Debt restructuring, rehabilitation and bankruptcy of legal entities, as well as their liquidation without initiation of bankruptcy proceedings
Article 3 of the Law regulates the specifics of its application to cases of debt restructuring, rehabilitation and bankruptcy of legal entities and individual entrepreneurs (hereinafter referred to as sole proprietors), as well as their liquidation without bankruptcy proceedings, except for state–owned enterprises and institutions, accumulative pension funds, banks, insurance (reinsurance) organizations.
If a court decides to declare a bank, insurance (reinsurance) organization, or accumulative pension fund bankrupt, their liquidation is carried out in accordance with the banking legislation of the Republic of Kazakhstan, the legislation of the Republic of Kazakhstan on insurance and insurance activities, as well as pension provision.
The specifics of the application of bankruptcy or rehabilitation procedures in relation to grain receiving enterprises, as well as natural monopoly entities, may be established by the legislation of the Republic of Kazakhstan.
In the event of bankruptcy of organizations and sole proprietors that are subjects of a natural monopoly or are of strategic importance to the economy of the republic, capable of affecting the life, health of citizens, national security or the environment, including organizations whose blocks of shares (participation interests) are classified as strategic facilities in accordance with the legislation of the Republic of Kazakhstan, as well as recognized bankrupts on the initiative of the state, The Government of the Republic of Kazakhstan has the right to establish special conditions and procedures for the sale of assets and additional requirements for buyers, as well as to decide on the acquisition of assets by the national management holding in the event of bankruptcy of organizations whose blocks of shares (participation interests) are classified as strategic facilities in accordance with the legislation of the Republic of Kazakhstan, or organizations of strategic importance to the economy republics.
In case of bankruptcy of legal entities engaged in environmentally hazardous types of economic and other activities, a mandatory environmental audit of their activities is carried out in accordance with the Environmental Code of the Republic of Kazakhstan.
Summary of judicial practice in the application of legislation on rehabilitation and bankruptcy in cases considered by the courts for the period 2020-2021 and the 1st half of 2022.
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