The Parliament of the Republic of Kazakhstan approved amendments to the legislation on rehabilitation and bankruptcy, strengthening the protection of the rights of administrators in bankruptcy proceedings.

        The bankruptcy trustee forms the property mass, analyzes the financial condition of the debtor, sells the property and makes settlements with creditors. However, in the absence of sufficient property from the bankrupt, the issue of paying the manager's main remuneration could remain unresolved.

       In order to improve bankruptcy legislation and increase the efficiency of bankruptcy procedures, amendments have been made to Article 11 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy."

       In particular, a mechanism has been established for collecting the unpaid basic remuneration of a bankruptcy manager in the amount of no more than 3 months by bringing bankrupt officials to subsidiary liability in cases of violation of the requirements of the law and insufficient property of the debtor for settlements with creditors.

       The amendments will provide additional protection of the rights of bankruptcy managers, increase interest in high-quality bankruptcy procedures and at the same time increase the responsibility of debtor officials for non-fulfillment of obligations established by law.

Source : https://www.gov.kz/memleket/entities/kgd-akmola/press/news/details/1269992?lang=ru