The Mazhilis of Parliament is considering a draft law "On Amendments and additions to certain Legislative acts of the Republic of Kazakhstan on the development of the financial market and protection of the rights of consumers of financial services" (hereinafter referred to as the Draft Law) The bill provides for amendments to the Law of the Republic of Kazakhstan "On Restoration of solvency and Bankruptcy of citizens of the Republic of Kazakhstan." The main objective of the amendments is to increase the effectiveness of out-of-court/judicial bankruptcy procedures and restore solvency In this regard despite the small number of amendments they cover all stages of these procedures filing an application for the application of procedures conducting procedures and legal relations after the completion of procedures Thus when applying for the application of these procedures, it is proposed not to extend the requirement for debt settlement to bank loan agreements and microcredit agreements concluded before January 1, 2025 During the out-of-court bankruptcy procedure, the debtor is given the right to terminate it at his own request without giving reasons In turn, persons in respect of whom the procedure has been terminated by the authorized body may reapply for the application of the out-of-court bankruptcy procedure after six months The powers of the financial manager during the procedures of judicial bankruptcy and restoration of solvency have been clarified Upon completion of the out-of-court bankruptcy procedure, all obligations of the bankrupt to financial institutions including information about which is not provided to credit bureaus, are subject to termination These amendments are planned to be implemented in the first half of this year