💠 Since March 3, 2023, the Law "On the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan" has been in force in the Republic of Kazakhstan, offering citizens three procedures for resolving debt obligations: out-of-court bankruptcy, judicial bankruptcy, and solvency restoration.
Procedure Application Statistics:
Declared bankrupt: 28,400 citizens through state revenue authorities; 196 citizens by court decision. The total amount of liabilities stands at 147.1 billion tenge.
The solvency restoration procedure was applied by 103 citizens, involving 9.5 billion tenge in liabilities, with 8 recovery plans officially approved.
Since the Law's introduction, there has been a significant increase in public awareness: 83,057 applications were submitted in 2024, and 77,106 in the first 5 months of 2025.
💠 Key Changes in Legislation
Amendments aimed at simplifying procedures came into force on August 20, 2024:
The procedure for restoring solvency has become available even in the absence of arrears and property, provided there is a stable income.
Out-of-court bankruptcy now applies to obligations owed to all organizations holding claims under loan agreements, including microfinance and collection organizations.
The application procedure has been simplified: there is no longer a need to provide information about the creditor and the amount of debt, nor to attach supporting documents.
The procedure for calculating the non-payment period has been clarified: payments of less than 1 MCI are not considered repayment, and the period is calculated from the date of the last payment.
💠 Upcoming changes:
The Parliament is considering amendments that provide for:
- Exclusion of the requirement for debt settlement under loan agreements concluded before January 1, 2025;
- Debtor's right to terminate the out-of-court bankruptcy procedure without providing reasons;
- Termination of all obligations of the bankrupt to financial institutions, including those not reflected in credit bureau databases, upon the completion of the out-of-court bankruptcy procedure.
The amendments are expected to be implemented by the end of this year.