Company bankruptcy in Kazakhstan

Bankruptcy is the only legal way for debt-ridden business organizations to cease operations. We provide a full range of bankruptcy services for legal entities:

  • Counseling
  • Pre-trial settlement
  • Development of legal position
  • Drafting of documents
  • Participation in negotiations as mediators
  • Representation of interests in court
  • Ensuring enforcement of judicial acts

Our lawyers have experience ranging from 7 to 25 years. Contact us for a consultation.

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Bankruptcy procedure

Bankruptcy proceedings allow a company to stop operating without finding a successor, but are more complex and time-consuming than voluntary liquidation. In some cases, bankruptcy may result in criminal liability for the company’s managers and shareholders. In view of these risks, parties to bankruptcy proceedings need to engage qualified lawyers.

The party that initiates bankruptcy proceedings usually improves its legal position. After the initiation of the procedure by the debtor, creditors are not entitled to choose a bankruptcy trustee.

Prerequisites for initiating bankruptcy proceedings

  • According to the legislation of the Republic of Kazakhstan, the basis for bankruptcy proceedings based on the application of a debtor company is its sustainable insolvency, i.e. if the debtor's liabilities exceed the value of its property on the date of filing an application with the court and at the beginning of the year in which the application is filed, as well as at the beginning of the year preceding the year of filing the application, if the application is filed by the debtor in the first quarter of the calendar year.
  • Bankruptcy on the basis of a creditor's application requires the existence of an unfulfilled monetary obligation of the debtor to the creditor on the basis of an enforceable judicial act or an executive document on the recovery of money from the debtor or the debtor's recognition of the debt.

On the creditor’s side, the debtor’s bankruptcy procedure is generally as follows:

  • Collection of evidence and preparation of documents;
  • Initiation of bankruptcy proceedings;
  • Petition for the introduction of interim measures against the debtor's property;
  • Analysis of the debtor's actions. Identification of signs of premeditated bankruptcy. Search for transactions that caused damage to the organization;
  • Inclusion in the register of creditors' claims;
  • Preparation for challenging the debtor's transactions (if necessary);
  • Selection of a bankruptcy trustee;
  • Litigation;
  • Participation in the debtor's creditors' meeting;
  • Interaction with the bankruptcy trustee and management of the bankrupt organization;
  • Challenging judicial acts in appeal and cassation;
  • Control and enforcement of judicial acts.

On the debtor’s side:

  • Collection of receivables;
  • Risk analysis and preparation of a legal position;
  • Measures to reduce the debtor's risks;
  • Independent evaluation of the debtor's assets;
  • Attempting pre-trial settlement and conclusion of an amicable agreement;
  • Reassignment of the right of claim and debt transfer;
  • Initiation of bankruptcy proceedings;
  • Defense against unreasonable claims of creditors;
  • Representation of the debtor's interests in court;
  • Development of an acceptable debt repayment plan.

Leading positions

Konsu is one of the leading consulting companies in Russia. We have been included in the following ratings of the rating agency Expert RA:

  • Top-10 in accounting outsourcing
  • Top-10 in payroll outsourcing
  • Top-15 in financial consulting
  • Top-15 in legal consulting
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