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Business Opportunities Expand Rehab and Bankruptcy

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by December 5, 2019 General

At the Senate meeting, amendments to the law on improving the procedures for rehabilitation and bankruptcy, budget, tax and railway laws were considered in the first reading .

The bill in the Senate was introduced by First Deputy Prime Minister, Minister of Finance Alikhan Smailov .

The bill under consideration introduces amendments and additions to 21 legislative acts, including 10 codes and 11 laws of the Republic of Kazakhstan.

Senator Nurlan Kylyshbaev in his report emphasized that the bill is aimed at expanding business opportunities in the application of rehabilitation and bankruptcy procedures, reducing the time and cost of their implementation.

Along with the liquidation of absent debtors, the authorized body is charged with the obligation to liquidate inactive simplified debtors who for a long time did not have property, did not carry out activities, and the amount of payables does not exceed 2500 MCI, the senator explained.

The main conceptual areas of the bill include: a review of the procedure for initiating rehabilitation and bankruptcy procedures; reviewing the application of rehabilitation and bankruptcy; review of the appointment of an interim manager and interim administrator; revision of provisions for intentional and false bankruptcy; establishing a procedure for subsidizing coupon interest rates on carrier bonds issued for the development of the main railway network and rolling stock of railway transport; increased responsibility for inefficient planning and use of budget funds, etc.

The draft Law also provides for amendments to the Tax Code, according to which micro and small business entities are exempted from paying income tax for a period of three years. These amendments were made pursuant to the order of the President of the Republic of Kazakhstan, Kassym-Zhomart Tokayev, which was addressed in the Address to the people of Kazakhstan Constructive public dialogue-the basis of stability and prosperity of Kazakhstan.

After extensive discussion, senators approved the bill on first reading.

At the end of the meeting, an oral response from the Minister of Education and Science of the Republic of Kazakhstan, Askhat Aymagambetov, was heard to the deputy request of a group of senators, announced on November 8, 2019.

In it, senators critically evaluated the government’s decree, according to which the Taraz and Kostanai state pedagogical universities are merged with regional universities. This decision was made a week after Teacher’s Day and on the eve of the presentation of the draft law On the Status of Teachers in the Parliament.

In the request, a group of deputies asked to put this decision to be lost, to punish its initiators, to apologize to the teachers for the stress they received, to consider the advisability of restoring the Ministry of Education, which will deal with preschool, secondary and specialized secondary education, and also raised the question regarding the vice Minister of Education and Science.

During a lively discussion, deputies N. Kylyshbaev, M. Kubenov, A. Kurtaev, N. Zhusip, D. Nuketaeva made their critical comments and suggestions on improving the sphere of education and science.

In accordance with the regulations, the oral response of the Minister was noted by senators.

Source: Mazhilis of the Parliament of the Republic of Kazakhstan

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