The Law of the Republic of Kazakhstan of 7 March, 2014 № 176-V «On Rehabilitation and Bankruptcy» (has been amended by the 2016)

The Law of the Republic of Kazakhstan of 7 March, 2014 № 176-V
«On Rehabilitation and Bankruptcy»

(has been amended by the 2016)

Unofficial translation

This Law regulates public relations arising upon failure of the debtor to satisfy requirements of the creditors in full, establishes the grounds for applying accelerated rehabilitation procedure, rehabilitation procedure and declaration of the debtor as a bankrupt, as well as determines the procedure and conditions of conducting the procedures of rehabilitation and bankruptcy.

Chapter 1. GENERAL PROVISIONS

Footnote. Article 1 as amended by the Law of the Republic of Kazakhstan dated 29.09.2014 No. 239-V; dated 13.11.2015 № 399-V; dated 16.11.2015 № 406-V (shall be enforced from 01.07.2017); dated 07.04.2016 № 487-V (shall be enforced upon expiry of six months after the day its first official publication).

Article 1. Basic definitions used in this Law

The following basic definitions are used in this Law:

1) agricultural producer - individual entrepreneur or legal entity producing agricultural products with the use of land; producing agricultural animal, poultry (as well as poultry breeding with full circle, beginning from culturing growing stock), beekeeping products, if the income from selling these products, as well as processed products is more than fifty percent from the total sum of annual income;

2) premeditated bankruptcy - intended creation or increase of non-creditworthiness consummated in the result of actions (omission) of the founder (participant), civil servant, bodies of legal entity, and equally individual entrepreneur in personal interests or in behalf of other persons;

3) administrator - temporary administrator rehabilitated, temporary and bankruptcy managers appointed in established manner in the period of considering the cases in court and conduct of rehabilitation procedure and bankruptcy proceeding;

4) administrative costs - the expenses linked with initiating and conduct of rehabilitation procedure or bankruptcy proceeding;

5) bankrupt - the debtor the insolvency of whom is established by the court decision entered into legal force;

6) bankruptcy - insolvency of the debtor recognized by court decision that is the ground for its liquidation;

7) bankruptcy proceeding - the procedure carried out for the purpose of satisfying requirements of the creditors at the expense of property mass of the bankrupt in the manner established by the Laws of the Republic of Kazakhstan;

8) bankruptcy manager - the person appointed by the authorized body in the field of rehabilitation and bankruptcy for carrying out of the bankruptcy proceeding;

8-1) settlement agreement - a procedure applied at any stage of bankruptcy proceedings with a view to terminate them by concluding an agreement between a debtor (bankrupt) and creditors, which shall be affirmed by court;