Article 6. Grounds for filing an application for the application of the procedure of restoration of solvency or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Home / RLA / Article 6. Grounds for filing an application for the application of the procedure of restoration of solvency or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Article 6. Grounds for filing an application for the application of the procedure of restoration of solvency or judicial bankruptcy The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

1. The grounds for filing an application to the court for the application of the procedure for restoring solvency are the fact that the value of the debtor's property exceeds the amount of all his obligations (including those that have not been fulfilled) and (or) the availability of a stable income.

2. The grounds for filing an application to the court for the application of the judicial bankruptcy procedure are:

1) the existence of obligations exceeding 1,600 times the monthly calculation index established by the law on the republican budget and effective on the date of filing an application for obligations to creditors provided for in subparagraph 11) of Article 1 of this Law.

The provision of this subparagraph regarding the amount of obligations does not apply if the debtor does not meet the condition provided for in subparagraph 1) paragraph 1 of Article 5 of this Law;

2) the existence of obligations to other creditors;

3) the absence of repayment of obligations to creditors for 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.;

4) the absence of the fact of the application of an out-of-court or judicial bankruptcy procedure for seven years as of the date of filing the application;

5) conducting procedures with respect to the debtor to settle and (or) recover outstanding obligations under a bank loan agreement and (or) a micro-loan 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 5) 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 for measures to settle and (or) collect debts specified in this subparagraph do not apply to obligations to creditors specified in part two 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.

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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