Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF KAZAKHSTAN

of March 7, 2014 No. 176-V ZRK

About rehabilitation and bankruptcy

(The last edition from 02-04-2019)

This Law governs the public relations arising in case of inability of the debtor to meet in full requirements of creditors, establishes the bases for application of the accelerated rehabilitation procedure, the rehabilitation procedure and recognition of the debtor by the bankrupt, and also determines procedure and conditions of holding procedures of rehabilitation and bankruptcy.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) the agricultural producer - the individual entrepreneur or the legal entity making agricultural products with use of the earth; the livestock production making agricultural products, poultry farming (including breeding with complete cycle, since cultivation of young growth), beekeepings if the income from realization of these products including processed constitutes more than fifty percent from the total amount of annual earnings;

2) deliberate bankruptcy - the intentional creation or increase in insolvency made as a result of actions (failure to act) of the founder (participant), official, bodies of the legal entity, and equally individual entrepreneur in private interests or for the benefit of other persons;

3) the administrator - the temporary administrator, rehabilitation, interim and bankrupt managing directors appointed in accordance with the established procedure during hearing of cases in court and holding rehabilitation procedure and insolvency proceeding;

4) administrative expenses - the expenses connected with initiation and holding rehabilitation procedure or insolvency proceeding;

5) the bankrupt - the debtor whose insolvency is established by the judgment which took legal effect;

6) bankruptcy - the insolvency of the debtor recognized as the judgment which is the basis for its liquidation;

7) insolvency proceeding - the procedure performed for the purpose of satisfaction of requirements of creditors at the expense of the estate of the bankrupt according to the procedure, established by the laws of the Republic of Kazakhstan;

8) the bankrupt managing director - person designated by authorized body in the field of rehabilitation and bankruptcy for implementation of insolvency proceeding;

8-1) voluntary settlement - the procedure applied at any stage of insolvency proceeding for the purpose of its termination by the agreement signature between the debtor (bankrupt) and creditors approved by court;

9) the debtor - the individual entrepreneur or the legal entity whose insolvency is the basis of application to it of the procedures provided by this Law;

10) group of homogeneous creditors - group of the creditors having identical requirements to the debtor and not having before each other advantage in receipt of their satisfaction.

Groups of homogeneous creditors can constitute:

creditors according to requirements about indemnification of life or health;

creditors on compensation and payment of compensations for employment contracts, and also debts on social contributions to the State Social Insurance Fund, on the compulsory pension contributions compulsory for professional pension contributions, on assignments and (or) fees on compulsory social medical insurance;

creditors according to the obligations provided with pledge;

creditors on taxes and other obligatory payments in the budget;

creditors according to the requirements following from delivery agreements of goods, works and services;

creditors - financial institutions (microfinancial institutions) according to the requirements following from agreements on receipt of the credit (microcredit), not secure pledge;

creditors are bondholders of the debtor;

11) single industrial complex - property, in total necessary for providing single cycle in case of production, procurement, storage, transportation, conversion or realization of agricultural products;

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