Law To Recover Competitive Enterprises
The Law of the Republic of Kazakhstan No. 564-IV ЗРК of 17 February 2012 "On amendments to some legislative acts of Kazakhstan regarding the recovery of competitive enterprises" (the "Law")1, came into effect on 12 March 2012 (apart from certain provisions). The main purpose of the Law is to implement the Post-Crisis Recovery Program approved by the Government of Kazakhstan Resolution dated March 4, 2011 and improve bankruptcy legislation in Kazakhstan. It is envisaged that it would be used mainly for the recovery of Kazakh competitive enterprises affected by financial crises, whose debts exceed KZT 4.5 bln.2
Please note the following provisions of the Law:
Introduction of "Accelerated Rehabilitation"
The main innovation of the Law is the introduction of the so-called 'accelerated rehabilitation' as a new pre-insolvency procedure3, which in essence is a simplified procedure for enterprise rehabilitation. Bankruptcy Law, as amended, now allows a commercial entity (if no bankruptcy or rehabilitation proceedings have started yet and if it is either (i) insolvent or (ii) unable to meet its monetary obligations upon due date in the next twelve months) to file an application to the relevant Kazakh state court and ask for the initiation of the "accelerated rehabilitation" procedure. A mandatory prerequisite for the accelerated rehabilitation process is that the debtor be able to improve its financial position. The following are among the major legal implications resulting from an initiation of the accelerated procedure: (i) stay of enforcement of court decisions and/or arbitration awards issued earlier upon claims of creditors, that are so-called "homogeneous creditors"4, whose claims are stipulated in the rehabilitation plan and (ii) these homogeneous creditors whose claims are stipulated in the rehabilitation plan cannot file for bankruptcy of the debtor. The Law also introduced the concept of so-called "measures of state support" to be determined on a case-by-case basis by the Government of Kazakhstan. The accelerated rehabilitation procedure can be initiated against a debtor who is a recipient of these measures of state support. The main difference between the "accelerated rehabilitation" procedure and the standard "rehabilitation" procedure is that the former is a fast-track procedure (it will generally not last more than 2 years) and, generally, requires prior approval by a simple majority of the affected creditors. Improvement of the...
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