More than 60 thousand Kazakhstanis have filed for bankruptcy

More than 60 thousand Kazakhstanis have filed for bankruptcy

The bankruptcy procedure has been initiated against 10 thousand citizens Since March 3, the acceptance of applications from citizens for bankruptcy has begun, more than 61 thousand applications have already been received. This was reported in the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan. The bankruptcy procedure has been initiated against 10 thousand citizens, with respect to 750 citizens, applications for the application of the judicial bankruptcy procedure and more than 20 applications for the application of the solvency restoration procedure are being considered by the courts," the committee informed. It is reported that during the monitoring of the received applications of citizens, cases of non-compliance of citizens with the conditions of out-of-court bankruptcy for certain reasons have been established. Most often there are cases when individuals have a partial repayment of the debt within 12 months in connection with the application of measures of compulsory debt collection by private bailiffs on the basis of writ of execution. In another case, citizens, in the actual absence of property, do not make timely adjustments in the relevant databases of state bodies. At the same time, data verification for compliance with the input parameters of out-of-court bankruptcy is carried out automatically in the TAZALAU system by checking databases of state bodies and organizations," the SRC noted. It is also allowed for citizens to file an application for the application of bankruptcy proceedings if they are registered as an individual entrepreneur. Citizens faced with such a problem need to carry out the liquidation procedure of an individual entrepreneur in accordance with the legislation of the Republic of Kazakhstan. For citizens receiving targeted social assistance, it is necessary to take into account the period of at least 6 months of receiving such assistance in order to use the bankruptcy procedure under special conditions. A repeated application for the application of the out-of-court bankruptcy procedure can be submitted in 3 months if inconsistencies with the input parameters are eliminated. At the same time, if the debtor is refused due to the presence of property, he has the right to apply to the district court at the place of residence for the application of the procedure for restoring solvency or judicial bankruptcy," the department explained. Recall that at the end of December 2022, the President signed the Law of the Republic of Kazakhstan "On amendments and additions to some legislative acts of the Republic of Kazakhstan on the restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan". On March 3, the law "On Restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan" came into force in Kazakhstan, the acceptance of bankruptcy applications began. The out-of-court bankruptcy procedure will last up to 6 months. At the same time, the service provides for filing an application for termination of the out-of-court bankruptcy procedure. The procedure also provides for 6 months from the date of posting information about the user. The Ministry of Finance named the reasons for the refusal in the bankruptcy procedure of individuals.