Commentary to article 51. Satisfaction of creditors' claims of the Civil Code of the Republic of Kazakhstan
Satisfaction of creditors' claims is the third stage in the liquidation of a legal entity. Foreclosure may be levied, as a general rule, on any property of a legal entity being liquidated.
Paragraph 1 of the commented article establishes the order of satisfaction of creditors' claims. The establishment of such a sequence is important, since in accordance with the temporary regulation on non-cash payments in the Republic of Kazakhstan, approved by the Board of the National Bank on November 19, 1992, the calendar sequence of payments was abolished and legal entities were given the right to determine the sequence of payments from their accounts. If the procedure for satisfying creditors' claims had not been fixed in the Civil Code, the rights of persons in special need of protection during the liquidation of a legal entity could have been violated.
Upon liquidation of a legal entity, in accordance with subparagraph 1 of paragraph 1 of the commented article, it is obliged to capitalize and deposit to the insurance company the amounts to be paid in compensation for harm to the life and health of a citizen. The liquidation report is approved only after capitalizing the amounts necessary to pay compensation for damage in the future and transferring them to the insurance company. The insurance company pays the victims compensation amounts in the amount prescribed by law.
The legislation does not prevent the creditor from contacting the debtor after the expiration of the deadline set by the liquidation commission. In this case, the creditor is paid his part of the debt from the remaining property, and in the absence of such property, his claims are considered repaid.
Creditors who disagree with the decision of the liquidation commission have the right to apply to the court for protection of their rights.
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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.
