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Article 5. Grounds for filing an application for the application of an out-of-court bankruptcy procedure The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan
1. The grounds for submitting an application to the authorized body for the application of an out-of-court bankruptcy procedure are the existence of obligations not exceeding 1,600 times the monthly calculation index established by the law on the republican budget and effective on the date of filing the application, and compliance with the following conditions in aggregate:
1) the absence of property by right of ownership, including property in common ownership;
IZPI's note! The first paragraph of subparagraph 2) is amended by 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).
2) for obligations to creditors, there is no repayment within twelve consecutive months as of the date of filing such an application;
Repayment is considered to be a payment in the amount exceeding one-time the monthly calculation index established by the law on the republican budget and effective on the date of payment.
The non-repayment period is calculated from the date of the last payment for each bank loan agreement and/or micro-loan agreement.
Under a bank loan agreement and (or) a micro-loan agreement assigned to a collection agency under an assignment agreement, the non-repayment period is calculated from the date of the last payment until the assignment of the right to the collection agency, unless the collection agency confirms another non-payment period.;
3) the creditor and the debtor have conducted procedures for the settlement and (or) recovery of outstanding obligations under the bank loan agreement and (or) the microcredit agreement in accordance with the laws of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan" and "On Microfinance activities".
The measures for debt settlement and (or) debt collection specified in this subparagraph must be carried out within a period not exceeding twelve months from the date of occurrence of overdue debt.;
IZPI's note! The third part of subparagraph 3) is provided for in the wording of 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).
The requirements of this subparagraph do not apply to the obligations stipulated in the second part of subparagraph 11) of Article 1 of this Law, as well as to a bank loan agreement and (or) a microcredit agreement concluded before January 1, 2025.
4) non-application of out-of-court or judicial bankruptcy proceedings for seven years as of the date of filing the application.
2. Despite the provision of subparagraph 2) of paragraph 1 of this article, the debtor has the right to file an application if he is a recipient of state targeted social assistance within six months preceding the date of filing the application.
3. Notwithstanding the provisions of paragraph 1 of this article, the debtor has the right to file an application if the period of default exceeds five years as of the date of filing the application.
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
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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