LAW OF THE REPUBLIC OF KAZAKHSTAN

of March 7, 2014 No. 177-V ZRK

About modification and amendments in some legal acts of the Republic of Kazakhstan concerning rehabilitation and bankruptcy, the taxation

Article 1. Make changes and additions to the following legal acts of the Republic of Kazakhstan:

1. In the Civil code of the Republic of Kazakhstan (General part) accepted by the Supreme Council of the Republic of Kazakhstan on December 27, 1994 (Sheets of the Supreme Council of the Republic of Kazakhstan, 1994, No. 23-24 (appendix); 1995, No. 15-16, of Art. 109; No. 20, Art. 121; Sheets of Parliament of the Republic of Kazakhstan, 1996, No. 2, Art. 187; No. 14, Art. 274; No. 19, Art. 370; 1997, No. 1-2, of Art. 8; No. 5, Art. 55; No. 12, Art. 183, 184; Art. No. 13-14, 195, 205; 1998, No. 2-3, of Art. 23; No. 5-6, of Art. 50; No. 11-12, of Art. 178; Art. No. 17-18, 224, 225; No. 23, Art. 429; 1999, No. 20, Art. 727, 731; No. 23, Art. 916; 2000, No. 18, Art. 336; No. 22, Art. 408; 2001, No. 1, Art. 7; No. 8, Art. 52; No. 17-18, of Art. 240; No. 24, Art. 338; 2002, No. 2, Art. 17; No. 10, Art. 102; 2003, No. 1-2, of Art. 3; No. 11, Art. 56, 57, 66; No. 15, Art. 139; No. 19-20, of Art. 146; 2004, No. 6, Art. 42; No. 10, Art. 56; No. 16, Art. 91; No. 23, Art. 142; 2005, No. 10, Art. 31; No. 14, Art. 58; No. 23, Art. 104; 2006, No. 1, Art. 4; No. 3, Art. 22; No. 4, Art. 24; No. 8, Art. 45; No. 10, Art. 52; No. 11, Art. 55; No. 13, Art. 85; 2007, No. 2, Art. 18; No. 3, Art. 20, 21; No. 4, Art. 28; No. 16, Art. 131; No. 18, Art. 143; No. 20, Art. 153; 2008, No. 12, Art. 52; No. 13-14, of Art. 58; No. 21, Art. 97; No. 23, Art. 114, 115; 2009, Art. No. 2-3, 7, 16, 18; No. 8; Art. 44; No. 17, Art. 81; No. 19, Art. 88; No. 24, Art. 125,134; 2010, No. 1-2, of Art. 2; No. 7, Art. 28; No. 15, Art. 71; No. 17-18, of Art. 112; 2011, No. 2, Art. 21, 28; No. 3, Art. 32; No. 4, Art. 37; No. 5, Art. 43; No. 6, Art. 50; No. 16, Art. 129; No. 24, Art. 196; 2012, No. 1, Art. 5; No. 2, Art. 13, 15; No. 6, Art. 43; No. 8, Art. 64; No. 10, Art. 77; No. 11, Art. 80; No. 20, Art. 121; No. 21-22, of Art. 124; No. 23-24, of Art. 125; 2013, No. 7, Art. 36; No. 10-11, of Art. 56; No. 14, Art. 72; No. 15, Art. 76):

1) in table of contents:

to exclude heading of Article 54-1;

to state heading of Article 55 in the following edition:

"Article 55. Effects of initiation of bankruptcy proceedings";

Article 21 to state 2) in the following edition:

"Article 21. Bankruptcy of the individual entrepreneur

1. Insolvency of the individual entrepreneur (Article 52 of this Code) is the basis for recognition by his bankrupt.

2. Bankruptcy of the individual entrepreneur is recognized voluntary or forced procedure by the rules established by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy. From the moment of recognition of the individual entrepreneur by the bankrupt its registration as the individual entrepreneur voids.

3. In case of application to the individual entrepreneur of insolvency proceedings his creditors according to the obligations which are not connected with business activity, having also the right to impose the requirements if completion date according to such obligations came. The requirements of the specified creditors which are not declared by them in such procedure and also requirements which were not met in full from the estate are valid and can be shown to collection after bankruptcy completion of the procedures to the debtor as to physical person. The size of these requirements decreases by the amount of the had satisfaction in the course of bankruptcy of the debtor.";

Item 4 of Article 49 to state 3) in the following edition:

"4. If the property value of the legal entity concerning whom according to the procedure, stipulated in Item 1 this Article, the decision on liquidation is made is insufficient for satisfaction of requirements of creditors, such legal entity shall be liquidated according to the procedure, the established legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.";

Part one of Item 3 of Article 50 to state 4) in the following edition:

"3. The liquidation commission publishes information on liquidation of the legal entity, and also procedure and term of claiming by his creditors in official printing publications of the Ministry of Justice of the Republic of Kazakhstan. The term of claiming cannot be less than two months from the moment of the publication of the announcement of liquidation, except as specified bankruptcies. In case of bankruptcy of the requirement of creditors to the bankrupt shall be declared not later than from the moment of the publication of the announcement of procedure for the statement of requirements by creditors in a month.";

Paragraph one of Item 1 of Article 51 to state 5) in the following edition:

"1. In case of liquidation of the legal entity, except as specified bankruptcies, requirements of his creditors are met in the following priority:";

Shall be replaced with words 6) in Article 52 of the word "and also compulsory pension contributions" "and also compulsory pension contributions and compulsory professional pension contributions";

Part the second Article 54 to state 7) in the following edition:

"The specified measures are implemented within the accelerated rehabilitation procedure, the rehabilitation procedure which procedure and terms of implementation are determined by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.";

To exclude Article 54-1;

Article 55 to state 9) in the following edition:

"Article 55. Effects of initiation of bankruptcy proceedings

1. From the date of pronouncement by court of the decision on recognition of the debtor by the bankrupt and initiation of bankruptcy proceedings:

1) property acquisition and repayment of obligations are prohibited the owner of property of the bankrupt (authorized by it to body), founders (participants), all bodies of legal bankrupt person;

2) terms of all debt obligations of the bankrupt are considered as expired;

3) charge of penalty and remuneration (interest) by all types of debt of the bankrupt stops;

4) the disputes of property nature with participation of the bankrupt considered in court stop if the decisions made on them did not take legal effect;

5) requirements can be imposed on the bankrupt only within insolvency proceeding, except for requirements for execution of guarantees and guarantees of the third parties, and also the address of collection regarding pledge in cases when the third parties act as the pledger;

6) based on the statement of the interim or bankrupt manager and the provided copy of the judgment for recognition of the debtor by the bankrupt all limits and encumbrances for property of the bankrupt (collection orders of financial and state bodies into accounts of the debtor, the arrests on property imposed by legal executives, and others) without adoption of relevant decisions of the bodies which imposed them are lifted;

7) imposing of new arrests on property of the bankrupt and other restrictions on hand is allowed by property of the bankrupt only in claims for recognition of the transaction invalid and reclamation of property from others adverse possession, shown to the bankrupt;

8) the property of the bankrupt which is not transferred to the acquirer at the time of initiation of bankruptcy proceedings is included the estate of the bankrupt, and the creditor or the unaccomplished acquirer according to the unexecuted obligation has the right to impose the requirements to the debtor within insolvency proceeding.";

Article 60 to add 10) with Item 2-1 of the following content:

"2-1. In cases of recognition of economic partnership by the bankrupt or applications of the rehabilitation procedure and appointment of the interim or bankrupt or rehabilitation manager in the procedure established by the law all powers on management pass with it respectively to the interim or bankrupt or rehabilitation manager.";

The subitem 2) to state 11) to part one of Item 5 of Article 91 in the following edition:

"2) if it answers signs of insolvency or insolvency according to the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy or the specified signs will appear at society as a result of dividend payout according to its shares.";

Article 92 to add 12) with Item 6-1 of the following content:

"6-1. In cases of recognition of joint-stock company by the bankrupt or applications of the rehabilitation procedure and appointment of the interim or bankrupt or rehabilitation manager in the procedure established by the law all powers on management pass with it respectively to the interim or bankrupt or rehabilitation manager.";

Article 99 to add 13) with Item 3-1 of the following content:

"3-1. In cases of recognition of production cooperative by the bankrupt or applications of the rehabilitation procedure and appointment of the interim or bankrupt or rehabilitation manager in the procedure established by the law all powers on management pass with it respectively to the interim or bankrupt or rehabilitation manager.";

Article 102 to add 14) with Item 5-1 of the following content:

"5-1. In cases of recognition of the state company by the bankrupt or applications of the procedure of rehabilitation and appointment of the interim or bankrupt or rehabilitation manager in the procedure established by the law all powers on management pass with it respectively to the interim or bankrupt or rehabilitation manager.";

Part one of item 4 of Article 193-1 to state 15) in the following edition:

"4. In cases of intention of the citizen or non-state legal entity to make the transaction on alienation of strategic object, and also the address of collection on strategic object or alienations of strategic object by the rehabilitation or bankrupt managing director, or realization of pledged property (strategic object) by the pawnbroker in out of - legal process, or addresses of collection on strategic object based on court resolution the Republic of Kazakhstan has priority rights to acquisition of strategic object on the conditions determined by the legal act of the Republic of Kazakhstan for state-owned property.";

Item 3 of Article 319 to state 16) in the following edition:

"3. At the request of the pledger the court has the right in the decision on the address of collection on pledged property to delay sale from the public biddings for a period of up to one year of pledged property of physical persons and for a period of up to one month of pledged property of legal entities. Delay does not affect the rights and obligations of the Parties according to the obligation provided with pledge of this property and does not exempt the debtor from compensation of the losses of the creditor and the amounts of penalty which increased during delay,";

The subitem 2) of Item 2 of Article 404 to state 17) in following editions:

"2) recognitions in accordance with the established procedure other party the bankrupt if other is not established by the legal act of the Republic of Kazakhstan for rehabilitation and bankruptcy;".

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