Article 102. The amount and procedure for satisfying the creditors' claims of the first stage of the Law on Rehabilitation and Bankruptcy

Home / Laws / Article 102. The amount and procedure for satisfying the creditors' claims of the first stage of the Law on Rehabilitation and Bankruptcy

1. Determination of the amount of claims of citizens to whom the debtor is responsible for causing harm to life and health is carried out by capitalizing the corresponding time-based payments (in the amount on the day of recognition of the debtor as bankrupt) to be paid to the citizen before he reaches the age of seventy, but not less than ten years in advance. If the age of a citizen exceeds seventy years, the period of capitalization of the corresponding time-based payments is ten years.

2. Payment of the amount determined in accordance with the procedure provided for in paragraph 1 of this article terminates the corresponding obligation of the bankrupt.

3. The claims of creditors of the first stage for compensation for damage caused to life and health that remain unsatisfied due to a lack of bankrupt property are reimbursed in accordance with the procedure established by the civil legislation of the Republic of Kazakhstan.

4. When determining the amount of creditors' claims for remuneration and compensation, the debt incurred on the date of initiation of bankruptcy proceedings shall be taken into account as part of the first stage, except for the cases provided for in paragraphs 5 and 6 of this article.

5. Creditors' claims for remuneration and compensation, with which the employment relationship has arisen during a period of time starting from one year prior to the initiation of bankruptcy proceedings, are taken into account as part of the first stage based on no more than the average monthly salary that the debtor received in the twelve calendar months preceding one year prior to the initiation of bankruptcy proceedings. bankruptcy. The remaining amounts of claims are accounted for as part of the fifth stage.

6. The amounts of increases in creditors' claims for wages and compensation resulting from an increase in an employee's salary during the period starting from one year before the initiation of bankruptcy proceedings are recorded in the register of creditors' claims as part of the fifth stage.

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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