Commentary to article 56. Release of an insolvent debtor from debts of the Civil Code of the Republic of Kazakhstan
Upon completion of settlements with creditors, the bankrupt is released from fulfilling obligations and other claims submitted for execution and taken into account when declaring the legal entity bankrupt.
A bankrupt does not receive debt relief if he has concealed or transferred part of his property to another person for the purpose of concealment during the year prior to filing an application for bankruptcy (Article 86 of the Bankruptcy Law).
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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.