Article 27. Creditors' Committee The Law on Rehabilitation and Bankruptcy

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1. The Creditors' Committee for rehabilitation and bankruptcy proceedings shall be established in accordance with the procedure established by this Law.

If it is impossible to comply with the minimum number of members of the creditors' committee provided for in paragraph one of paragraph 2 of this article, the creditors' meeting shall exercise the powers of the creditors' committee.

2. The composition of the creditors' committee is formed and approved by the creditors' meeting. The minimum number of members in the creditors' committee may not be less than three persons.

The creditors' committee consists of one creditor from each group of homogeneous creditors, unless otherwise provided for in this paragraph.

A creditor who does not form a group of homogeneous creditors due to the absence of other creditors with identical claims against the debtor may be included in the creditors' committee.

A member of the creditors' committee must not be an affiliated person or a person deprived of the right to vote in the creditors' meeting.

3. The grounds for making changes to the formed and approved composition of the creditors' committee are:

1) fulfillment of obligations to a creditor who is a member of the creditors' committee;

2) circumstances preventing the creditor from being a member of the creditors' committee (judicial acts that have entered into legal force, liquidation or death of the creditor, etc.);

3) identification of affiliated companies;

4) failure by a member of the creditors' committee to attend meetings of the creditors' committee more than twice without a valid reason provided for in subparagraphs 1) and 2) of part four of paragraph 4 of Article 26 of this Law.

4. The notice of the creditors' committee meeting is sent by the administrator by registered mail no later than five working days before the date of the meeting.

When exercising the powers of the creditors' committee by the creditors' meeting in the case provided for in the second part of paragraph 1 of this Article, notification of a meeting of the creditors' meeting shall be sent in accordance with the procedure provided for in this article.

5. The powers of the creditors' committee are provided for in Articles 76 and 94 of this Law.

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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