Liquidation/Bankruptcy or Rehabilitation

Closing own company is not so simple. Liquidation of the enterprise is a long and time-consuming process that requires a responsible professional approach.

The main purpose of the company liquidation is to exclude a legal entity from the state register and completely free participants of the partnership from fulfilling the duties and rights. Closing of an enterprise is the time-consuming process and can last long enough if documents are not properly developed.

Features of standard liquidation:

Standard liquidation of legal entity takes from 3 to 4 months. If there are problems with the documents or if the company is large, more time will be required for liquidation procedure. On average, the procedure can last a year.

There are 2 types of liquidation:

1. Forced - carried out on the grounds prescribed by law.
2. Voluntary - the decision is made by the competent authority or the person, and the owner.

As soon as the decision is made on liquidation, be prepared that there will be a lot of procedural sub-steps to be passed.​

Related services: rehabilitation or bankruptcy

It happens that the closing the company is required, as it cannot ensure the fulfillment of creditors' claims upon the issues of financial obligations. In some cases, debts continue to increase due to penalties and fines under contracts. It can be stopped on a legislative basis by using bankruptcy or rehabilitation procedures.​

According to the Law of the Republic of Kazakhstan - On Rehabilitation and Bankruptcy, the following court procedures of bankruptcy are applied:​

• Rehabilitation is also found as a "wellness". In this case, various measures are applied to the debtor on the basis of a judicial decision. Such measures are aimed at improving and restoring the company's solvency. The goal is to prevent the liquidation of enterprise.
• Bankruptcy. This procedure provides the closure of issues with creditors in the account of the company's property in accordance with the procedure, established by the law of the RK.

Our services

We carry out the following range of work in connection with closing of the enterprise:

• Consultations on the issues related to these procedures;
• Preparation and submission of applications to court;
• Assistance in selecting a temporary administrator;
• Representing the interests of the company in the economic court.       

The cost of services is calculated individually in each case. The exact cost can be determined at a meeting with our representative.