Statute on the Insolvent Debtors Work Committee of the Ministry of Finance of the Republic of Kazakhstan

1. General Provisions

1. The Insolvent Debtors Work Committee of the Ministry of Finance of the Republic of Kazakhstan (hereinafter referred as “the Committee”) is a department of the Ministry of Finance of the Republic of Kazakhstan which shall, within its competence, fulfil realization, control and supervisory functions in the field of performing the bankruptcy procedures. The Committee’s main tasks shall be, within its commission, to carry out control over the bankruptcy procedures (except for banks and insurance (re-insurance organizations), as well as extrajudicial debtor liquidation proceedings.2. The Committee shall carry out its activity in accordance with the Constitution and laws of the Republic of Kazakhstan, Acts of the President and the Government of the Republic of Kazakhstan and other normative legal acts, as well as this Statute. 3. The Committee is a legal entity in the organizational and legal form of a state institution. It shall have seals and stamps with its name in the State language, forms of the established sample, and according to the legislation, it shall have also accounts with the territorial subdivisions of authorized bodies for the budget execution, and other accounts in cases stipulated by the Budgetary Code of the Republic of Kazakhstan and the International Agreements ratified by the Republic of Kazakhstan. The Committee shall enter into civil law relations in its own name. The Committee shall have the right to act as a party in civil law relations on behalf of the State, when it is authorized to it in accordance with the legislation of the Republic of Kazakhstan.The Committee shall have territorial bodies in oblasts and the cities of Astana and Almaty, being legal entities. 4. The Committee’s staff number limit is approved by the Government of the Republic of Kazakhstan.5.The Committee’s legal address: 48 Abai str., Astana 6. The Committee’s full name is a state institution “The Insolvent Debtors Work Committee of the Ministry of Finance of the Republic of Kazakhstan”7. This Statute is a constituent document of the Committee.8. The Committee’s activity is financed from the Republican budget funds. 9. The Committee shall have no right to enter into contractual relations with the subjects of business as to fulfil the duties being the Committee functions. Where by the legislative acts, the Committee is given the right to carry out activity giving revenue, the revenue obtained in the result of such activity shall be transferred to the Republican budget revenue.

2. Functions and Rights of the Committee

11. The Committee, in the procedure established by the legislation, shall perform:1) functions for implementation of the government policy in: granting licence for carrying out activity in management of insolvent debtors’ property and business in bankruptcy procedures in accordance with the legislation on licensing;approval of applying rehabilitation procedures to debtors;appointment of rehabilitation and bankrupt’s assets managers;formation of composition of a creditors committee and calling its first meeting; extrajudicial insolvent debtor liquidation proceedings;approval of composition of the creditors committee in bankruptcy procedures;approval of a register of creditors’ requirements;consideration of disputes between creditors and rehabilitation (bankrupt’s assets) manager regarding the issue of inclusion of creditors’ requirements into the register;extension of terms of bankruptcy procedures;consideration of a schedule of bankrupt’s assets sale; consideration of appeals against actions of rehabilitation and bankrupt’s assets managers;organization of work for recording, storage, evaluation and further utilization of property transferred to the state ownership under specific circumstances; carrying out monitoring of insolvent organizations and conducting a record thereof;2) control and supervisory functions:control over the rehabilitation and bankrupt’s assets managers’ activities in bankruptcy and extrajudicial insolvent debtor liquidation proceedings, except for chairmen of a liquidation commission of banks and insurance (reinsurance) organizations being liquidated;examine the conformity of an agreement concluded between the creditors committee and rehabilitation and bankrupt’s assets managers with the legislation of the Republic of Kazakhstan;consider the rehabilitation manager’s reports on progress of carrying out rehabilitation procedures (require information about executed transactions, assets and credit indebtedness);prepare and issue opinion on the results of carrying out rehabilitation procedures;take decision to discharge rehabilitation and bankrupt’s assets managers in case of violation of legislation requirements by them while conducting bankruptcy procedures; observe openness and competitiveness while realization of debtor bankrupt’s assets in competitive tender;expose evidences of false or intentional bankruptcy; take measures on revealing of transactions made under the conditions set forth in Article 6 of the Law of the Republic of Kazakhstan “On Bankruptcy”11.The Committee shall have the right:to issue orders;to carry out control over the observance of the legislation requirements by rehabilitation and bankrupt’s assets managers in bankruptcy procedures;to request and obtain information from state bodies, other organizations, officials and citizens;to make proposals to the central and local executive bodies to cancel or amend acts adopted by them, which violate bankruptcy laws;to file suits in court, and take part in consideration thereof;to develop methodical textbooks with regard to issues of carrying out bankruptcy procedures;to request supporting documents from a participant of reorganization;to make proposals for financial and economic rehabilitation of organizations with state share in it.

3. The Committee’s Property

13. The Committee shall have a separate property with the right of operative management.The Committee’s property shall be formed of the property transferred to it by the state, as well as other property the cost of which shall be reflected in the Committee’s balance.14. The Committee’s property shall be attributed to the Republican property. 15. The Committee has no right to alienate independently or otherwise dispose of the property assigned to it.

4. Organization of the Committee Activity

15. The Committee shall be headed by a chairman. Chairman of the Committee shall be appointed to a post and dismissed by the Government of the Republic of Kazakhstan on presentation of the Minister of Finance of the Republic of Kazakhstan. The Chairman of the Committee shall have deputy chairmen, the number thereof shall be determined by the Government. Deputy chairmen shall be appointed to post and dismissed by the Minister of Finance of the Republic of Kazakhstan on presentation of the Chairman of the Committee. 16. The Chairman shall organize and supervise over the Committee’s activities, and shall be personally responsible for fulfilment of tasks assigned to the Committee and performance of his(her) personal duties. 17. The Chairman shall:determine the duties and terms of reference of his(her) deputies and heads of the Committee structural subdivisions;appoint to posts and dismiss the Committee employees in accordance with the legislation and nomenclature of employees posts in the system of the Ministry of Finance of the Republic of Kazakhstan approved by the Minister of Finance of the Republic of Kazakhstan.approve the staff lists of the Committee within the structure and staff number limit approved by the Government of the Republic of Kazakhstan; impose disciplinary punishments following the procedure established by the legislation of the Republic of Kazakhstan;sign the Committee orders;approve statutes on structural subdivisions of the Committee and employees post instructions as well;represent the Committee in state bodies and other organizations, as well as in relations with individuals; conclude agreements, contracts and other transactions on behalf of the Committee; take decisions on making a claim to individuals and legal entities on behalf of the Committee in accordance with the legislation of the Republic of Kazakhstan.18. Decisions adopted by the Committee, shall be executed as orders of the Chairman of the Committee.

Дата добавления: 2015-11-16