The State Revenue  Department of East Kazakhstan region reports that amendments to legislation aimed at simplifying bankruptcy procedures for individuals have been in effect since August 25, 2024:

1. review of the criteria for procedure application

- it is not necessary to have overdue debts or property to apply the procedure for restoring solvency;

- it is possible to apply the out-of-court bankruptcy procedure for obligations to all organizations having claims under bank loan agreements, loan (credit) agreements, and micro-credit agreements for individuals. This includes organizations that have been deprived of a license, are under liquidation, or have been excluded from the relevant register.

2. simplification of the out-of-court bankruptcy application procedure.

The debtor is relieved of the obligation to indicate creditor information and debt amount in the application, and to attach any supporting documents to it.

3. clarifying calculation of the payment default period for the application of out-of-court and judicial bankruptcy procedures

payments on debts of less than 1 MCI won't be considered repayment, the period of non-repayment under contracts assigned to a collection agency will be calculated from the date of the last payment up to the date of the assignment of the right (claim).

4. change in the dates for conducting settlement

if the period of absence of payments is more than 12 months, no prior debt settlement is required.

The State Revenue Department of East Kazakhstan region recommends that individuals who have questions related to bankruptcy feel free to contact the Contact Center at 1414 (option 3) or call 24-44-00 as well as the territorial state revenue divisions of East Kazakhstan region.

Source : https://www.gov.kz/memleket/entities/kgd-vko/press/news/details/1024161?lang=kk