Amendments To The Rehabilitation And Bankruptcy Law

The Law of the Republic of Kazakhstan No. 176-V "On Rehabilitation and Bankruptcy" dated 7 March 2014 (hereinafter the "Rehabilitation Law") was amended as follows:

Creditors are entitled to apply to the court requesting an application of the rehabilitation procedure to a debtor. Administrators must, when deregistering at their own will, attach copies of minutes of creditor meetings for each debtor, specifying his/her removal from the office of a rehabilitation and/or bankruptcy manager and the selection of a new nominee. The Law establishes the fixed base fee for interim and bankruptcy for the entire period of the procedure, regardless of its duration. The only exception is the distribution of administrative expenses payable by court order for the account of a creditor for taxes and other obligatory payments to the budget. The minimum amount of the basic fee for interim and rehabilitation managers as well as the payment procedure are determined by the authorized body. Previously, the determination of the amount of a basic fee to an interim manager was the competence of a creditors' meeting. The functions on the development and approval of a form of the mandatory departmental reporting, checklists, risk assessment criteria and semi-annual inspection plans are now excluded from the competence of the authorized body. The Rehabilitation...