Through which website should administrators submit announcements?

Yes, it is necessary, but only deposits in bank accounts in foreign banks located outside the Republic of Kazakhstan, in an amount that, in total, exceeds 1000 times the minimum monthly wage for all bank deposits.

On paper and in electronic form - no later than September 15 of the current year in which the obligation to submit a declaration arose.

According to subparagraph 21) of Article 1 of the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy” (hereinafter – the Law), the bankruptcy estate is the property of the bankrupt that may be subject to recovery during bankruptcy proceedings, as well as the property of other persons in cases provided for by the Law. Pursuant to paragraph 1 of Article 96 of the Law, the bankruptcy estate includes the property of the bankrupt, including property not reflected in the financial records but supported by documents confirming the debtor’s ownership rights, claims rights (accounts receivable), and rights of permanent and long-term temporary land use in cases provided for by the land legislation of the Republic of Kazakhstan. In addition, pursuant to paragraph 2 of Article 96 of the Law, the bankruptcy estate also includes, and separately accounts for, the personal property of an individual entrepreneur declared bankrupt, the property of participants in a general partnership, limited partnership, additional liability partnership, and members of a production cooperative, against which recovery may be enforced if the bankrupt’s property is insufficient, in accordance with the legislation of the Republic of Kazakhstan on enforcement proceedings and the status of enforcement officers.

Paragraph 1 of Article 99 of the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy” (hereinafter – the Law) provides that the sale of a bankrupt’s property, including claims rights, is carried out by the bankruptcy administrator either through an electronic auction in accordance with a sale plan or through direct sale. The procedure for conducting and organizing an electronic auction for the sale of bankrupt property is determined by the authorized body. Furthermore, under paragraph 1 of Article 99 of the Law, the sale plan is prepared by the bankruptcy administrator based on the inventory and valuation of the bankrupt’s estate, as well as on the decision of the creditors’ meeting to place the property for sale through an electronic auction. It should be noted that the bankruptcy administrator is obliged to prepare and submit the sale plan to the creditors’ committee within the time period established by the creditors’ committee.

According to paragraph 1 of Article 84 of the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy,” the bankruptcy procedure lasts nine months and may be extended by the creditors’ meeting for up to two years. Repeated extensions are also permitted, provided that the total duration of the bankruptcy procedure does not exceed five years. The bankruptcy procedure period is calculated from the date the court decision declaring the debtor bankrupt enters into legal force.

According to paragraphs 2, 3, and 4 of Article 72 of the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy” (hereinafter – the Law), creditors must submit their claims against the debtor no later than one month from the date of publication of the notice regarding the procedure for filing creditors’ claims. A creditor’s claim submitted after the specified period shall be included in the Register of Creditors’ Claims (RCC). However, such a creditor loses the right to vote at creditors’ meetings until the claims filed within the one-month period have been fully satisfied. Such claims must be reviewed by the rehabilitation manager within ten working days from the date of submission. Therefore, an existing debt may be included in the debtor’s Register of Creditors’ Claims only after the creditor submits a claim for inclusion of the debt amount in the register together with documents confirming the grounds and amount of the claim.

The creditor pays the basic remuneration to the temporary administrator in the amount of one minimum monthly wage (MMW) established by the law on the republican budget for the relevant financial year, for a two-month period of performing duties (second paragraph of paragraph 5 of the Rules). In addition, the creditor pays the basic remuneration to the bankruptcy administrator in the amount of one MMW established by the law on the republican budget for the relevant financial year, for a three-month period of the bankruptcy procedure (third paragraph of paragraph 5 of the Rules).

According to paragraph 2 of the Rules on the payment of basic remuneration to temporary and bankruptcy administrators and the Rules and amounts for reimbursement of other administrative expenses, approved by Order No. 413 of April 23, 2020, of the First Deputy Prime Minister of the Republic of Kazakhstan – Minister of Finance, a creditor is recognized as a creditor for taxes and customs payments, a state authority, state institution, state enterprise, or a legal entity whose fifty percent or more of voting shares (participation interests in the authorized capital) belong to the state and which has property claims against the debtor arising from the debtor’s obligations. The payment is made by the creditor based on a court ruling on the completion of the bankruptcy procedure that has entered into legal force and contains instructions on the payment of the amounts specified in the petition, after information on the liquidation of the legal entity has been entered into the National Register of Business Identification Numbers by the authorities responsible for state registration of legal entities (paragraphs 5 and 6 of the Rules).