Article 72. Formation of the register of creditors' claims in the rehabilitation procedure The Law on Rehabilitation and Bankruptcy

Home / Laws / Article 72. Formation of the register of creditors' claims in the rehabilitation procedure The Law on Rehabilitation and Bankruptcy

1. The temporary administrator sends to the authorized body an announcement on the initiation of rehabilitation proceedings and the procedure for creditors to file claims for posting on the authorized body's Internet resource in Kazakh and Russian within two working days from the date of initiation of rehabilitation proceedings.

Creditors' claims are accepted by the temporary administrator at the location of the debtor or at the place of registration of the administrator indicated by him in the notice of commencement of activity as an administrator.

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

If the debtor has an Internet resource, publication of the message on the specified Internet resource is mandatory.

2. Creditors' claims against the debtor must be filed by them no later than one month from the date of publication of the announcement on the procedure for filing claims by creditors.

Creditors' claims must contain:

1) information on the amount of the claim (separately on the amount of the principal debt, remuneration (interest), penalties and other penalties, losses). The amount of the claim is determined on the date of the application of the specified claim;

2) an indication of one of the methods of notification of the creditors' meeting provided for in paragraph 1 of Article 25 of this Law.

The request is accompanied by copies of documents confirming the basis and amount of the claim (court decisions that have entered into force, copies of contracts, recognition of debt by the debtor), with the presentation of the original documents for reconciliation.

Creditors are also entitled to submit other documents confirming the basis and amount of the claim.

The agent bank, acting on behalf of and in the interests of the participants of the creditors' syndicate in accordance with the legislation of the Republic of Kazakhstan on project financing and securitization, declares claims separately for each participant of the creditors' syndicate on the basis of a syndicated loan agreement.

If the amount of the claim for remuneration (interest) and damages specified in subparagraph 1) of part two of this paragraph has been changed as of the date of the court's decision to apply the rehabilitation procedure, the creditor shall, within ten working days from the date of the court's decision, re-declare his claims, taking into account the said change.

Creditors' claims denominated in foreign currency are accounted for in tenge at the official exchange rate set by the National Bank of the Republic of Kazakhstan as of the date of the court's decision on the application of the rehabilitation procedure.

If a rehabilitation case is initiated against an individual entrepreneur, creditors' claims may also be filed that do not arise from his business activities, if the deadline for fulfilling such obligations has arrived.

3. A creditor's claim filed later than the deadline specified in paragraph 2 of this article shall be included in the register of creditors' claims, but such creditor shall be deprived of the right to vote in the creditors' meeting until the creditors' claims filed within one month are fully satisfied.

4. Creditors' claims must be reviewed by the interim administrator or rehabilitation manager within ten working days from the date of their application.

Based on the results of the review, recognized claims are subject to inclusion in the register of creditors' claims.

The register may include creditors' claims filed by them earlier in court, if they meet the requirements specified in the second part of paragraph 2 of this article, in the presence of a creditor's application.

The register of creditors' claims does not include the claims provided for in paragraph 7 of Article 90 of this Law.

5. Creditors' expenses related to their participation in the rehabilitation procedure are not reimbursable.

6. The temporary administrator is obliged to notify each creditor in writing on the day following the day of the decision on the results of consideration of creditors' claims (on recognition or non-recognition of the claim in full or in part, indicating the reasons for non-recognition).

In the notice of recognition of the creditor's claim (in full or in part), the temporary administrator must specify the date, time, place and agenda of the first creditors' meeting.

In case of disagreement with the decision of the temporary administrator, the creditor has the right to appeal it to the court considering the rehabilitation case within ten working days from the date of receipt of the notification of the temporary administrator.

7. The temporary administrator is obliged, no later than two months from the date of the court ruling on the initiation of rehabilitation proceedings, to form a register of creditors' claims in Kazakh and Russian, as well as a list of creditors whose claims have not been recognized, in accordance with the procedure, terms and form established by the authorized body, and to send to the authorized body a list of creditors' claims, as well as a list of creditors whose claims have not been recognized, for posting on the Internet resource of the authorized body.

The authorized body is obliged to post it on its Internet resource no later than two working days from the date of receipt from the temporary administrator of the register of creditors' claims.

Amendments and additions to the formed register of creditors' claims are made in accordance with the procedure determined by the authorized body.

8. The creditor has the right to appeal the amount and grounds of the claims of other creditors within twenty working days from the date of publication of the register of creditors' claims.

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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