Attention "rehabilitation Procedure"
For creditors, business managers and legal entities
The head of state of the Republic of Kazakhstan signed the law on rehabilitation and bankruptcy on 27.12.2019» and related amendments to certain legislative acts of the Republic of Kazakhstan on rehabilitation and bankruptcy, taxation, which entered into force on 10.01.2020.
In accordance with the current legislation "on rehabilitation and bankruptcy" of the Republic of Kazakhstan, in addition to the bankruptcy procedure of enterprises, a rehabilitation procedure is provided for insolvent enterprises.
The Law specifies this procedure in sufficient detail, which is aimed at restoring the debtor's solvency and preserving the debtor's property.
According to the Law, rehabilitation procedure is a procedure applied in court, in which the debtor is subject to reorganization, organizational and economic, managerial, investment, technical, financial and economic, legal and other measures that do not contradict the legislation of the Republic of Kazakhstan aimed at restoring solvency.
For minor debts, in the early stages, when financial insolvency has not yet become irreversible, the rehabilitation procedure is quite effective. It gives the company additional opportunities to revive the business, reform it and restructure production.
In accordance with the amendments to the law, the debtor and the creditor (with the exception of the creditor for taxes and customs payments) have the right to apply to the court for the application of the rehabilitation procedure in case of temporary insolvency and if there is a debt.
The rehabilitation procedure is not a mandatory procedure, so a decision of the creditors ' meeting on its introduction is necessary. This decision should be based on the real possibility of restoring the debtor's solvency, and not just on the desire to extend its functioning.
The peculiarity of the rehabilitation procedure is that from the moment of its introduction, the accrual of penalties (penalties, fines) for all types of debt, including Bank loans and taxes, stops. In other words, all existing debts of the company will be repaid within the framework and terms of the rehabilitation procedure according to a schedule convenient for both the company and the creditors themselves, in accordance with the approved plan.
The main document that ensures the organizational and economic unity of all measures of the studied stage of bankruptcy is the enterprise rehabilitation plan. The peculiarity of this document is that, being essentially a business plan for the project to restore the solvency of the enterprise, it must meet the requirements of the law and be approved by the meeting of creditors.
As you know, in order to achieve the goals of the rehabilitation procedure for the period of their implementation, the right to manage the company is transferred to the rehabilitation Manager. However The law of the Republic of Kazakhstan "on rehabilitation and bankruptcy" also provides for preserving the right to manage the property and Affairs of the debtor for the owner, i.e. for the head or founders (participants) of the insolvent debtor.
Thus, dear entrepreneurs, if today your company has a difficult situation regarding the payment of accounts payable, you will make the right decision for yourself by implementing your rights through the rehabilitation procedure.
For more information on the preparation of rehabilitation documentation, please contact the state revenue Department of the Almaty region.
UGD for Zhambyl district