RusBankrot
We know everything about bankruptcy
24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
The law on bankruptcy of individuals will appear in Kazakhstan
The lower house of the Kazakh parliament has begun considering a draft law that should help to restore the solvency of citizens. Speaker of the Mazhilis Yerlan Koshanov said that the deputies would have to find a balance between the interests of citizens and financial institutions of the state. They want to finish work on the bill by April 26, 2023.
If the bill is adopted, changes may affect 21 normative legal acts, including 13 laws and 8 codes. Earlier, the Ministry of Finance has already held public hearings, which considered various proposals for declaring citizens insolvent. Now the parliamentarians themselves are calling for maximum openness in the discussion of the draft.
Rusbankrot wrote about plans to adopt a bankruptcy law in Kazakhstan back in 2019. The need for it has been long overdue, but various circumstances prevented the implementation of the project in practice (in particular, the pandemic that began in 2020).
For other citizens who have the necessary income or large debts, a bankruptcy court procedure is provided in many respects similar to the one that exists in Russia. The property of a bankrupt will be sold through public auctions, and the proceeds will be used to pay the creditors in accordance with the queue.
The draft law proposes a procedure for the seizure of the debtor's only housing, if it is the subject of a pledge. Creditors should not apply for a single apartment or house that is not collateral. At the same time, the amount of the debt that will not be repaid will be written off if the debtor does not show up the signs of dishonest behavior.
In the latter case, the draft law provides for the approval of a special plan for up to 5 years for those whose property assets are sufficient to pay off the obligations. The bill provides for mandatory educational courses on financial literacy for those citizens of Kazakhstan who will be declared bankrupt.
If the bill is adopted, changes may affect 21 normative legal acts, including 13 laws and 8 codes. Earlier, the Ministry of Finance has already held public hearings, which considered various proposals for declaring citizens insolvent. Now the parliamentarians themselves are calling for maximum openness in the discussion of the draft.
Rusbankrot wrote about plans to adopt a bankruptcy law in Kazakhstan back in 2019. The need for it has been long overdue, but various circumstances prevented the implementation of the project in practice (in particular, the pandemic that began in 2020).
Residents of Kazakhstan, if the bill is adopted in its current form, will have the opportunity to go bankrupt out of court.
It is assumed that those whose debts are not higher than 4.9 million tenge will receive the corresponding right. The same right is provided for citizens who have no income or those whose income is below the subsistence level (36,018 tenge).For other citizens who have the necessary income or large debts, a bankruptcy court procedure is provided in many respects similar to the one that exists in Russia. The property of a bankrupt will be sold through public auctions, and the proceeds will be used to pay the creditors in accordance with the queue.
The draft law proposes a procedure for the seizure of the debtor's only housing, if it is the subject of a pledge. Creditors should not apply for a single apartment or house that is not collateral. At the same time, the amount of the debt that will not be repaid will be written off if the debtor does not show up the signs of dishonest behavior.
According to the republican media, about 1 million citizens of Kazakhstan are currently unable to service credit obligations.
In the event that the bill had been adopted earlier, they could have gone through bankruptcy or restoration of solvency.In the latter case, the draft law provides for the approval of a special plan for up to 5 years for those whose property assets are sufficient to pay off the obligations. The bill provides for mandatory educational courses on financial literacy for those citizens of Kazakhstan who will be declared bankrupt.
13.05.2022
