Approved by the order of the Ministry of state revenues of the Republic of Kazakhstan of October 21, 1999 No. 1286

Rules of satisfaction of requirements of the creditor Tax Committee for debt repayment of the poor debtor (bankrupt) before the budget in the course of bankruptcy proceedings at the expense of the property transferred to receivers

These rules are developed according to the Law of the Republic of Kazakhstan "About bankruptcy" of 21.07.97 N 67-I, the Law of the Republic of Kazakhstan "About taxes and other obligatory payments in the budget" of 24.04.95 N 2235 and taking into account the letter of the Supreme Court of the Republic of Kazakhstan from 07.09.99 N 6-8/803 for the purpose of more complete satisfaction of requirements of the budget as creditor of the fourth queue in the course of bankruptcy proceedings at the expense of property of the debtor.

1. The basic concepts used in these rules:

a) Agency - "Agency on Reorganization and Liquidation of the Companies" open joint stock company;

b) the Tax Committee - the territorial Tax Committee of the Ministry of state revenues of the Republic of Kazakhstan;

c) the receiver - person designated in accordance with the established procedure for implementation of bankruptcy proceedings (the procedure performed for the purpose of satisfaction of requirements of creditors and the announcement of the bankrupt (poor debtor) free from debts);

d) the bankrupt - the debtor whose insolvency is acknowledged as court;

e) property - the assets of the bankrupt taxpayer offered receivers on account of debt repayment (including accounts receivable, movable and immovable things etc.).

2. Procedure for acceptance of property

2.1. The Tax Committee signs the agreement of the order with the Agency (according to appendix 1).

2.2. In case of impossibility of accomplishment of obligations of the bankrupt to the state as the creditor of the fourth queue otherwise, except as acceptance of property in nature, the Tax Committee issues to the Agency the power of attorney (appendix 2) on obtaining from the receiver of property of the debtor.

2.3. The agency based on the power of attorney accepts property of the bankrupt from the receiver.

3. Procedure for realization of the received property

3.1. The received property is implemented by the Agency on open auctions or other method which is not contradicting the current legislation taking into account these rules and the agreement.

3.2. Within three days from the moment of receipt of information on the received property carries out its assessment and within 10 days after assessment of property publishes in mass media of the data on implementable property.

3.3. Person wishing to acquire property at auction deposits the guarantee fee to account of the Agency which in case of realization of property and receipt of funds in the budget remains at the Agency as commission fee. At the same time the size of commission fee is determined in the agreement and cannot exceed 10% of total amount of the realized property.

3.4. In case of impossibility of realization of property according to item 3.1 of these rules the Agency has the right to lease in coordination with the relevant Tax Committee the specified property according to item 5 of these rules.

4. Procedure of payments

4.1. Within three days from the moment of purchase and sale agreement signature the amount of money which is due for property shall be transferred into the budget for the details specified by the Tax Committee.

5. Procedure for realization of property by transfer to leasing

5.1. Agency:

5.1.1. In each case approves with the relevant Tax Committee of form of leasing transactions, the leasing term, the amount and the schedule of receipt of leasing payments.

5.1.2. Transfers property to leasing recipients on the basis of leasing agreements (agreements) providing respect for interests of participants of leasing.

5.1.3. Regularly reports to the Tax Committee on course of execution of leasing agreements (agreements).

5.2. Procedure of payments:

5.2.1. In three-day time from the moment of receipt of funds according to the leasing agreement (agreement) transfers amount of money into the accounts specified by the Tax Committee.

5.2.2. The commission fee is paid in the amount of and according to the procedure, the these rules specified in items 3.3 and 4.2.

6. Use of accounts receivable

6.1. In some cases in case of impossibility of repayment of debts of the fourth queue during bankruptcy proceedings by money or liquid property the Agency in coordination with the Tax Committee has the right to accept accounts receivable of the bankrupt for the subsequent realization.

6.2. Realization of accounts receivable is carried out on the conditions provided by Chapter 3 of these rules.

6.3. Transfer of means in the budget is made on the conditions stipulated in item 4 of these rules.

7. Procedure for debt write-off of the bankrupt

7.1. The term of realization of accounts receivable (including the term of cash receipt) cannot exceed date of termination of bankruptcy proceedings.

7.1.1. Originally the amount of the transferred property is not reflected in personal accounts of the bankrupt and reports of the receiver.

7.1.2. In case of successful realization of property and receipt of funds in the budget in personal accounts and the report of the receiver the amount which actually arrived from such realization is specified.

7.2. When using the leasing mechanism the closing date of such agreements cannot exceed date of termination of bankruptcy proceedings.

7.2.1. After the conclusion of the leasing agreement the amount specified in the agreement is charged off personal account of the bankrupt. The Tax Committee opens personal account on the leasing recipient on which the sum which is written off at the bankrupt is granted.

Appendix 1

                      ТИПОВОЙ ДОГОВОР ПОРУЧЕНИЯ

     Г. (с) ____________                   "______"____________ ___ г.

     Налоговый комитет по ____________________________________________
в лице   именуемом   далее   "Доверитель",  действующем  на  основании
Положения, с одной стороны, и филиал ОАО "Агентство по реорганизации и
ликвидации предприятий" по ___________________________________ в  лице
__________________________________, именуемом       в       дальнейшем
"Поверенный",  действующем  на основании Положения,  с другой стороны,
руководствуясь ГК РК,  Положением  о  порядке  и  условиях  проведения
специализирова�

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