ASTANA The Ministry of Finance presented Jan. 10 the draft law on improving rehabilitation and bankruptcy procedures of business entities at the Mazhilis (lower house of Parliament).
Kanat Baedileov
Approximately 4,000 business entities are undergoing the bankruptcy procedure and 400 enterprises are in need of rehabilitation
The number of business entities in difficult financial situations is much more. The current law does not allow an entrepreneur to shut down business in a short time. The rehabilitation and bankruptcy are also complicated procedures. The court rejects bankruptcy, as it cannot provide an objective assessment of the financial condition of the entity. A minor asset is regarded by the court as an opportunity to pay…
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