Article 27. The procedure for the liquidation of a non-profit organization of the Law on Non-Profit Organizations

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1. The Liquidation Commission shall publish information on the liquidation of a legal entity, as well as on the procedure and deadline for filing claims by its creditors in the official publications of the central body of justice. The deadline for filing claims may not be less than two months from the date of publication of the liquidation of a non-profit organization.

The liquidation commission takes measures to identify creditors and collect debts, de-register branches and representative offices, and notify creditors in writing of the liquidation of a non-profit organization.

2. After the deadline for creditors to file claims expires, the liquidation commission draws up an interim liquidation balance sheet, which contains information on the composition of the property of the non-profit organization being liquidated, the list of claims filed by creditors, as well as the results of their consideration.

The interim liquidation balance sheet is approved by the owner of the property of a non-profit organization or the body that made the decision to liquidate the non-profit organization.

3. If the non-profit organization being liquidated (except for state institutions) does not have enough money to satisfy creditors' claims, the liquidation commission shall sell the property of the non-profit organization at public auction in accordance with the procedure established for the enforcement of court decisions.

4. Payment of money to creditors of a liquidated non-profit organization is made by the liquidation commission in the order of priority established by Article 51 of the Civil Code of the Republic of Kazakhstan, in accordance with the interim liquidation balance sheet, starting from the date of its approval.

5. After completing settlements with creditors, the liquidation commission draws up a liquidation balance sheet, which is approved by the owner of the property of the non-profit organization or the body that made the decision to liquidate the non-profit organization.

6. If the institution being liquidated does not have enough money to satisfy creditors' claims, the latter have the right to apply to the court with a claim for satisfaction of the remaining part of the claims at the expense of the owner of the property of this institution.

The Law of the Republic of Kazakhstan dated January 16, 2001 No. 142.

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