declare the debtor bankrupt at the request of the creditor or the prosecutor and its liquidation with the initiation of bankruptcy proceedings is made taking into account the conclusion of the interim manager on the debtor's insolvency and the existence of grounds for declaring him bankrupt, as well as in the case of failure to provide the interim manager with access to accounting documents, which prevented the preparation of an opinion.
The content of bankruptcy court decisions is determined by articles 56-58 of the Law. In addition, the bankruptcy court's decision must comply with the requirements of Articles 217-221 of the CPC, as well as the requirements of the Regulatory Decree of the Supreme Court of the Republic of Kazakhstan No. 5 dated July 11, 2003 "On the court decision".
The issue of the jurisdiction of civil cases on declaring a debtor bankrupt should be resolved in accordance with the provision of article 44 of the Law, according to which bankruptcy proceedings can be initiated at the request of both a legal entity and an individual, while proceeding from the meaning of part 2 of Article 3 of the Law (bankruptcy cases are considered by the court according to the general rules of civil procedure with special features established by this law), Article 313 of the CPC (bankruptcy cases of individual entrepreneurs and legal entities are considered by the court according to the general rules, provided for by this Code, with the specifics established by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy).
In order for the court to objectively and comprehensively examine the issue of the debtor's insolvency, the bankruptcy case should be considered with the mandatory participation of the authorized body, the insolvent debtor, the owner of the bankrupt's property, the creditor and the temporary manager.
The court's decision to declare an insolvent debtor bankrupt must comply with the requirements of Articles 55-58 of the Law "On Rehabilitation and Bankruptcy", Articles 217-221 of the CPC, and the Regulatory Decree of the Supreme Court of the Republic of Kazakhstan No. 5 dated July 11, 2003 "On Judicial Decision".
The court's decision should provide an analysis of evidence of the debtor's financial insolvency or solvency, and therefore the court concluded that it had satisfied or refused to satisfy the application for declaring the insolvent debtor bankrupt.
Legislation applicable to the consideration of civil bankruptcy cases of individual entrepreneurs.
The legislation of the Republic of Kazakhstan on bankruptcy is based on the Constitution of the Republic of Kazakhstan and consists of the Civil Code of the Republic of Kazakhstan, the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy" dated March 07, 2014 No. 176 – V SAM, Regulatory Decree of the Supreme Court of the Republic of Kazakhstan No. 3 dated April 28, 2000. (as amended and supplemented by regulatory rulings of the Supreme Court of the Republic of Kazakhstan No. 14 dated June 28, 2002 and No. 11 dated December 22, 2008) "On certain issues of application of Bankruptcy legislation by Courts of the Republic of Kazakhstan", the Law of the Republic of Kazakhstan "On Private Entrepreneurship", other laws and regulatory legal acts establishing the specifics of application bankruptcy procedures in respect of individual business entities.
If an international treaty ratified by the Republic of Kazakhstan establishes rules other than those provided for by the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy", the rules of the international treaty shall apply.
The Law "On Rehabilitation and Bankruptcy" applies to cases of accelerated rehabilitation and rehabilitation of legal entities, bankruptcy of individual entrepreneurs and legal entities, except for state-owned enterprises and institutions, accumulative pension funds, banks, insurance (reinsurance) organizations.
If a court decides to declare a bank, insurance (reinsurance) organization, or accumulative pension fund bankrupt, their liquidation is carried out in accordance with the banking legislation of the Republic of Kazakhstan, the legislation of the Republic of Kazakhstan on insurance and insurance activities, as well as pension provision.
The specifics of the bankruptcy procedure in relation to cotton processing organizations, grain receiving enterprises, as well as natural monopoly entities or market entities occupying a dominant or monopolistic position in the relevant commodity market may be established by the legislation of the Republic of Kazakhstan.
This law applies to the bankruptcy of individual entrepreneurs in the part not regulated by the legislation of the Republic of Kazakhstan on private entrepreneurship.
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