On December 21, 2024, Kazakhstan officially joined the International Association of Bankruptcy Regulators which is the only specialized platform for the exchange of world practice in the field of insolvency (bankruptcy) More than 33 countries are members of this association including the United States Great Britain Singapore Canada the United Arab Emirates China Finland Poland Australia New Zealand and other developed countries It should be noted that in Kazakhstan, the issue of regulating the insolvency of legal entities and individuals falls within the competence of the State Revenue Committee of the Ministry of Finance For reference in the country, insolvency is regulated by two Laws: The Law "On Rehabilitation and Bankruptcy" applies to cases of debt restructuring rehabilitation and bankruptcy of individual entrepreneurs and legal entities. The Law "On the restoration of Solvency and Bankruptcy of citizens of the Republic of Kazakhstan" establishes the grounds for the application of the procedure for restoring solvency as well as the procedure for out-of-court and judicial bankruptcy of individuals Today, Kazakhstan is actively working to improve the legislation on bankruptcy of individuals and plans to introduce innovations in the bankruptcy of legal entities. Considering that this Association accumulates the promotion of best practices and standards in the field of insolvency regulation membership will help us to study international best practices as well as establish cooperation with various international jurisdictions on bankruptcy issues