The law of the Republic of Kazakhstan «On bankruptcy» (The 21 January of 1997 year № 67-1); Law of the Republic of Kazakhstan «On Introduction of Amendments to the Law of the Republic of Kazakhstan «On Bankruptcy» (Astana, July 1, 1998, № 256-1) (Does not act)

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The law of the Republic of Kazakhstan
"On bankruptcy"
(The 21 January of 1997 year № 67-1)

See The Law of the Republic of Kazakhstan of 7 March, 2014 № 176-V«On Rehabilitation and Bankruptcy»

This Law sets forth conditions and rules of implementation of specific procedures aimed at rehabilitation of the insolvent debtor, declaration of the legal entity bankrupt and his liquidation.

Chapter 1. General Provisions

Article 1. Basic terms and definitions used in this Law

The following terms and definitions are used in this Law:

Insolvency - is the inability of a debtor to pay off creditors' claims for moneypecuniary obligations, including claims for wages, or to provide for obligatory payments to the budget and non-budget funds, at the expense of his property;

Debtor- is a legal entity, whose insolvency or inability to pay is the reason for applying to him bankruptcy procedures pursuant to legislation;

Pecuniary obligation - is the debtor's obligation to pay for the goods (work and services) delivered (transferred) by the creditors, to settle the principal and the interest of the credit, and pay off other pecuniary claims;