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OVER A MILLION KAZAKHSTANIS WILL BE ABLE TO DECLARE THEMSELVES BANKRUPT
OVER A MILLION KAZAKHSTANIS WILL BE ABLE TO DECLARE THEMSELVES BANKRUPT
The Law "On the restoration of solvency and bankruptcy of citizens of Kazakhstan", adopted at the end of last year, came into force. According to experts, the changes will bring significant changes in the organization of insolvency procedures for individuals-citizens of the republic.
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.
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