Kazakhstan’s Ministry of Finance has published draft amendments to the rules governing how temporary administrators and temporary managers compile registers of creditors’ claims. The proposal would clarify the allocation of secured creditors’ claims between priority categories and align the rules with the Tax Code and the Law on Rehabilitation and Bankruptcy. Where the bankruptcy estate contains pledged property, the portion of a secured creditor’s claim covered by collateral and included in the second priority category would be excluded from the sixth priority category. The draft would also replace a reference to appointment with a reference to the issuance of a ruling initiating bankruptcy proceedings and update a reference to the relevant Tax Code provision.
Kazakhstan’s Ministry of Finance proposes clarifying the treatment of secured claims in bankruptcy creditor registers
Kazakhstan’s Ministry of Finance has proposed amendments clarifying how secured claims are recorded in bankruptcy creditor registers. Where pledged property is part of the estate, the secured portion of a claim assigned to the second priority category would be excluded from the sixth category. The draft also revises wording concerning the initiation of bankruptcy proceedings and updates a Tax Code reference.