Reforming System Of Bankruptcy In Republic Of Kazakhstan

On September, 24th, 2010 in Tax Department in Almaty the round table has taken place on a theme «Reforming  system of bankruptcy in Republic of Kazakhstan».

In work of a round table, Almaty branch of National economic chamber "Union Atameken", РОО «The Union of professional managing directors representatives of tax departments have taken part in bankruptcy system« Zhetisu », businessmen Committee on work with poor debtors of the Ministry of Finance. From the practicing lawyers in this area, participation in work of a round table took the company «Sajat Zholshy and Partners» and also Iskander Zhanajdarov.

The chairman of Committee on work with poor debtors МF N.D.Usenova has told about problems of application to the legislation on bankruptcy in Kazakhstan and has settled the state vision of the permission of a problem. She also has urged participants to take active part in discussion of existing problems. As a result of a number of performances and the exchange which has followed it of opinions the circle of existing problems has been sounded and ways of their decision are offered. Iskander Zhanajdarov representing «Sajat Zholshi and Partners», has brought up a question on legal side of a problem and legislative registration of offers on modification and additions in the legislation connected with bankruptcy.

All presenters have noticed that the current legislation about bankruptcy does this system opaque and tightened in time. Businessmen don't trust it and try to avoid it. The system of restoration of solvency of the enterprises, by and large, doesn't work. Businessmen perceive rehabilitation as prolonged dying of the enterprise. The state wishes not to liquidate, and to improve the enterprises. At the same time it is necessary to find balance between interests of creditors and debtors. World practice in this area is extremely non-uniform. If, for example, England and Germany have procreditor legal system in other countries the priority is given to protection of interests of the debtor. Anyway, but even in such countries as the USA bankruptcy, despite the developed system of the legislation, at times accepts character of epidemic. If in 2009 the number of bankruptcies of citizens has made 1,2 million person in 2010 this figure can grow to 2 million persons.

Under organization Doing Business version on practice of closing of the enterprise Kazakhstan is now on 54 place. The estimation was made by three criteria: 1) percent of satisfaction of requirements of creditors; 2) administrative expenses (expenses of managing directors within the limits of management of property of the debtor) and 3) terms of carrying out of competitive manufacture.

The statistics highlights problems of creditors – in Kazakhstan every second enterprise is subject to bankruptcy. 90 % of procedures of bankruptcy are initiated by tax departments. Creditors of 1st and 2nd turns satisfy the requirements on the average on 70 %, creditors, whose requirements are provided by pledge – on 50 %. Other creditors receive less than 10 % from the requirements. Therefore mortgaging creditors aren't interested in bankruptcy. They would prefer to see the schedule of repayment of a debt. But for normal activity it is necessary to participate in tenders, and it is forbidden to poor debtors. Probably, it is necessary to make use of foreign experience where rehabilitated  it is allowed to enterprises to participate in tenders. A problem is also that commercial and bank secrets disturb to prevention of false bankruptcies.

The state by modification of the legislation on bankruptcy aspires to make system of bankruptcy transparent and predicted. 2010 is considered as 1st stage of reforming of system of bankruptcy. It consists in urgent modification and additions in the Law on bankruptcy. Gradually functions of Committee on work with poor debtors МF will be transferred self-regulated public organizations (c It will be possible to carry that the property of the debtor will be on sale only through the electronic auctions to prospective innovations. And the state prepares for introduction of bankruptcy concerning physical persons, however for this purpose at first it is necessary to enter general declaring. Experience of Belgium and Japan when the debtor doesn't lose full management of the enterprise is considered also. In these purposes, probably, the legislation will admit directors of the enterprises-debtors in a circle of managing directors at bankruptcy procedures. competitive managing directors).