ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of July 2, 2014 No. 758

About approval of Rules of compensation by the creditor on taxes and other obligatory payments in the budget of the administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding

According to Item 3 of article 61 of the Law of the Republic of Kazakhstan of March 7, 2014 "About rehabilitation and bankruptcy" the Government of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of compensation by the creditor on taxes and other obligatory payments in the budget of the administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding.

2. This resolution becomes effective after ten calendar days after day of its first official publication.

Approved by the Order of the Government of the Republic of Kazakhstan of July 2, 2014 No. 758

Rules of compensation by the creditor on taxes and other obligatory payments in the budget of the administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding

1. General provisions

1. These rules of compensation by the creditor on taxes and other obligatory payments in the budget of the administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding are developed according to Item 3 of article 61 of the Law of the Republic of Kazakhstan of March 7, 2014 "About rehabilitation and bankruptcy" (further - the Law) and determine procedure for compensation of the administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding, by a court decision the creditor on taxes and other obligatory payments in the budget.

Creditor on taxes and other obligatory payments in the budget are - territorial subdivisions of the Tax Committee of the Ministry of Finance of the Republic of Kazakhstan on areas, the cities of Astana and Almaty (further - tax authorities).

2. The administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding are compensated by a court decision by tax authority if there are in total following circumstances:

1) there are no assets at the debtor;

2) there are no transactions at the debtor which are subject to recognition by invalid;

3) there are no assets at officials of the debtor to whose duties fulfillment of requirements belongs, provided by subitems 1), 2), 3) and 4) Item 2 of article 11 of the Law.

2. Procedure for expense recovery, connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding

3. For the purpose of execution of the judgment about compensation of the administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding, tax authorities within five working days from the date of appointment of the bankrupt managing director sign the service provision agreement with it on carrying out insolvency proceeding (further - the Agreement).

4. Compensation of the administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding is made by a court decision by tax authority based on its petition in form and according to the procedure, established by authorized body from the republican budget.

5. The judgment which took legal effect about recognition of the debtor by the bankrupt with indication of about compensation of administrative expenses by tax authority forms the basis for compensation of administrative expenses.

6. The bankrupt managing director represents to tax authority the judgment about recognition of the debtor by the bankrupt, after entering of data on liquidation of the legal entity into the National register of business and identification numbers by the bodies performing state registration of legal entities and if bankrupt is the individual entrepreneur - after the introduction in legal force of determination of court about bankruptcy completion of the procedure.

7. Compensation of the administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding is made by tax authority by money transfer on the bank account of the bankrupt managing director specified in the Agreement.

8. The administrative expenses connected with initiation of proceedings about bankruptcy are transferred by the bankrupt managing director into the bank account of the interim manager who performed the following events:

1) collection of data on financial condition of the debtor based on documents of financial accounting and the financial reporting for the purpose of confirmation of availability or lack of signs of its insolvency before decision of court;

2) submission to court of the conclusion about financial position of the debtor;

3) forming of the register of requirements of creditors in form, according to the procedure and term, established by the Government of the Republic of Kazakhstan;

4) organization and carrying out the first creditor meeting.

9. Compensation of the administrative expenses connected with initiation of proceedings about bankruptcy and carrying out insolvency proceeding by tax authority is made till December 31 of the current financial year in which insolvency proceeding was carried out.

Compensation of the administrative expenses connected with initiation of proceedings about bankruptcy is made by the bankrupt managing director within five working days from the moment of transfer by tax authority to its bank account of money.

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