The specified regulatory legal act introduces 3 types of bankruptcy procedures, which include extrajudicial/judicial insolvency, as well as restoration of solvency.
The key feature is that only the debtor himself can initiate bankruptcy, and the acceptance of applications will begin on March 1.
Citizens with a debt of 5.5 million tenge with a delay of more than 12 months will be able to file for bankruptcy.
Upon completion of any of the procedures, a restriction will be imposed on the debtor to accept new obligations for 5 years, and it will be possible to re-declare bankruptcy after 7 years.
It is also noted that 95% of debtors will be able to submit applications in electronic form.