Comment to Article 57. Termination of the activity of a bankrupt legal entity of the Civil Code of the Republic of Kazakhstan
After the bankruptcy is released from debts and creditors' claims are satisfied, the bankruptcy trustee submits to the court a final report on its activities, accompanied by a liquidation balance sheet and a report on the use of funds remaining after claims are satisfied.
The court approves the bankruptcy trustee's report, as well as the liquidation balance sheet, and decides on the termination of bankruptcy proceedings, which it informs the judicial authority responsible for state registration of legal entities.
After approving the liquidator's report and the liquidation balance sheet, the court issues a ruling on the completion of the debtor's liquidation.
The determination on the completion of the debtor's liquidation may also resolve unresolved issues related to remuneration to the bankruptcy trustee and the remaining property of the debtor. A copy of the court ruling is sent to the body responsible for state registration of legal entities.
The liquidation of the debtor is considered completed, and the debtor ceases to exist after making an entry about it in the state register of legal entities.
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The commentary was prepared within the framework of the scientific and practical research program of the Scientific Research Center of Private Law of the Kazakh State Law University.
Head of the working group on the preparation of the draft Civil Code of the Republic of Kazakhstan, Corresponding Member of the Academy of Sciences of the Republic of Kazakhstan, Professor Suleimenov M.K.
Deputy head Professor Basin Yu.G.
