Article 19. Completion of the out-of-court bankruptcy procedure and release of the debtor from the obligations of the Law on Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

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Article 19. Completion of the out-of-court bankruptcy procedure and release of the debtor from the obligations of the Law on Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

 1. In the absence of grounds for termination of the out-of-court bankruptcy procedure in accordance with Article 18 of this Law, after six months from the date of posting information about the debtor on the electronic government web portal, the authorized body shall make a decision to terminate the out-of-court bankruptcy procedure and declare the debtor bankrupt. The decision is made in a form approved by the authorized body and is subject to posting on the e-government web portal.

2. The debtor's obligations to creditors specified in subparagraph 11) of Article 1 of this Law, information about which is reflected in the database of credit bureaus, shall terminate from the date of posting on the e-government web portal an announcement on the completion of the out-of-court bankruptcy procedure and declaring the debtor bankrupt.

IZPI's note! Paragraph 2 is provided to be supplemented by parts two and three in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

Obligations to creditors specified in subparagraph 11) of Article 1 of this Law, information about which has not been provided to credit bureaus, in accordance with the procedure established by the Law of the Republic of Kazakhstan "On Credit Bureaus and the formation of credit Histories in the Republic of Kazakhstan", are subject to termination in respect of a borrower declared bankrupt.

This clause does not apply to the obligations of debtors who are the guarantor, surety and (or) pledgor for the obligations of third parties.

3. Within five years from the date of the announcement of the completion of the out-of-court bankruptcy procedure, the bankrupt is not granted a loan (except for obtaining microcredits from pawnshops), and security in the form of collateral, guarantees and guarantees under bank loan agreements and the provision of microcredits is not accepted from him.7-VIII (effective sixty calendar days after the date of its first official publication).

This Law regulates public relations arising in the event of the insolvency of a citizen of the Republic of Kazakhstan, establishes the grounds for the application of the procedure for restoring solvency, as well as the procedures for out-of-court and judicial bankruptcy, the procedure and conditions for their conduct.

President

Republic of Kazakhstan

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