Out-of-court bankruptcy
Considered by: State Revenue Department
The application is submitted through the EGOV e-government portal
On debts to:
Second-tier banks;
Microfinance organizations;
Collection agencies.
Conditions:
The debt does not exceed 5.5 million tenge (1600 MCI) and is not repaid for more than 12 months
Information is available on the website https://id.mkb.kz
There is no property subject to state registration (real estate, land and vehicles)
Information is available on the website E.gov.kz
3. Availability of a document on debt settlement with a bank, microfinance organization (not required for collectors)
Special conditions:
For recipients of targeted social assistance (TSA) for 6 months - condition 1 is not taken into account in terms of the period of non–repayment of the debt
2. If the debt is not repaid for more than 5 years, all the above Conditions are not taken into account
Judicial bankruptcy
Considered: in court
The application is submitted to the court at the debtor's place of residence
Conditions:
For all types of debts to all creditors
What you need to know:
In the course of judicial bankruptcy, the debtor's property is sold at auction
If the only housing is the subject of collateral, then the creditor will have the right to withdraw it during the bankruptcy proceedings
If the only housing is not a pledge, it is not included in the estate
A financial manager is appointed
Payment for the services of the financial manager is made at the expense of the debtor's property (1 minimum wage per month)
The term of bankruptcy is 6 months, with the possibility of extension for 6 months
Limitations during the application of the procedure:
It is prohibited to make transactions on the alienation of property or the acceptance of new obligations (obtaining loans, issuing guarantees and sureties)
Prohibition to travel abroad during the procedure
Restoration of solvency
Considered: in court
The application is submitted to the court at the debtor's place of residence
Condition:
The amount of the debt does not exceed the value of the property owned
Wellness activities:
Sale of part of the property, lease of the property
Sale of housing with the purchase of a new one, exchange for housing with a lower cost, etc.
Advantages:
The status of "bankrupt" is not assigned
Without negative consequences (financial monitoring is not carried out, there are no restrictions on obtaining a loan)
Installments on debts (up to 5 years)
There is no restriction on traveling abroad
Financial manager's assistance in developing a solvency recovery plan
The possibility of writing off part of the debt.
Consequences of bankruptcy
1. It is prohibited to receive loans from banks and microfinance organizations for 5 years
Repeated bankruptcy is possible after 7 years
Control (monitoring) of the acquisition of property is carried out within 3 years after bankruptcy
Attached to the application are
List of creditors (banks, microfinance organizations, collection agencies)
A document on debt settlement with a bank, microfinance organizations (not required for collectors)