Article 8. Powers of creditors in the procedures of restoration of solvency, out-of-court or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Home / RLA / Article 8. Powers of creditors in the procedures of restoration of solvency, out-of-court or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Article 8. Powers of creditors in the procedures of restoration of solvency, out-of-court or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

 1. The creditor has the right:

1) declare their claims against the debtor in the manner and within the time limits established by this Law;

2) to receive from the debtor, the financial manager information related to the procedures provided for by this Law, as well as reliable information about the financial situation of the debtor, his property and obligations;

3) in the procedure for restoring solvency, consider the issue of increasing the amount of money left by the debtor at his disposal on a monthly basis;

4) inform the financial manager and the court about the circumstances that have become known, which are grounds for refusing to terminate the obligations of the bankrupt;

IZPI's note! Subparagraph 5) is provided for in the wording of the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

5) apply to the authorized body in the presence of documents indicating signs of intentional bankruptcy in order to hold the debtor accountable in accordance with the laws of the Republic of Kazakhstan.;

6) have other rights provided for by this Law and other laws of the Republic of Kazakhstan.

2. The creditor is obliged to:

1) submit to the financial manager documents confirming the basis and amount of his claims when declaring his claims against the debtor;

2) provide the available information on the causes of the debtor's insolvency, his financial situation, property and obligations at the request of the financial manager no later than ten working days from the date of receipt of the request.;

3) to review the draft plan for restoring solvency and make suggestions and/or comments (if any) within the time period established by this Law.;

4) when considering a draft plan for restoring solvency, propose one of the debt restructuring instruments provided for in paragraph 2 of Article 29 of this Law.

This subparagraph does not apply to creditors for the payment of alimony, compensation for damage caused to life or health.;

5) perform other duties stipulated by this Law and other laws of the Republic of Kazakhstan.

3. The claims of the creditor who has not fulfilled the obligation provided for in subparagraph 4) 2 of this Article, are subject to satisfaction in accordance with the procedure provided for in paragraph 6 of Article 40 of this Law.

This Law regulates public relations arising in the event of the insolvency of a citizen of the Republic of Kazakhstan, establishes the grounds for the application of the procedure for restoring solvency, as well as the procedures for out-of-court and judicial bankruptcy, the procedure and conditions for their conduct.

President

Republic of Kazakhstan

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