Commentary to article 53. Bankruptcy recognition of the Civil Code of the Republic of Kazakhstan
Bankruptcy is established voluntarily on the basis of the debtor's application to the court or by officially declaring the debtor's bankruptcy out of court on the basis of an agreement with creditors.
Bankruptcy is enforced on the basis of an application to the court from creditors or other persons authorized by the Bankruptcy Law (see the commentary to paragraph 2 of Article 49 of the Civil Code).
The Bankruptcy Law provides for a case when the debtor is not entitled, but is obliged to apply to the court for declaring him bankrupt. This is a case when the owner of the property, the body authorized by him, the founders or the competent authority of a legal entity has decided to liquidate it, but the property is insufficient to satisfy creditors' claims in full and no agreement has been reached with the latter on the official declaration of bankruptcy of the debtor out of court (paragraph 2 of art.17 of the Bankruptcy Law). Failure to submit an application by the debtor in this case entails the application to the debtor's supervisor of subsidiary liability for the debtor's obligations to creditors (clause 6, Article 3 of the Bankruptcy Law).
Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases
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.
