Liability of the Borrower
Liability of the Borrower for non-fulfilment or improper fulfilment of its obligations under the Bank Loan Agreement
If the Borrower fails to fulfil its obligations under the Bank Loan Agreement or fulfils them improperly, the Bank is entitled to:
- charge a forfeit (fine, penalty);
- collect money from the Borrower's bank accounts, including those opened with other second-tier banks in an incontestable manner, including submission of a payment request.
Upon execution of the payment request, the amount to remain on the current account or on several current accounts of an individual entrepreneur engaged in personal entrepreneurship in one bank shall be at least twice the subsistence minimum established for the current financial year by the law on the republican budget.
- transfer the debt to a collection agency for pre-trial collection and settlement;
- file a claim with the court to recover the amount of debt under the Bank Loan Agreement, as well as to foreclose on the pledged property in an extrajudicial (except for cases stipulated by the legislation of the Republic of Kazakhstan) or judicial procedure;
- apply any measures provided for by the legislation of the Republic of Kazakhstan and/or the Bank Loan Agreement, including amending the terms and conditions of fulfilment of the Bank Loan Agreement,
- assign the right (claim) under the Bank Loan Agreement to a third party;
- file a claim with the court to declare the borrower (individual entrepreneur or legal entity) bankrupt in accordance with the legislation of the Republic of Kazakhstan.