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Majilis approved bill on amendments and additions to acts concerning bankruptcy

Astana. April 9. Kazakhstan Today - Today at the plenary session Majilis deputies approved in the first reading the bill on amendments and additions to the acts concerning bankruptcy, the agency reports. "The bill provides mechanisms of financial and economic improvement of the insolvent organizations by their involvement into the procedures of rehabilitation, defining of the uniform authorized body in the sphere of bankruptcy, establishment of the administrative responsibility of competitive, rehabilitation managing directors, managers of external supervision and improvement of the Law in force on Bankruptcy," the conclusion of the Majilis Committee for Finance and Budget states. The bill provides a number of stimuli both for creditors and for the debtor for creation of the necessary conditions to involve the insolvent organizations in rehabilitation procedures, such as: increase of the term of rehabilitation for the enterprises having strategic value and simplification of the order of submission of documents for rehabilitation. The bill provides strengthening responsibility of the chairmen, proprietors of property of an organization-bankrupt and individual businessmen for deliberate and fake bankruptcy. The bill has been forwarded to the profile Majilis committee for preparation for the second reading.

Resourse: Kazakhstan Today

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