Kazakhstan simplifies rehabilitation of enterprises procedure
Kazakhstan, Astana, February 20/ Trend T. Nurmagambetov/
President of Kazakhstan Nursultan Nazarbayev has signed a new legal Act on introducing amendments and additions to some legislative acts of the Republic of Kazakhstan ton improvement of competitive enterprises. This is aimed at simplifying the procedures for clearing up the debt problems with companies by improving the bankruptcy system, the President's press-service reported on Monday.
The Civil Code provides for amendments relating to the insolvent debtor of measures aimed at speeding up the restoration of a company's solvency.
The specifying amendment is to link to the Tax Code, aimed at eliminating differences with respect to inclusion the creditors' claims in the register for repayment of debt offsets and other obligatory payments to the budget.
The Bankruptcy Act will be supplemented in the area of the separation of the bankruptcy procedure and the rehabilitation process, introducing new concepts of a homogeneous group of creditors in the event of absent voting
In order to expand the rights of creditors, it will be necessary to institute a creditors' meeting and an additional criteria for counting the vote of creditors has been set, depending on the amount of claim against the debtor. Also the opportunity for creditors to participate in the appointment of the administrator has been introduced and the rules for restriction of the committee of creditors and claims about the numbers are excluded.
This act also provides amendments for non-jurisdiction of disputes on bankruptcy or rehabilitation cases to arbitral courts enabling the participation of potential suppliers that are members of government support measures in public procurement in the presence of tax arrears and provision of the extension on debt repayments.