One of the tools for solving the problem of excessive debt burden of the population is the Law "On Restoring solvency and Bankruptcy of citizens of the Republic of Kazakhstan," Deputy Chairman of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan Seilzhan Akhmetov said during a press conference at the Central Communications Service under the President of the Republic of Kazakhstan.
The law proposes 3 types of procedures, depending on the type of debt and the amount owed (out-of-court bankruptcy, judicial bankruptcy and the procedure for restoring solvency).
The most popular, as practice shows, is the out-of-court bankruptcy procedure. It can be applied to debts owed to banks, microfinance organizations, and collection agencies.
Citizens have the opportunity to submit applications to PSC through the e-government portal (eGov.kz .), as well as through the mobile applications e-Salyq Azamat and eGov Mobile.
A new information system on bankruptcy of individuals "Qoldau" has been launched.
This information system provides for the possibility of submitting an application and automatic verification of the applicant's compliance with the entry criteria through the databases of 24 government agencies and organizations.
In addition, in the Qoldau system, anyone can view real-time statistics on bankruptcy of individuals.
The second procedure: Judicial bankruptcy, citizens can apply for debts over 1600 MCI and for all types of debts owed to creditors.
In the course of judicial bankruptcy, the debtor's property is sold at auction.
But there are also nuances here. The creditor has the right to seize the debtor's only dwelling in the course of bankruptcy proceedings only on condition that it is the subject of collateral.
The proceeds are used to pay off debts to creditors in accordance with the established order.
The remaining outstanding amount of the debt is subject to write-off, provided that the debtor has no signs of dishonesty. That is, he should not hide the property, information about it and not provide false information.
However, I would like to draw your attention to the fact that debts for alimony and damage caused to the life and health of another person, compensation for damage caused by criminal offenses, as well as payments to the budget collected by a court decision are not subject to write-off.
The judicial bankruptcy procedure is carried out by financial managers, which include:
Administrators who carry out the bankruptcy procedure for legal entities and sole proprietors;
Professional accountants;
Legal consultants;
Auditors.
Their services are paid, at the expense of the debtor's property — one minimum wage per month (in 2024 it is 85 thousand tenge). For the socially vulnerable, who have no property, the services of financial managers are paid by the state.
There are 204 people listed as financial managers.
The third procedure is the procedure for restoring solvency, which provides for the possibility of obtaining installments in court to pay debts (up to 5 years). The recovery plan is developed jointly with the financial manager and approved in court.
At the same time, the debtor, the amount of all obligations of which (including those whose due date has not come) does not exceed the value of the property belonging to him, has the right to apply to the court only with an application for the application of the procedure for restoring solvency.
The advantage of this procedure is that after it, a person does not acquire the status of "bankrupt", therefore, the consequences provided for bankruptcy do not apply to him.
From the date of application of procedures stipulated by Law:
- the accrual of penalties, fines and remuneration for debts is stopped;
- creditors are prohibited from demanding fulfillment of obligations from the debtor;
- creditors are prohibited from collecting money from the debtor's bank accounts and other consequences.
Statistics from March 3, 2023:
Out-of-court bankruptcy procedure:
- more than 131.3 thousand applications have been received;
- There are 6.6 thousand applications under consideration by the state revenue authorities.;
- the procedure is being carried out – in relation to 8.4 thousand citizens;
- the procedure has been terminated – for 1,9 thousand citizens;
- withdrawn – by 215 applicants;
- 17.9 thousand citizens were declared bankrupt, in the amount of 40.9 billion tenge, including
- application was refused – 96 thousand applications each
The reasons for the refusal are non-compliance with the criteria of the bankruptcy procedure, in particular:
- 69 thousand applications (or 77%) due to the absence of a delay of 12 months (there were partial payments);
- 42 thousand applications (or 47%) – absence of creditors in the list of financial institutions subject to extrajudicial bankruptcy;
- 39 thousand applications (or 44%) for property;
- 28 thousand applications (or 32%) lack of a document confirming the fact of settlement with the creditor;
- 8,9 thousand applications (or 10%) exceed the debt threshold in the amount of 1,600 MCI
As we can see, citizens, knowing the basic criteria, still submit applications and as a result receive refusals.
More than 3.5 thousand citizens applied for the application of the judicial bankruptcy procedure and the procedure for restoring solvency.;
- Bankruptcy proceedings are being conducted against 131 debtors (the amount of debt included in the register of creditors' claims is 8 billion tenge).
- As part of the judicial bankruptcy, 45 people were declared bankrupt in the amount of 13.6 billion tenge.
- 1 citizen is restoring solvency in the amount of 10 million tenge (at the stage of agreeing on a plan to restore solvency, 2 citizens are in the amount of 5.6 billion tenge).
In total, within the framework of two bankruptcy procedures, more than 17.8 thousand citizens were declared bankrupt in the amount of about 54.5 billion tenge.
It should be noted that the procedures proposed by the Law are relevant, but individual debtors could not apply them due to existing barriers.
On June 19, the President signed the Law "On Amendments and Additions to Certain Legislative acts on minimizing risks in lending, Protecting borrowers' Rights, Regulating the Financial market and Improving Enforcement Proceedings," which amends the Law of the Republic of Kazakhstan "On Restoring Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan." In particular:
A norm has been adopted according to which, when submitting an application, a citizen does not need to attach a document confirming the settlement with the creditor. Now all financial institutions will be required to send information about the settlement to the credit bureaus.
A rule has been adopted according to which, when filling out an application, it is not necessary to specify the exact amount owed to creditors at the time of filing the application, as well as the name of the creditor, this information will be taken from the database of credit bureaus.
The list of creditors of out-of-court bankruptcy, along with existing financial organizations, also includes organizations that have been deprived of licenses to conduct all banking operations, conduct microfinance activities, or excluded from the registers of microfinance organizations, collection agencies, including those that have been liquidated or are under liquidation, as well as other organizations that have claims under bank loan agreements, contracts loans and microcredit agreements for individuals.
Now, repayment is considered to be a payment in an amount exceeding a one-time amount of the monthly calculation index (small receipts will not be taken into account), and the period of non-repayment will be calculated from the date of the last payment until the assignment of the right (claim) to the collection agency, unless the collection agency confirms another period of non-payment.
Excluded from the grounds for applying the solvency restoration procedure are the fact that there has been no repayment to creditors for 12 months, and the ban on the debtor's departure from the country has been lifted after the approval of the solvency restoration plan.
In addition to the listed changes, the amendments affected:
- financial manager's activity. In particular, now the authorized body can not only appoint him, but also dismiss him in case of violations in his activities.;
- amendments are provided to protect the rights of the financial manager in receiving his remuneration (the list of obligations of the bankrupt that cannot be terminated has been supplemented with a new item: remuneration of the financial manager who conducted the procedure in the absence of its payment in full or in part);
- the spouse's consent to the application of out-of-court bankruptcy is mandatory;
- the obligation of the debtor to notify the creditor of the application of the out-of-court bankruptcy procedure is excluded.
We pay attention to the consequences that arise after bankruptcy:
Those who will apply for judicial and out-of-court bankruptcy:
they will not be able to take loans from banks and microfinance organizations for five years (except for obtaining micro-loans from pawnshops);
reapply bankruptcy only after seven years;
their financial condition will be checked three years after bankruptcy.
Everyone should understand that bankruptcy has consequences!
There are no such consequences when solvency is restored.

Source : https://www.gov.kz/memleket/entities/minfin/press/news/details/883474