LAW OF THE KYRGYZ REPUBLIC

of May 12, 2017 No. 80

About introduction of amendments to the Law of the Kyrgyz Republic "About bankruptcy (insolvency)"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on April 20, 2017

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:

Article 27-1 to add 1) with Items 1-1 and 1-2 of the following content:

"1-1. The creditor during insolvency proceeding has the right to take a legal action with the claim to the decision of the administrator or to appeal the judgment according to the Code of civil procedure of the Kyrgyz Republic.

1-2. The claim to the decision of the administrator is considered by court if before the this claim was sent to the administrator.";

To exclude 2) in subitem 7-1 of Item 2 of Article 27-8 of the word "according to requirements and according to the procedure, stipulated in Clause 125 these Laws";

Item 2 of Article 67 to state 3) in the following edition:

"2. The transaction made by the debtor within one year prior to process of bankruptcy of the debtor preceding filing of application about recognition of the debtor by the bankrupt can be acknowledged invalid according to the statement of the special administrator if:

Execution of the specified transaction resulted 1) in insolvency of the debtor;

2) transaction price much more or is less, than its market price at the time of execution of the transaction, and effect of the transaction led to financial losses.";

Chapter 4 to add 4) with Article 67-1 of the following content:

"Article 67-1. Legal regime of agreements

1. The administrator refuses execution of the agreements signed by the debtor prior to process of bankruptcy which are not performed by both parties fully or partially in the presence of one of the following circumstances:

1) the agreement is signed with the affiliate;

2) the agreement contains burdensome conditions for the debtor in comparison with earlier signed similar agreements;

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