BANKRUPTCY AS A BASIS FOR TERMINATION OF BUSINESS ENTITIES

Abstract

The article is devoted to the problem of insolvency and bankruptcy of entrepreneurs, including peasant and farm enterprises, and an analysis of the sources of legal regulation of insolvency and bankruptcy. Two fundamental legislative acts were subjected to legal analysis, such as the Law of the Republic of Kazakhstan dated January 21, 1997 “On Bankruptcy” and the Law of the Republic of Kazakhstan dated March 7, 2014 “On Rehabilitation and Bankruptcy”. It is concluded that the current law of 2014 was adopted taking into account the practice of applying bankruptcy legislation, the procedure for rehabilitation and bankruptcy was more clearly regulated, and the features of bankruptcy of city-forming legal entities and agricultural producers were highlighted. The article examines bankruptcy procedures applied to entrepreneurs and their legal consequences. The chronology of the adoption of legislative acts regulating the insolvency procedure of individual entrepreneurs and legal entities is traced, the shortcomings and imperfections of some provisions of legislative acts are analyzed, and directions for their further improvement are identified. The practice of adopting similar bankruptcy laws in some foreign countries such as France and the USA is examined.