In recent years, many companies in Kazakhstan are experiencing shrinking asset valuesand increasing debt burdens. Effectively dealing with these issues requires guidance from lawyers who can assist with debt restructuring, insolvency and funding challenges.

Before insolvency proceedings have been initiated against a Kazakh debtor, a Kazakh borrower will normally seek one or a combination of concessions from lenders, depending mainly on their current and projected cash flows. These may include, for example, temporaryrelief from making payments; a postponement of the maturity date; other changes in the payment schedule;forgiveness of part of the indebtedness; debt for equity swaps; waiver of breaches of covenant; releases from certain financial or other covenants; standstill provisions, i.e., creditors’ agreement not to exercise certain rights or remedies; and provision of additional financing.

The Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy” No. 176-V ЗРК dated 7 March 2014 (the “Bankruptcy Law”) provides for the following three insolvency regimes that may be applied to a Kazakh insolvent debtor if out-of-court workout did not work:

1. accelerated rehabilitation;

2. rehabilitation; and

3. bankruptcy.

Accelerated rehabilitation and rehabilitation are intended to rescue the debtor. A final liquidation (i.e., bankruptcy) guillotines the debtor.

Accelerated rehabilitation can be initiated by the debtor in the court proceeding provided that no rehabilitation or bankruptcy proceeding has been initiated against the debtor and the debtor is insolvent or will not be able to meet his or her monetary obligations on the due date within the next 12 months. Under the Bankruptcy Law, the debtor is insolvent if one or more of the following conditions are met: a) non-payment under health or life damage obligations, obligations to its employees, social insurance and pension payments, payments under copyright agreements within three months after they became due for the amount of 100 so-called monthly calculated indexes (approximately US$580); b) non-payment under tax and other budget obligations within four months after they became due for the amount of 150 monthly calculated indexes (approximately US$880); c) non-payment by a debtor – legal entity under any other obligations within three months after they became due for the total amount of 1,000 monthly calculated indexes (approximately US$5,900). Upon introduction of accelerated rehabilitation by the court, the following main legal implications arise:

1. the debtor may not use and realise its property except in the course of regular commercial operations, if provided by the rehabilitation plan or upon consent of the affected creditors;

2. a stay of enforcement of court decisions or arbitration awards issued earlier upon claims of affected creditors;

3. the affected creditors cannot file for bankruptcy of the debtor; and

4. withdrawal of money from the debtor’s account and foreclosure of the debtor’s property is prohibited.

Rehabilitation may be initiated in the court proceeding by either the debtor itself or its creditors. The debtor may file for rehabilitation if he or she is either insolvent or unable to meet his or her monetary obligations on the due date within the next 12 months. Creditors may file for rehabilitation if the debtor is insolvent. Unlike accelerated rehabilitation, within a rehabilitation procedure creditors may decide to deprive existing shareholders and pass management over the debtor to a specially appointed rehabilitation manager. The legal implications of the introduction of rehabilitation by the court are generally the same as for the accelerated rehabilitation discussed above.

Bankruptcy may be initiated in the court proceeding by the debtor itself, creditors, the prosecutor, the rehabilitation manager, or if, in the course of rehabilitation, it turns out that rehabilitation is not possible, the state body responsible for tax and other payments to the budget. Upon resolution of the court on the bankruptcy of the debtor, the bankruptcy manager realises the debtor’s property through public auction and satisfies the claims of the creditors included on the register of creditors’ claims in the prescribed by law order of priority (e.g. secured creditors are second in line of priority).

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Общий регламент EC по защите данных и российские операторы персональных данных

Общий регламент по защите данных (General Data Protection Regulation), принятый Европейским парламентом 17 декабря 2015 г. (далее - «Регламент»), вступает в силу 25 мая 2018 г. и заменит  Директиву ЕС по защите данных 95/46/EC.

07.08.2017

Regulation in the telehealthcare sector in Russia

The Federal Law No. 242-FZ dated 29 July 2017 amended certain legislative acts of the Russian Federation on the use of information technologies in the area of health care providing, in particular, for features of medial aid using telehealthcare technologies, e-document flow in the medial aid provision and the establishment of the Unified State Information System in the healthcare sector.

27.03.2017

GRATA International at Chambers Asia-Pacific Awards 2017

This year, the Chambers&Partners held their Chambers Asia-Pacific Awards 2017 ceremony on Friday, 24th March 2017 at The Fullerton Hotel, Singapore.

01.03.2017

United States-Azerbaijan Chamber of Commerce (USACC) annual conference in Washington, DC

GRATA International's representative in the USA, Zulfiya Akchurina participated in the event

GRATA International participates in business events in Azerbaijan

Lawyers of GRATA International attended several business events in February

12.12.2016

Общий рынок лекарственных средств в Евразийском Экономическом Союзе: правила надлежащей клинической практики и надлежащей лабораторной практики

Среди прочих нормативных актов, направленных на реализацию Соглашения о единых принципах и правилах обращения лекарственных средств в рамках Евразийского экономического союза от 23 декабря 2014 г., 3 ноября 2016 г. Совет Евразийской экономической комиссии принял:


"Один пояс - один путь" Россия - Центральная Азия - возможности и угрозы современного Шелкового пути

27 октября 2016 года Гонконгская Ассоциация Корпоративных Юристов проведет мероприятие, организуемое компанией "Berwin Leighton Paisner", под названием: "Один пояс - один путь" Россия - Центральная Азия - возможности и угрозы современного Шелкового пути. 

GRATA International took part in the SCO Business Council meeting

On 26 August 2016, GRATA International team took part in a working experience exchange meeting of the National Business Council of Shanghai Cooperation Organisation.

GRATA International приняла участие в заседании делового Совета ШОС

26 августа 2016 года делегация Юридической фирмы GRATA International приняла участие в рабочем заседании по обмену опытом Национальной части Делового Совета Шанхайской Организации Сотрудничества.

Порядок выдачи документов о стадиях технологического процесса производства лекарственного средства на территории ЕАЭС и о соответствии производства GMP

29 июля 2016 г. вступили в силу Приказы Министерства промышленности и торговли Российской Федерации (Минпромторг России) от 31 декабря 2015 г., утвердившие:

26.05.2016

24 мая 2016 года, в г. Астана прошло ежемесячное собрание на тему: "Перспективы экономического развития Казахстана и меры поддержки инвесторов"

25 мая 2016 года в Казахском национальном университете искусств "Шабыт" г. Астана по случаю официального открытия Торгово-Промышленной Палаты Франция-

15.04.2016

GRATA International at Chambers&Partners Asia-Pacific Awards 2016

This year, the Chambers&Partners held their Chambers Asia-Pacific Awards 2016 ceremony in Singapore on Friday, April 8th 2016.

30.03.2016

Краткие выдержки из отчетов по 10-и рынкам в Казахстане: ключевые тренды 2010-15 гг.

Публикация от наших партнеров DISCERNT research agency

07.12.2015

GRATA International организовывает бесплатный семинар: "Изменения в налоговом законодательстве РК - 2016"

25 декабря 2015 года в г.Алматы состоится бесплатный семинар для клиентов GRATA International на тему: "Изменения в налоговом законодательстве РК - 2016"

30.09.2015

GRATA International US representative in New York Ms. Zulfiya Akchurina met with Mr. Asset Issekeshev

The 70th Session of the UN General Assembly is being held at UN Headquarters in New York from September 15 to October 2, 2015

25.05.2015

Мы рады представить Вам наш комментарий к наиболее важным нормативно-правовым актам Республики Беларусь за апрель месяц 2015 года, а также новости нашей компании.

05.12.2012

GRATA Law Firm is recognized as a regional contributor to the World Bank Doing Business Report 2013

Doing Business 2013 is the 10th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it.

05.10.2012

20th Anniversary Kazakhstani International Conference and Exhibition KIOGE 2012 is held in Almaty

On 4-5 October 2012, the 20th Anniversary Kazakhstani International Oil and Gas Conference KIOGE 2012 is held in Almaty. InterContinental Hotel.

02.04.2015

Newsletters of GRATA International

Our newsletter is designed to highlight certain legal developments, to inform about important news, and also upcoming events of GRATA International Law firm. Newsletters are publishing every month.

02.04.2015

Информационные Бюллетени Юридической фирмы GRATA International

Данный информационный бюллетень предназначен для освещения определенных изменений в законодательстве и важных новостей, а также информация о предстоящих событиях Юридической фирмы «GRATA International». Информационные бюллетени выпускается ежемесячно.

12.10.2010

Interview Technique

They say you never get a second chance to make a first impression. When it comes to interviews, this could not be truer.

29.03.2011

Confidentiality in Arbitration under Kazakhstan Law

Confidentiality is one of the main advantages of arbitration recognized in Kazakhstan and other jurisdictions.

04.04.2011

Review of normative legal acts of the Republic of Kazakhstan 19.03.2011 – 31.03.2011

This information was prepared on the basis of official publications of the Republic of Kazakhstan

25.07.2011

Rethinking Limited Liability, Article by Ali Imanalin, Lawyer, GRATA Law Firm

Both contractual and tortious claims made against a company do not affect company members when a limitation is placed on their liability for the debts of their company.

13.12.2013

С Днем Независимости Республики Казахстан!

С ДНЕМ НЕЗАВИСИМОСТИ РЕСПУБЛИКИ КАЗАХСТАН! Юридическая фирма «GRATA» от всей души поздравляет Вас с Днем Независимости!

18.12.2013

Камолиддин Мухамедов назначен Старшим Юристом Юридической фирмы «GRATA»

КАМОЛИДДИН МУХАМЕДОВ НАЗНАЧЕН СТАРШИМ ЮРИСТОМ ЮРИДИЧЕСКОЙ ФИРМЫ «GRATA» Юридическая фирма «GRATA» рада объявить о назначении Камолиддина Мухамедова в качестве Старшего Юриста в офисе фирмы в городе Душанбе (Таджикистан).


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