Comment to article 377. Termination of an obligation by liquidation of a legal entity The Civil Code of the Republic of Kazakhstan
Termination of the activities of legal entities is carried out in the form of liquidation and reorganization. The obligation is terminated only upon the liquidation of legal entities. During the reorganization, it is not terminated, but passes to the legal successors (see art. 46 of the Civil Code and the commentary to it).
The procedure for liquidation of a legal entity and settlements with creditors is determined by Articles 50-57 of the Civil Code (see commentary), as well as the Bankruptcy Law.
Creditors' claims that are not satisfied due to a lack of property 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 were not recognized by the liquidation commission, if the creditor did not file a lawsuit with the court, and claims that were denied to the creditor by a court decision are also considered to be settled (see paragraph 6 of Article 51 of the Civil Code).
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The commentary was prepared within the framework of the scientific and practical research program of the Scientific Research Center of Private Law of the Kazakh State Law University.
Head of the working group on the preparation of the draft Civil Code of the Republic of Kazakhstan, Corresponding Member of the Academy of Sciences of the Republic of Kazakhstan, Professor Suleimenov M.K.
Deputy head Professor Basin Yu.G.
