On June 30, 2025, the Law of the Republic of Kazakhstan "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on financial market development, Consumer Protection of financial services, communications and elimination of excessive Legislative regulation" was signed.

Within the framework of this law, amendments were made to the Law of the Republic of Kazakhstan "On Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan" (hereinafter referred to as the Law).

The key changes came into force on August 31, 2025 and contain the following:

1. The requirement to settle debts under bank loan agreements and microcredit agreements concluded before January 1, 2025 has been lifted (subparagraph 3) of paragraph 1 of Article 5 and subparagraph 5) of paragraph 2 of Article 6 of the Law); 2. The debtor has been granted the right to terminate the out-of-court bankruptcy procedure without specifying the reason (subparagraph 1) of paragraph 1 of Article 18 of the Law); 3. A 6-month period has been set for re-applying for the application of the out-of-court bankruptcy procedure after the previous termination by the authorized body (new paragraph 4 of Article 18 of the Law); 4. It is determined that after the completion of the out-of-court bankruptcy procedure, 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 for guarantors, guarantors and (or) mortgagors, are subject to termination (paragraph 2 of Article 19 of the Law); 5. The powers of the financial manager during the procedures of judicial bankruptcy and restoration of solvency have been clarified (new paragraph 1-1 of Article 23 of the Law); 6. The functions of the authorized body have been supplemented by the approval of the rules for the payment of remuneration to the financial manager from budgetary funds and the forms of current and requested information on the progress of the judicial bankruptcy procedure (paragraph 2 of Article 44 and subparagraph 8) of the new paragraph 1-1 of Article 23 of the Law).

Department for Work with Insolvent Debtors State Duma of the Pavlodar region

Source : https://www.gov.kz/memleket/entities/kgd-pavlodar/press/news/details/1064718?lang=kk