Frequently asked questions

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The Law «On Restoring Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan» regulates social relations arising from the insolvency of a citizen of the Republic of Kazakhstan who is not an individual entrepreneur, establishes the grounds for applying the insolvency restoration procedure as well as out-of-court and judicial bankruptcy procedures, the procedure and conditions for their conduct.

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The law comes into force on 3 March 2023. 

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There is no time limit for the duration of the Law.

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The law provides for one of three types of procedures:
• out-of-court bankruptcy, 
• solvency recovery proceeding, 
• court bankruptcy.

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The borrower may apply to the authorized body for out-of-court bankruptcy proceedings if:
1) if there are obligations to Banks, microfinance organizations, collection companies in the amount less than 1600 MCI valid for the date of application (at present - 5,907,200 tenge);
2) if there was no repayment of obligations to creditors within 12 consecutive months on the date of application; 
3) if there are no owned properties, including assets in joint ownership;
4) if there were conducted procedures on settlement and (or) collection of unfulfilled obligations under loan agreements.
These procedures have to be carried out within a period no longer 18 months from the date of emergence of overdue debts;
5) there is no application of out-of-court or judicial bankruptcy procedure within 7 years as of date of application.

Important: Also, special conditions are provided for recipients of targeted social assistance during 6 months and citizens whose debt was not repaid for more than 5 years.


The borrower may apply to the authorized body for the solvency recovery or court bankruptcy proceedings if:
1) if there are obligations to financial organizations in the amount exceeding 1600 MCI (at present - 5,907,200 tenge), on all types of debts to other creditors*, also those who could not apply for out-of-court bankruptcy  due to the existence of property;
2) if there is no repayment of obligations to creditors within 12 consecutive months on the date of application;
3) if there were conducted procedures on settlement and (or) collection of unfulfilled obligations under loan agreements with regard to the debtor.
These procedures have to be carried out within a period no longer 18 months from the date of emergence of overdue debts;
4) there is no application of out-court or court bankruptcy procedure within 7 years as of date of application.

* all creditors, including STBs, MFOs and collection companies to whom the debtor has monetary liabilities and monetary claims

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It is necessary to submit an application for out-of-court bankruptcy procedure in written form on the website of State Corporation "Government for citizens" (through web portal E-gov, E-salyg Azamat and IS PSC) and submit the following documents:
1) a list of creditors with their name, debt amount, location;
2) copy of the document confirming that the debtor has taken measures to conduct the settlement and (or) collection of debts under the bank loan agreements.
The authorized body* will conduct the out-of-court bankruptcy procedure.

*The authorized body is the state revenue department at the place of residence of the bankrupt

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Application for the solvency recovery and court bankruptcy proceedings is submitted in written form or in the electronic document form to the district (city) court of general jurisdiction, at the place of residence.

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No, the Law only applies to people with overdue arrears exceeding 12 months.

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You can find information at web-resources of Ministry of Finance of the RK and State Revenue Committee of Ministry of Finance of the RK, or by calling 1414 phone number, additional number 3 (contact-center of  "Government for citizens" NpJSC).

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The law applies only to citizens of the Republic of Kazakhstan. The Law does not cover stateless people and people with residence permit.

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Under the provisions of Article 37 of the Law, the duration of bankruptcy proceedings may be extended by the court only 1 time, for no more than 6 months.
The law provides consequences after the application of the procedures (out-of-court, court bankruptcy) such as:
1) restriction on obtaining loans and credits for 5 years (except obtaining micro-loans, loans from pawnshops);
2) reapplication of bankruptcy can only take place after 7 years;
3) monitoring the financial position for 3 years after the bankruptcy.

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