The law is aimed at resolving the debt burden of citizens. The Law provides for out-of-court bankruptcy procedures (applied by the State revenue authority), judicial bankruptcy and solvency restoration procedures (applied by the court).

Within the framework of the Law, about 16 thousand citizens have already been declared bankrupt, with debt cancellation in the amount of 50 billion tenge. These are mainly debts to financial institutions.We have carried out work to expand the circle of persons who have the right to apply bankruptcy procedures and restore solvency.
The Law has been amended in terms of simplifying the filing of an application for the application of an out-of-court bankruptcy procedure (the debtor is relieved of the obligation to attach any documents to the application and indicate in the application the name of creditors and the amount of debt), as well as expanding the list of creditors in respect of whom this procedure can be applied; reviewing the grounds for applying the procedure for restoring solvency (the procedure for it is possible to apply even in the absence of overdue obligations and lack of property, but with a stable income).

These innovations in the Law will allow more citizens with financial difficulties to solve their problems.

Source : https://www.gov.kz/memleket/entities/minfin/press/news/details/908316