The legislation of the Republic of Kazakhstan provides for a special mechanism for the liquidation of a debtor without initiating bankruptcy proceedings. This procedure applies where the debtor is absent or where a legally established set of circumstances exists. Pursuant to Articles 113–118-1 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy," an application to the court for the liquidation of a debtor without initiating bankruptcy proceedings may be filed by a creditor in respect of taxes and customs payments against an absent debtor, as well as by the debtor itself, provided that the conditions established by law are met.

For a debtor to apply to the court, several circumstances must exist simultaneously.

The amount of the debtor's outstanding obligations to creditors must not exceed 2,500 times the monthly calculation index (MCI) established for the relevant financial year; during the three years preceding the filing of the application, the debtor must not have owned any property or have any accounts receivable; and during that period, the debtor must not have entered into transactions that could be declared invalid in accordance with the legislation of the Republic of Kazakhstan. The application must be accompanied by documents confirming the existence of the circumstances established by law, as well as the relevant decision of the property owner or the founders (participants) of the legal entity.

Thus, liquidation without initiating bankruptcy proceedings is not a simplified method for terminating the activities of any enterprise at the discretion of its owners. It is a special judicial procedure that may be applied exclusively where the grounds established by law exist. Among other purposes, this procedure is aimed at the orderly termination of the activities of debtors that are not actually carrying out business activities, while ensuring compliance with the rights and legitimate interests of creditors.

Source : https://www.gov.kz/memleket/entities/kgd-vko/press/news/details/1286029?lang=ru