This draft law includes amendments to the Law of the Republic of Kazakhstan "On the Rehabilitation of Insolvency and Bankruptcy of Citizens of the Republic of Kazakhstan".
The aim of the amendments is to enhance the effectiveness of non-judicial or judicial bankruptcy procedures and to restore the solvency of citizens. The amendments cover all stages of the procedures, from filing an application for the initiation of the procedures, conducting the procedures, to the legal relationships after the procedures are completed.
The amendments specify that when submitting an application for the initiation of procedures, the requirement to conduct a debt settlement will not apply to bank loan agreements and microcredit agreements concluded before January 1, 2025.
During the non-judicial bankruptcy procedure, the debtor is granted the right to terminate it voluntarily without providing reasons.
If the procedure is terminated by an authorized body regarding an individual, a new application for non-judicial bankruptcy procedures can be submitted after six months.
The amendments clarify the powers of the financial manager during judicial bankruptcy and solvency rehabilitation procedures.
Upon completion of the non-judicial bankruptcy procedure, all obligations of the bankrupt to all financial organizations will be terminated, including information that was not submitted to credit bureaus.
All the mentioned amendments are planned to be implemented in the first half of 2025.