Liquidating kazakhstan company
A meeting of creditors and members must then be convened by the nominee and the required majority to approve a proposal is 75% of the total value of creditors present and voting, and a simple majority of the members present and voting, either by a show of hands or by poll, if demanded.Once approved, the proposal becomes binding on all creditors and members, and the nominee or another insolvency practitioner functions as the supervisor of the voluntary arrangement to see to its implementation.The statute does not impose a time frame for implementation of a voluntary arrangement, but the moratorium ends on the day the meeting of creditors is called and can only continue to remain in place for a period of up to 60 days with the consent of 75% majority in value of creditors present at the meeting of creditors.The voluntary arrangement may also end prematurely if it has not been or cannot be fully implemented.
Detailed discussion of the insolvency reforms made by the Companies Act 2016 Judicial management allows a company, its directors or a creditor, to apply to the Court to place the management of the company in the hands of a qualified insolvency practitioner known as a “judicial manager.” A judicial management order directs that the affairs, business and property of the company be managed by the judicial manager for the period in which the order is in force, which is 6 months with the possibility of a further 6 month extension.
A debt restructuring scheme under section 176 of the Companies Act 1965 generally involves a compromise proposed between a company and its creditors or any class of them.
If the scheme does not also involve any arrangement between the company and its members, there is no requirement for a vote by the members.
The judicial manager has certain powers akin to those of a liquidator in a winding up, and like a liquidator, he or she is also subject to a degree of control and supervision by the Court.
The application for a judicial management order will be allowed if the company is or will be unable to pay its debts and there is a reasonable probability of rehabilitating the company, preserving all or part of its business as a going concern, or otherwise serving the interests of creditors better than in a winding up.