Commentary to article 83. Foreclosure on the share of a participant in a limited liability partnership of the Civil Code of the Republic of Kazakhstan
In the article being commented, it is said that the participants retain not ownership rights to the LLP's property, but binding rights. Therefore, creditors of a participant cannot directly withdraw part of the partnership's property to cover the debts of its participant. Foreclosure on the participant's share in the LLP's property is allowed only if two conditions are met. First, the debtor participant should not have enough personal property to cover his debts. Secondly, the basis for allocating a share is the relevant court decision.
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.
