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Article 103. The amount and procedure for satisfying creditors' claims of the second stage of the Law on Rehabilitation and Bankruptcy
1. When determining the amount of a pledge creditor's claim, the debt under the obligation in the part secured by the pledge is taken into account.
2. The claims of the secured creditor are satisfied within the amount of the proceeds from the sale of the pledged item. The amount of claims exceeding the amount of the proceeds from the sale of the collateral is subject to inclusion in the fourth stage.
2-1. If the pledged property is the subject of collateral for obligations under a syndicated loan agreement, the money earned from the sale of the pledged item is distributed among creditors providing loans with syndicated financing in accordance with the legislation of the Republic of Kazakhstan on project financing and securitization, in proportion to the size of their claims secured by collateral, unless otherwise provided by the agreement between them.
3. Excluded by the Law of the Republic of Kazakhstan dated December 27, 2019 No. 290-VI (effective ten calendar days after the date of its first official publication).
4. Excluded by the Law of the Republic of Kazakhstan dated December 27, 2019 No. 290-VI (effective ten calendar days after the date of its first official publication).
The Law of the Republic of Kazakhstan dated March 7, 2014 No. 176-V SAM.
This Law regulates public relations arising from the debtor's inability to satisfy creditors' claims in full, establishes the grounds for applying debt restructuring procedures, rehabilitation procedures and declaring the debtor bankrupt, liquidating the debtor without initiating bankruptcy proceedings, and also defines the procedure and conditions for their conduct.
President
Republic of Kazakhstan
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