Bankrupt under the simplified scheme
The Ministry of Finance developed new rules of rehabilitation and bankruptcy
Up to nine months. This is the deadline for completion of the bankruptcy proceedings and rehabilitation of companies and enterprises, which was proposed in the draft law, which the State Revenue Committee of the Ministry of Finance will soon submit to the Mazhilis. The new draft law has been prepared under the Plan of the nation "100 concrete steps", its main purpose - to give the opportunity to keep the business and shed "little blood" in the event of a financial collapse.
In particular, the draft law proposes that the debtor before his recognition as a bankrupt and rehabilitation procedures had a right to apply to the court for initiation of bankruptcy proceedings.
"Since the moment the proceedings were initiated no penalty should be charged on all types of debt, creditors are prohibited to go to court to declare the debtor bankrupt", - said Meruert Sisimbaeva, chief expert of the department on work with debt of the SRC of the Ministry of Finance. The debtor will be given two months to conclude an agreement with all creditors on the order of debt repayment, which is approved by the court.
At the same time M. Sisimbaeva noted that the agreement approved by the court "shall result in termination of charged penalties and rewards, the removal of restrictions from the accounts of the debtor, the termination of the enforcement proceedings, the prohibition on the imposition of new arrests on the property and the debtor's accounts". The maximum duration of the agreement will be three years.
And if the debtor does not agree with creditors, in this case, all disputes will be resolved based on the law "On rehabilitation and bankruptcy".
Another rule of the draft law gives the debtor a right to make a rehabilitation plan and agree it with all of creditors. And if a debtor prematurely closes its debts, bankruptcy proceedings will be terminated. Also, the developers have provided an opportunity for the bankrupt to conclude an amicable agreement with its creditors, and at any stage of bankruptcy. M. Sisimbaeva stressed that the document will be effective only if it is approved by all creditors. Moreover, the agreement will be released only if the debtor repaid all debts on wages. The settlement agreement will also be approved by the court, followed by termination of the bankruptcy proceedings.
Finally, SRC offered that a company or an enterprise-debtor could be sold without debts without crushing. In this case, the court decision on the recognition of the legal entity as a bankrupt should be abolished. In order not to delay adjudication, the draft law includes provisions on consolidation of cases with a single judge.
Commenting on the proposed legislative innovations, Meruert Sisimbaeva noted that because of constant changes of judges up to the Supreme Court, the consideration of bankruptcy cases is delayed. "A term of consideration in the new legislation is nine months", - summed up the representative of the SRC.
However, unscrupulous debtors can benefit the law, whose debt will be annulled by the Government and then they can disappear from the horizon of creditors in an unknown direction. Let's hope that the new long-awaited law will prevent such problems.
Zhanar Serdalina
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