LAW OF THE KYRGYZ REPUBLIC

of April 20, 2015 No. 87

About modification and amendments in the Law of the Kyrgyz Republic "About bankruptcy (insolvency)"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on March 19, 2015

Article 1. Bring in the Law of the Kyrgyz Republic "About bankruptcy (insolvency)" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 1997, No. 11, the Art. 537) the following changes and amendments:

1. To declare Item 6 of Article 1 invalid.

2. In Article 2:

the paragraph the twentieth after the words "remuneration of the administrator" to add with the words "remuneration of the auditor";

to state the paragraph of the twenty sixth in the following edition:

"Liquidating weight - the debtor's assets intended for realization on providing satisfaction of requirements of creditors, except for the property provided in article 86 of this Law.";

add Article with the paragraph the twenty ninth the following content:

"Insufficiency of assets - the financial condition of the debtor which is characterized by lack of enough assets (less the assets which are pledge subject) for covering of legal costs, renumeration expenses to the special administrator, and also other costs connected with process of bankruptcy, provided by this Law.";

add Article with the paragraph the thirty fourth the following content:

"Bankruptcy process suspension - the termination sine die court of process of bankruptcy concerning the debtor.".

3. To add item 4 of Article 4 with the subitem 5 of the following content:

"5) special administration.".

4. In Article 8:

in item 4:

the fifth to state the paragraph in the following edition:

"The administrator can be appointed for carrying out insolvency proceeding at the same time:

1) no more than on two managing subjects debtors provided with actins;

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