Article 59-1. Decision on termination of bankruptcy proceedings, application of rehabilitation procedure and approval of rehabilitation plan The Law on Rehabilitation and Bankruptcy
1. The court's decision to terminate the bankruptcy procedure, apply the rehabilitation procedure and approve the rehabilitation plan is made by the court on the terms and in accordance with the procedure provided for in Article 95-1 of this Law, taking into account the conclusion of the bankruptcy trustee on the financial stability of the debtor, according to which the debtor, based on the results of the implementation of measures provided for in the rehabilitation plan, is subject to classification into financial stability class I.
2. The court's decision to terminate the bankruptcy procedure, apply the rehabilitation procedure and approve the rehabilitation plan must contain an indication of:
1) termination of bankruptcy proceedings and execution of a court decision declaring the debtor bankrupt and liquidating him with the initiation of bankruptcy proceedings;
2) termination of the powers of the bankrupt manager;
3) the application of the rehabilitation procedure and the approval of the rehabilitation plan;
4) the occurrence of the consequences of the rehabilitation procedure provided for by this Law;
5) excluded by the Law of the Republic of Kazakhstan dated December 27, 2019 No. 290-VI (effective ten calendar days after the date of its first official publication);
6) transfer of constituent documents, accounting documents, title documents to property, seals (if any), stamps, tangible and other valuables to the bankrupt managing body or person to whom the creditors' meeting has delegated authority to manage the debtor in accordance with the procedure provided for in Article 69 of this Law.
3. The court refuses to terminate the bankruptcy procedure, apply the rehabilitation procedure and approve the rehabilitation plan in the following cases::
the lack of consent of the creditors' meeting on the approval of the rehabilitation plan;
if the debtor has not proved during the court proceedings the possibility of restoring solvency.
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
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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