Liquidating kazakhstan company

09-Dec-2019 18:42

The proposal for a corporate voluntary arrangement has to be accompanied by a statement of an insolvency practitioner who has agreed to act as a nominee indicating whether or not, in his or her opinion, the debt restructuring proposal has a reasonable prospect of being approved and implemented and whether the company is likely to have sufficient funds available for the company during the proposed moratorium to enable the company to carry on its business.The process of corporate voluntary arrangement commences when the applicant, who may be the directors of the company, the liquidator or a judicial manager, lodges a proposal for the voluntary arrangement with the Court, whereupon a moratorium on actions by creditors commences automatically.

liquidating kazakhstan company-21

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Neither has the rehabilitation of the debtor company as its objective.Recognizing the inadequacy of existing provisions to facilitate the rehabilitation of companies, reforms in the Companies Act 2016 include the introduction of two key features: The other provisions affecting insolvency law and practice in the Companies Act 2016 codify certain established common law principles applicable in insolvency and increase penalties and threshold amounts.

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