Since March 3, 2023, 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) has been put into effect. This Law was adopted as part of the execution of the instructions of the Head of State on reducing the debt burden of the population.
To maximize the achievement of the purpose of the Law – the release of an insolvent citizen from obligations – the Law provides for a simplified procedure for declaring a citizen bankrupt – an out-of-court bankruptcy procedure.
This procedure is a public service provided by the state revenue authorities.
One of the mandatory conditions for applying for the application of this procedure is the absence of ownership of property, including property in common ownership.
Verification of compliance with this condition is carried out automatically by verifying the data of registering state bodies and organizations (paragraph 7 of the Order of the Deputy Prime Minister - Minister of Finance of the Republic of Kazakhstan "On Approval of the Rules and Forms of public service provision "Application of the out–of-court Bankruptcy Procedure" dated February 28, 2023 No. 218).
At the same time, it is not uncommon for the debtor to register securities in the form of financial instruments, such as exchange-traded notes, according to the information system "Depository and Registrar System of Securities" of JSC "Central Securities Depository" of the National Bank of the Republic of Kazakhstan.
In accordance with article 115 of the Civil Code of the Republic of Kazakhstan, financial instruments are classified as property.
This circumstance has led to a large number of refusals to apply the out-of-court bankruptcy procedure, since, in accordance with the requirements of article 5 of the Law, one of the mandatory conditions for applying the out-of-court bankruptcy procedure is the absence of ownership of property, including property in common ownership.

Source : https://www.gov.kz/memleket/entities/kgd-sko/press/news/details/1228098?lang=ru