June 30, 2025 signed the Law of the Republic of Kazakhstan “On introducing amendments and additions to some legislative acts of the Republic of Kazakhstan on the development of the financial market, protection of the rights of consumers of financial services, communication and the elimination of unnecessary legislative regulation”. 

The mentioned Law provides for amendments to the Law of the Republic of Kazakhstan “On restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan” (hereinafter - the Law). 

The amendments are enacted from August 31, 2025 and include the following key changes:

1. the requirement to conduct debt settlement under bank loan agreements and microcredit agreements concluded before January 1, 2025 has been abolished (subparagraph 3) of paragraph 1 of Article 5 and subparagraph 5) of paragraph 2 of Article 6 of the Law);
2. the debtor has the right to terminate the extrajudicial bankruptcy procedure without specifying the reason (subparagraph 1) of paragraph 1 of Article 18 of the Law);
3. a 6-month term is established for reapplication for application of the extrajudicial bankruptcy procedure after the previous termination by the authorized body (new paragraph 4 of Article 18 of the Law);
4. it was determined that upon completion of out-of-court bankruptcy proceedings, all obligations of the bankrupt to creditors specified in subparagraph 11) of Article 1 of the Law, including those not reflected in the databases of credit bureaus, except guarantors, sureties and (or) pledgers, are subject to termination (paragraph 2 of Article 19 of the Law);
5. the powers of the financial manager in the course of judicial bankruptcy procedures and restoration of solvency were clarified (new paragraph 1-1 of Article 23 of the Law);
6. the functions of the authorized body were supplemented by approval of the rules for payment of remuneration to the financial manager at the expense of budgetary funds and forms of current and requested information on the progress of judicial bankruptcy proceedings (Article 44, paragraph 2 and subparagraph 8) of the new paragraph 1-1 of Article 23 of the Law).

The implementation of the above legislative amendments requires the development of subordinate regulatory legal acts and finalization of the information system for the provision of the state service “Application of out-of-court bankruptcy procedure”. Work in this direction is currently underway.

Source : https://www.gov.kz/memleket/entities/kgd-zhetysu/press/news/details/1058135?lang=kk