The legislation of the Republic of Kazakhstan in the field of rehabilitation and bankruptcy is based on the provisions of the Constitution and is regulated by the Law of the RK dated March 7, 2014, No. 176-V "On Rehabilitation and Bankruptcy," as well as other regulatory legal acts. In legal practice, the norms of international treaties ratified by the Republic of Kazakhstan take precedence: if an international agreement establishes rules other than those provided by national law, the rules of the international treaty shall apply. This legal framework ensures the stability and predictability of procedures when addressing the financial insolvency of entities.

The primary goal of state regulation in this area is to ensure a fair balance of interests between the debtor and creditors. To this end, the law defines the procedure for conducting key processes, such as debt restructuring, rehabilitation, declaring a debtor bankrupt, and liquidation without initiating bankruptcy proceedings. All activities within these processes rely on the fundamental principles of legality, fairness, transparency, and good faith of the parties, which minimizes the risks of abuse of rights.

Priority objectives of the legislation include the protection of the legal rights of process participants and achieving the maximum level of satisfaction of creditors' claims. State control and regulation play a crucial role in this mechanism, ensuring compliance with legal norms by all participants in the procedures. The state acts as a guarantor that rehabilitation or liquidation processes are conducted transparently and in strict accordance with the established regulations.

The declaration of an entity as bankrupt is carried out through judicial proceedings and can be either voluntary or involuntary. Voluntary bankruptcy is initiated based on the debtor's own application, while involuntary bankruptcy is initiated upon the claim of creditors or other persons authorized by law. The basis for a court decision to declare a debtor bankrupt is their factual insolvency, which is confirmed by an administrator's report on the financial stability of the enterprise.

The law also establishes cases where applying to court is an obligation of the debtor. Specifically, if during the liquidation of a legal entity it is found that the value of its assets is insufficient to satisfy creditors' claims, the liquidation commission is obliged to file an application to declare the organization bankrupt. Failure to comply with these requirements entails legal consequences provided by current legislation for company directors and owners.

For detailed consultations on debt restructuring, as well as the specifics of rehabilitation and bankruptcy for individual entrepreneurs and legal entities, interested parties may contact the Department for Work with Insolvent Debtors of the State Revenue Department for the Jetisu Region. The office is located at: 113 Zhandosugurov St., Room 324, Taldykorgan. Consultations are also available by phone at: 24-12-21.

Source : https://www.gov.kz/memleket/entities/kgd-zhetysu/press/news/details/1181717?lang=kk