The Law of the Republic of Kazakhstan dated March 7, 2014 "On Rehabilitation and Bankruptcy" (paragraph 1 of Article 99) defines that the sale of the bankrupt's property, including the right of claim, is carried out by the bankrupt manager (administrator) by conducting an electronic auction in accordance with the sale plan or by direct sales.
On March 17, 2015, the order of the Minister of Finance of the Republic of Kazakhstan approved the Rules for conducting and determining the organizer of an electronic auction for the sale of the debtor's property (assets) (hereinafter - the Rules), the organizer of the electronic auction was determined by JSC "Information Accounting Center" (hereinafter - the organizer of the auction).
The rules provide for full automation of the process of selling the debtor's property: starting from the submission of applications and ending with the summing up of the auction. The sale of debtors' property is carried out on-line on the web portal of the State Property Register www.gosreestr.kz .
Announcements about the sale of debtors' property, as well as all information about the property being sold, including the image of the property being sold, technical characteristics, are posted on the website of the State Property Register of the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan in the section "Electronic Trading Platform" (www.gosreestr.kz ).
The rules provide that the administrator, no later than two working days after the approval of the sale plan, ensures that the necessary information for each lot (including the seller's data, the name of the bankrupt, the debtor's legal address, the location of the object of sale, information about the object of sale, bank details, etc.) is entered into the database on the web portal of the register of state property of the organizer of the auction (hereinafter referred to as the web portal of the register).
For the publication of the information message about carrying out electronic auctions on the web portal of the registry administrator additionally contributes in the database for each lot of information on the object of sale (including the terms of sale, title to the object of sale, the minutes of the meeting of creditors, etc.).
After the publication of the information message about carrying out electronic auction, the auction organizer provides easy access to everyone to information on the lot posted on the web portal of the registry, the administrator provides free access to everyone to the object of sale.
Registration of participants of the electronic auction is carried out on the web portal of the registry from the date of publication of the information message and ends two hours before the start of the electronic auction. To register as a participant in an electronic auction, it is necessary to register an electronic application on the web portal of the registry in an approved form signed by the participant's EDS.
To submit an electronic application, you must first register on the registry web portal with the following information:
1) for individuals and individual entrepreneurs: IIN, surname, first name and patronymic (if any);
2) for legal entities: BIN, full name, surname, first name and patronymic (if any) of the first head;
3) bank account details in a second-tier bank for the refund of the guarantee fee;
4) contact details (postal address, phone, fax, e-mail).
The electronic auction in the auction hall takes place from Tuesday to Friday, with the exception of weekends and holidays from 10:00 to 17:00 hours of Nur-Sultan time, while the electronic auction begins no later than 15:00 hours of Nur-Sultan time.