OREANDA-NEWS. January 27, 2012. The Senate of the Parliament of the Republic of Kazakhstan in the second reading adopted the Law "On introducing amendments and addenda to some legislative acts of the Republic of Kazakhstan on improvement of competitive enterprises", reported the press-centre of KASE.

The law is designed to improve the bankruptcy system in the part of the rehabilitation process. In particular, it amends the Civil Code, relating to matters of the insolvent debtor of measures aimed at restoring its solvency in the form of accelerated rehabilitation. Code of Civil Procedure amended in the part of the consideration by the court to order the production of a special case of the rehabilitation and accelerated rehabilitation. The Tax Code is made specifying the amendment aimed at eliminating the differences in the inclusion of requirements for payment of arrears of taxes and other obligatory payments to the budget in the register of creditors' claims.

The law "On bankruptcy" will be added to the separation of the bankruptcy of the rehabilitation process. In order to expand the rights of creditors entered institute a creditors' meeting, set an additional criterion for counting of votes, depending on the amount of the claim against the debtor the opportunity to participate in the appointment of a rehabilitation manager. In addition, rules on limitation of the creditors' committee and the requirements regarding the oddness of its composition will be excluded.

The Act also amended to provide non-jurisdiction for disputes of bankruptcy or rehabilitation to arbitration courts, providing the possibility of participation of potential suppliers that are members of state action, in public procurement in the presence of tax debt, enabling deferred tax liabilities.