This information is prepared in accordance with the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy” and outlines the powers of temporary and bankruptcy administrators involved in bankruptcy procedures.
The temporary administrator operates during the court’s consideration of a bankruptcy case (Article 88 of the Law). In accordance with the legislation, the temporary administrator has the right to request information about the debtor and its assets, identify and challenge transactions, and request necessary documents from creditors.
Key responsibilities include analyzing the debtor’s financial condition and submitting a report on financial stability to the court.
Once the debtor is declared bankrupt, the temporary administrator ensures the initial stage of the procedure by publishing information on the bankruptcy, forming the register of creditors’ claims, conducting an inventory of assets, organizing the first creditors’ meeting, and transferring all documents and assets to the bankruptcy administrator.
The bankruptcy administrator carries out the bankruptcy procedure after the debtor is officially declared bankrupt (Article 89 of the Law). The administrator has the right to request documents and information, challenge transactions and reorganizations, attract financing with the consent of creditors, and appeal decisions made within the bankruptcy process.
The main responsibilities of the bankruptcy administrator include taking over the debtor’s assets and documentation, collecting receivables, selling the debtor’s property, maintaining the register of creditors’ claims, and settling claims with creditors in accordance with the established priority.
In addition, the administrator identifies persons subject to subsidiary liability, informs creditors and the authorized body, and ensures the completion of the bankruptcy procedure, including the closure of bank accounts.