Article 25. Information message about the creditors' meeting The Law on Rehabilitation and Bankruptcy

Home / RLA / Article 25. Information message about the creditors' meeting The Law on Rehabilitation and Bankruptcy

1. For the purposes of this Law, proper notification of creditors, as well as other persons entitled to participate in the creditors' meeting, is recognized as one of the following methods::

1) publication of an information message on the creditors' meeting in Kazakh and Russian on the authorized body's Internet resource no later than ten working days before the date of the creditors' meeting;

2) delivery to the creditor personally against signature of the information message on the creditors' meeting in Kazakh and Russian languages no later than ten working days before the date of the creditors' meeting;

3) sending a notice to the creditor about the creditors' meeting by registered mail no later than fifteen working days before the date of the creditors' meeting.

4) sending a message in the form of an electronic document via the web application of the authorized body's Internet resource no later than ten working days before the date of the creditors' meeting.

If it is not possible to notify the creditor in the manner provided for in subparagraph 2) of the first part of this paragraph, the methods established by subparagraphs 1) and 4) of the first part of this paragraph are recognized as proper notification of such a creditor.

If the debtor has an Internet resource, the publication of an information message in Kazakh and Russian on the specified Internet resource about holding a creditors' meeting no later than ten working days before the date of the creditors' meeting is mandatory.

This paragraph does not apply to the notification of creditors about the holding of the first creditors' meeting during the rehabilitation procedure or bankruptcy procedure. The procedure for notifying creditors of the holding of the first creditors' meeting is determined by:

during the rehabilitation procedure – paragraph 6 of Article 72 of this Law;

in case of bankruptcy proceedings – by paragraph 1 of Article 91 of this Law.

The administrator, and in cases of organization of a creditors' meeting by the creditors' committee, the chairman of the creditors' committee, within two working days from the date of sending the creditors' meeting notification to the creditors, sends to the authorized body a notification of the creditors' meeting in Kazakh and Russian for posting on the authorized body's Internet resource.

The authorized body is obliged to post it on its Internet resource within two working days from the date of receipt of the notification.

2. The notice of the creditors' meeting should contain the following information::

name and legal address of the debtor;

date, time and place of the creditors' meeting;

the agenda of the creditors' meeting;

the procedure for reviewing the materials to be reviewed by the creditors' meeting.

The agenda should contain issues proposed for consideration that are directly within the competence of the creditors' meeting. When forming the agenda, it is not allowed to use the wording of an extended interpretation.

3. If it is impossible to directly participate in the meeting, the creditor has the right to vote in absentia, including by registered mail or electronically, with the exception of the first creditors' meeting.

If the creditor votes in absentia, he must inform the rehabilitation or bankruptcy administrator about this no later than five working days before the meeting.

The rehabilitation or bankruptcy trustee is obliged to send or submit materials related to the agenda to such a creditor no later than three working days before the meeting.

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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