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At present, when all countries of the world, including Kazakhstan, are busy finding ways out of the crisis - stabilizing the financial system, increasing the level of employment of the population, when not only the country's economy, but the entire world economy is undergoing a financial crisis, the question of its recovery through the rehabilitation procedure becomes even more urgent.
In accordance with the current legislation "On Rehabilitation and Bankruptcy" of the Republic of Kazakhstan, in addition to the bankruptcy (liquidation) procedure of enterprises, a rehabilitation procedure is provided for insolvent (insolvent) enterprises.
The Law prescribes this procedure in sufficient detail, which is aimed at restoring the solvency and preserving the debtor's property. Being one of the judicial procedures, the rehabilitation procedure occupies a special place among them. This follows, first of all, from the specifics of the procedure itself, its goals and the consequences of its introduction. Figuratively describing the rehabilitation procedure, we can say that this is the last chance for the company to overcome the crisis. Otherwise, if it is impossible to restore solvency, the court declares the debtor bankrupt and the bankruptcy procedure follows.
According to the Law, a rehabilitation procedure is a procedure applied in court, within the framework of which reorganization, organizational and economic, managerial, investment, technical, financial and economic, legal and other measures aimed at restoring solvency that do not contradict the legislation of the Republic of Kazakhstan are applied to the debtor.
With minor debts, in the early stages, when financial insolvency has not yet become irreversible, the rehabilitation procedure is sufficiently 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) has the right to apply to the court with an application for the application of a rehabilitation procedure in case of temporary insolvency and subject to the presence of debt.
The rehabilitation procedure is not a mandatory procedure, therefore, 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 the term of 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. That is, all existing debts of the enterprise will be repaid within the framework and terms of the rehabilitation procedure according to a schedule convenient for both the enterprise and the creditors themselves, in accordance with the approved plan.
Thus, dear entrepreneurs, if today there is a difficult situation on the payment of accounts payable at your enterprises, you will make the right decision for yourself by exercising your rights through the rehabilitation procedure.