In accordance with article 48 of the Law of the Republic of Kazakhstan "On Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan", the financial condition of a bankrupt is monitored by an authorized body for three years after the debtor is declared bankrupt.
Creditors are also entitled to monitor the financial condition of a bankrupt.
In case of detection of the fact of acquisition by the bankrupt of property subject to state registration, including common joint property, the authorized body sends creditors the results of monitoring the financial condition of the bankrupt.
Creditors, upon receiving information from the authorized body, have the right to apply to the court to cancel the recognition of the debtor as bankrupt and resume bankruptcy proceedings in accordance with the Civil Procedure Code of the Republic of Kazakhstan.
The procedure and deadlines for monitoring the financial condition of the bankrupt were approved by the Order of the Deputy Prime Minister - Minister of Finance of the Republic of Kazakhstan dated March 10, 2023 No. 254 "On Approval of the Rules and Deadlines for monitoring the financial condition of the debtor and the bankrupt" (hereinafter - the Order).
Based on the results of financial monitoring, the authorized body draws up an Opinion on the acquisition by the bankrupt of property subject to state registration, including common joint property, after the completion of the out–of-court bankruptcy procedure (hereinafter referred to as the Conclusion) or a Certificate confirming the absence of the fact of the acquisition by the bankrupt of property subject to state registration, including common joint property, after the completion of the out-of-court bankruptcy procedure (next is the Help).
In accordance with paragraph 16 of the Order, the Conclusion is drawn up in 3 (three) copies, one copy is kept in the nomenclature files of the authorized body, the second is sent to the bankrupt, and the third to creditors within 3 (three) business days from the date of compilation.
The certificate is drawn up in 1 (one) copy and stored in the nomenclature files of the authorized body.
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