Article 51. Satisfaction of creditors' claims of the Civil Code of the Republic of Kazakhstan
1. In case of liquidation of a legal entity, except in cases of bankruptcy, the claims of its creditors are satisfied in the following order::
1) first of all, the claims for payment of alimony deducted from wages and (or) other income, as well as the claims of citizens to whom the liquidated legal entity is responsible for causing harm to life or health, are satisfied by capitalizing the corresponding time-based payments;
2) in the second place – calculations are made for the payment of wages and compensation to persons who worked under an employment contract, the payment of arrears in social contributions to the State Social Insurance Fund, mandatory pension contributions withheld from wages, mandatory professional pension contributions, deductions and (or) contributions to compulsory social health insurance to the social health insurance fund, as well as the payment of remuneration under copyright agreements, except for the following cases:, when a part of the amounts of claims in accordance with the legislative act of the Republic of Kazakhstan regulating bankruptcy issues is satisfied in the fifth turn;
3) third, creditors' claims for obligations secured by a pledge of the property of the bankrupt being liquidated are satisfied within the amount of the collateral, with the exception of creditors' claims – holders of mortgage-backed bonds secured by a pledge of claims under housing mortgage loan agreements (including mortgage certificates), government securities of the Republic of Kazakhstan in cases where ownership of these bonds arose from their holders or passed to them through transactions or on other grounds provided for by legislative acts of the Republic of Kazakhstan, as well as creditors' claims, which are satisfied in accordance with the second part of paragraph 5 or the second part of paragraph 6 of Article 50 of this Code;
4) in the fourth row, arrears in taxes and other mandatory payments to the budget are being paid off;
5) fifth, settlements are made with other creditors in accordance with the legislative acts of the Republic of Kazakhstan, as well as with collateral creditors in the cases provided for in part three of paragraph 5 and part six of paragraph 6 of Article 50 of this Code.;
2. The requirements of each queue are satisfied after the requirements of the previous queue are fully satisfied.
3. If the property of the legal entity being liquidated is insufficient, it is distributed among creditors of the appropriate queue in proportion to the amounts of claims to be satisfied, unless otherwise established by law.
4. If the liquidation commission refuses to satisfy the creditor's claims or evades their consideration, the creditor has the right to file a lawsuit against the liquidation commission before the liquidation balance sheet of the legal entity is approved. By a court decision, the creditor's claims may be satisfied at the expense of the remaining property of the liquidated legal entity.
5. The property of a legal entity remaining after satisfaction of creditors' claims is transferred to its owner or founders (participants) who have property rights to this property or rights of obligation in relation to the legal entity, unless otherwise provided by law or the constituent documents of the legal entity.
6. Creditors' claims that are not satisfied due to insufficient assets of the liquidated legal entity, as well as those that were not declared before the liquidation balance sheet was approved, are considered settled.
Creditors' claims that have not been recognized by the liquidation commission, if the creditor has not filed a claim with the court, and claims that have been refused by the court's decision, are also considered to be settled.
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