Applications for personal bankruptcy will be accepted in Kazakhstan starting March 3 of the current year, the country’s Finance Minister Yerulan Zhamaubayev announced at the Government’s meeting. He noted that organizational and technical measures for relevant procedures are underway, including the training of personnel of the State Revenue Committee with a discussion of public issues Kazakh residents are concerned about. In addition, the development of an information system has already started. To date, its prototype is being tested and refined. Once it is fully implemented, it will be integrated with the information systems of other state bodies. Zhamaubayev noted that, in accordance with international practice, three types of bankruptcy procedures will be applied in the country, including out-of-court and judicial bankruptcy, as well as solvency restoration procedure.
“As part of the work to reduce the debt load of the population, the Kazakh Ministry of Finance is carrying out systematic work. In particular, on December 30, 2022, the Law ‘On the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan’ was signed. It was officially published on January 1. The filing for bankruptcy kicks off on March 3. The consequences of bankruptcy include the restriction on taking loans and credits for five years, as well as three years of financial monitoring. In addition, it will be possible to apply for bankruptcy again only after seven years,” said Yerulan Zhamaubayev, Kazakh Finance Minister.
