In recent years, increasing number of companies in Kazakhstan are experiencing shrinking asset values and increasing debt burden which all lead to growing default statistics, debt restructuring, and sometimes, to asset recovery and insolvency litigation. Our experience shows that it is extremely important to find a good team of lawyers to accurately navigate complex and frequently vague Kazakh insolvency and bankruptcy law. Creditors should act quickly to register their claims within very limited deadlines set by law and take other effective steps to ensure that their interests are protected. Kazakh debtors may employ a wide range of tactics to avoid liability, including introduction of ungrounded rehabilitation or bankruptcy, challenging transactional documents, including security, etc Dealing with all these issues effectively requires guidance from lawyers experienced in debt restructuring, insolvency, and asset recovery.
The GRATA International’s Restructuring & Insolvency group is recognized as one of Kazakhstan’s leading insolvency teams and it is comprised of experienced transactional finance lawyers lead by Mr Shaimerden Chikanayev, Head of the Firm’s Banking and Finance Practice and litigation lawyers lead by Mr Bakhyt Tukulov, Head of the Firm’s Dispute Resolution Practice.
Our combined team may offer the following services:
- Debt Restructuring and General Insolvency Advice (Our Restructuring & Insolvency team assists in evaluating the clients’ rights and remedies in addition to negotiating positions on behalf of our clients. Using our deal-making and strategic skills, we identify appropriate financing, M&A alternatives and negotiate compromises designed to achieve a "win-win" result for all stakeholders. If necessary, we use the courts, and corporate and insolvency legislation, to implement or impose a result so that our clients achieve both their business objectives in a timely fashion. Important aspects of our Restructuring & Insolvency practice include workouts, security enforcement, acquisitions of businesses in financial difficulty, purchase and sale of the assets of financially distressed companies, insolvency professional retainers, and fraud loss and recovery).
- Insolvency and Related Litigation (filing for rehabilitation/bankruptcy; representing creditors and debtors within rehabilitation/bankruptcy procedures (registration of claims, controlling the activities of Rehabilitation/Bankruptcy Manager, challenging relevant transactions and related guidance)).
GRATA International’s Restructuring & Insolvency group is recognized as one of Kazakhstan’s leading insolvency teams. Our recent experience includes the following:
In DEBT RESTRUCTURING:
- GRATA International acted as Kazakh local counsel on the successfully completed US$2 billion debt restructuring of JSC Astana Finance (Astana Finance), the Kazakh financial services group. A GRATA International’s Restructuring & Insolvency group lead by Shaimerden Chikanayev, Marina Kahiani and Lola Abdukhalykova has advised Astana Finance since 2011 on all Kazakh law aspects in connection with Astana Finance's financial restructuring. Stephen Roith, who lead Sidley Austin’s team as international counsel of Astana Finance, said that “This restructuring has proved to be a lengthy and complex process, negotiated with a range of different creditors within the context of difficult global market conditions and involving court proceedings in Kazakhstan under the country’s special bank restructuring regime co-ordinated with successful recognition proceedings in the United States and the United Kingdom”.
- Advising certain foreign creditors on BTA Bank and Alliance Bank financial restructurings.
In INSOLVENCY LITIGATION:
- Representing a syndicate of European banks - secured creditors of a major Kazakh agricultural holding company in court proceedings over the debtor’s bankruptcy;
- Advising and representing a major Kazakhstan oil company - debtor in court proceedings over rehabilitation (administration);
- Advising and representing a top-tier American oilfield service company - a creditor of Kazakhstan oil company - debtor in court proceedings over rehabilitation (administration);
- Advising and representing a large German pharmaceutical company - creditor of Kazakhstan agricultural service company-debtor in court proceedings over rehabilitation (administration);
- Advising an international Swedish publishing company on issues relating to bankruptcy of its subsidiary in Kazakhstan;
- Advising an international company engaged in the manufacturing of rubber products on issues relating to bankruptcy of its subsidiary in Kazakhstan;
- Advising a major Kazakh telecommunication company on bankruptcy of its shareholder in Kazakhstan;]
- Advising and representing a major Kazakh industrial holding company - debtor in court proceedings over rehabilitation (administration);
- Advising and representing a large European trading company - creditor in court proceedings over rehabilitation (administration) of a debtor - supplier of petrochemicals;
- Advising a large Kazakh pharmaceuticals company on certain aspects bankruptcy proceedings under Kazakh law;
- Advising and representing a major Kazakh construction company - a third party in court proceedings over bankruptcy of a debtor;
- Advising and representing a large European trading company - creditor of a major Kazakh company producing polyethylene pipes in court proceedings over the debtor’s rehabilitation (administration).
|Shaimerden Chikanayev||Partner, Director of Banking & Finance Department||Almaty||Inquire|
|Bakhyt Tukulov||Partner, Director of Dispute Resolution Department||Almaty||Inquire|
|Atabek Sharipov||Partner, Head of Turkmenistan Practice, Head of Banking & Secured Transactions in Uzbekistan and Turkmenistan||Tashkent, Ashgabat||Inquire|
|Nurlan Kyshtobaev||Partner, Head of Banking & Finance Practice in Kyrgyzstan and Tajikistan offices||Dushanbe, Bishkek||Inquire|
|Yana Dianova||Director of Corporate and Commercial Law Department, GRATA International (Moscow)||Moscow||Inquire|
|Yevgeniy Gorokhov||Head of Dispute Resolution Department, Attorney at law, GRATA International (Moscow)||Moscow||Inquire|
|Nodir Yuldashev||Partner, Construction, Telecommunications, Transport, Tax and Litigation||Tashkent||Inquire|