What are the consequences after the initiation of insolvency or judicial bankruptcy proceedings?

What are the consequences after the initiation of insolvency or judicial bankruptcy proceedings?

14.10.2025 09:13:05 359

The following consequences occur from the date of the court's ruling on the initiation of proceedings:

- The debtor's debt obligations are deemed to have expired.

- It is prohibited to demand fulfillment of obligations from the debtor.

- The accrual of penalties (fines, fines) and interest shall cease.

- The debtor is prohibited to assume new monetary or property obligations (except for microcredits from pawnshops).

- The debtor's consent to receive information about his property shall be provided.

- It is prohibited for the debtor to leave the Republic of Kazakhstan (with some exceptions).

- Recovery of money from bank accounts and foreclosure on property is not allowed.

- Claims against the debtor may be brought only under bankruptcy procedures (except for alimony and life/health damages).

- Enforcement of enforcement documents and decisions of state bodies is suspended.

- The creditor is prohibited to apply settlement and/or collection measures.

 

Source : https://www.gov.kz/memleket/entities/kgd-zhetysu/press/news/details/1072367?lang=kk