Recent Legislative Amendments: Civil Laws, Banking Laws, Bankruptcy And Rehabilitation Laws And Property And Registration Laws
On 11 March 2017, the Law of the Republic of Kazakhstan ('RK') No. 49-VI 'On Amending Certain Legislative Acts of the Republic of Kazakhstan on Improvement of Civil and Bank Laws and Business Conditions' came into force[1] ('the Law').
We would like to draw your attention to significant changes to the civil laws, as well as Kazakhstan laws on rehabilitation and bankruptcy, movable and immovable property, the bank and the tax laws of the RK.
Rehabilitation and Bankruptcy
The liability for premeditated or false bankruptcy of a legal entity may be imposed for both act and failure to act by the founder (shareholder) and/or officer thereof.[2] The base remuneration for temporary administrator, rehabilitation, temporary and bankruptcy managers determined by the competent body is set by the meeting of creditors. The bankruptcy manager must conclude an agreement on conducting bankruptcy proceedings with the creditors' committee within 10 working days from the date of his appointment, and make an estimate of administrative expenses for the bankruptcy proceedings within 20 working days from the date of appointment. Creditors may now be notified on holding a meeting through Internet. State Registration of Movable and Immovable Property
As from 2 May 2017, a necessary condition for the state registration of the immovable property rights is entering in the legal cadaster information system the identification and technical details of buildings, constructions and/or components thereof for the newly created immovable property.[3] E-registration of the pledge of movable property is possible by filing an e-application certified by e-signatures of the pledger and pledgeholder. The 'Unified Register of Pledge of Movable Property' was set up. This is an information system that provides single access to information on the movable property pledge and filing an e-application to register a movable property pledge. Bank Laws [4]
Reorganization procedure, i.e. changes in the company structure, is no longer applicable to the banks in the following cases: Willful reorganization in accession; Transmission of assets and liabilities between a parent bank and a subsidiary. Subsidiary...
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