On bankruptcy of individuals

On January 6, 2023, the of State Revenue Department of the East- Kazakhstan region held a seminar-meeting to clarify the norms of legislation on bankruptcy of individuals on the site of the Akimat of East Kazakhstan region with the participation of representatives of the Agency for Regulation and Development of the Financial Market, PSC, Employment Centers, National Bank and second-tier banks.

The meeting was opened by Deputy Akim of East Kazakhstan Region Buktugutov  Shakarym Sabyrovich who spoke about the purpose of developing this legislation.

The head of the SRD of the East Kazakhstan region, Bimagambetov Sayat Sailaubekovich reported on the main criteria for the application of legislation on bankruptcy of individuals, on the norms of the Law of the Republic of Kazakhstan "On restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan", which was approved by the Senate of the Parliament on December 29, 2022. He noted that the Law will take effect 60 calendar days from the date of its first official publication.

The head of the SRD of the East Kazakhstan region brought to the attention of the seminar participants the procedure for bankruptcy of individuals, informed about three types of procedures - out-of-court bankruptcy, judicial bankruptcy and restoration of solvency.