TOP 5 questions "on bankruptcy of individuals"

Scope of the Law of the Republic of Kazakhstan "On restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan"?

Answer:

This Law applies to relations arising from the insolvency of a citizen of the Republic of Kazakhstan who is not registered as an individual entrepreneur. The relationships that individual entrepreneurs have in connection with the inability to fully satisfy creditors' claims are regulated by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.

What types of procedures for the application of bankruptcy by citizens are provided for by the Law of the Republic of Kazakhstan "On the restoration of solvency and Bankruptcy of citizens of the Republic of Kazakhstan"?

 Answer

: According to the Law, there are three types of bankruptcy procedures for citizens:

• Out-of-court bankruptcy;

• Judicial bankruptcy; • The procedure for restoring solvency.

Who can initiate bankruptcy proceedings against the debtor?

Answer:

All three procedures are initiated only by the debtor himself, that is, the creditor does not have the right to initiate these procedures against the debtor.

Under what conditions will citizens be able to apply for out-of-court bankruptcy?

1.Debt to Banks, microfinance organizations and collectors does not exceed 5.5 million tenge (1600 MCI);

2.There is no repayment for obligations to banks, microfinance organizations, and collectors for 12 consecutive months as of the application date.;

3.there is no registered property, including property in common ownership;

4.The overdue debt has been settled with the bank;

5. Bankruptcy has not been applied for 7 years.

In addition, the bill provides for special conditions for:

-TSA recipients within 6 months;

-citizens whose debts have not been repaid for more than five years.

If there is any income, does the restoration of solvency provide for the possibility of obtaining installments in court to pay debts (up to 5 years)?

 if there is a stable income.

Source : https://www.gov.kz/memleket/entities/kgd-kyzylorda/press/news/details/1250809?lang=ru