It is better to have rehabilitation than bankruptcy
Taldykorgan's company was rescued from bankruptcy
The tax authority demanded to recognize LLP as bankrupt. Another debtor company in the Almaty region was given an opportunity to continue its existence. This refers to Taldykorgan company “K & K-TALDYKORGAN”, which is engaged in construction and installation works, it employs 102 people (as of April 1, 2017). Earlier, the administration of state revenues in the town of Taldykorgan appealed to the court with a request to recognize LLP “K & K-TALDYKORGAN” a bankrupt. According to the state body, the company, because of its insolvency had no opportunity to fulfill its obligations to repay the debt to the budget. According to the materials of the case, the Specialized Interdistrict Economic Court for Almaty region in March 2011 ruled out a rehabilitation procedure of LLP. However, in January of this year, the rehabilitation procedure against the private limited company was terminated with the initiation of a bankruptcy case. The debt of the enterprise under the reconciliation certificate as of June 9, 2017 for taxes and other mandatory payments to the budget was 61,804,171 KZT, of which the main debt is 56,607,240 KZT, a penalty of 5,082,729 KZT and a fine of 114,202 KZT.
Prior to the rehabilitation period, the main debt of the LLP was formed according to the submitted forms of tax reporting and as a result of a tax audit in 2010. During the court session, Kairat Zhakiyanov, representative of LLP, explained that the Partnership and its sole founder have sufficient assets to pay off debts that cover the amount of claims of the tax authority, which is confirmed by reports on property valuation, the enterprise provides jobs to local people. So, it became known that in 2017 the enterprise signed contracts for the performance of general construction works with Alatau district of Almaty for a total of more than 128 million KZT, construction of roads, transportation of bulk materials, laying and ramming in Zharkent, Panfilov district in the amount of 103 million tenge. The representative of the Chamber of Entrepreneurs, the expert of the department for the protection of entrepreneurs' rights and the reduction of administrative barriers, Duman Kerimbekov, stressed that the actions of the entrepreneur deserve special attention, since in the conditions of restriction in the disposal of property and at the time of the introduction of rehabilitation, the debt was most repaid at the expense of the activity, not through the sale of property. All these facts indicated that the activities of the private limited company are operational and effective. On these arguments, the State Revenue Department (SRD) had its own opinion. The representative of the department for rehabilitation and bankruptcy of regional SRD noted that according to the conclusion of the temporary manager of LLP, there are grounds for the debtor to be declared bankrupt.
But in the court session it was established that during the rehabilitation procedure the deferred accounts payable for the amount of more than 29 million tenge were repaid in the first, second, third and in part in the fifth order. In addition, the debtor was provided with an independent appraisal of the property with a total value of more than 95 million KZT, which is much higher than the declared tax debto61,804,171 KZT.
"In such circumstances, the court finds that the assets of the debtor LLP "K & K-TALDYKORGAN" significantly exceed the accounts payable, the debtor is able to fully satisfy the creditor's claims, and there are no grounds provided for by paragraph 5 of Article 4 of the Law of the Republic of Kazakhstan" On Rehabilitation and Bankruptcy " to declare a debtor bankrupt. According to paragraph 5 of Article 4 of the above Law, the ground for declaring a debtor bankrupt in a judicial procedure is its insolvency. In determining the fact of insolvency, the liabilities of the debtor, whose due date has come, as well as those that have been accepted and / or are on the execution, must be taken into account", - the decision of the Specialized Interdistrict Economic Court of Almaty region says. In addition, the judge noted that declaring a debtor bankrupt should be an extreme measure that applies only if other measures of debt repayment are impossible, as the last remedy for protecting the interests of the debtor and creditors. Thus, the court denied the Tadikorgan's SRD Din the satisfaction of the claim. Now LLP has the opportunity to continue the procedure of rehabilitation and in the future to resume activities in full.
Please, join our Telegram channel to stay up to date on the latest news.
Leave comment:
Comments: