Nearly 100,000 Citizens Declared Bankrupt in Kazakhstan
In Kazakhstan, 98,600 people have been granted bankrupt status. Their total debt amounts to 373 billion tenge (approximately $839 million).
Currently, bankruptcy proceedings are underway in Kazakhstan for another 23,195 citizens. Their total debt amounts to 134.5 billion tenge (approximately $302 million).
For individuals, both out-of-court and judicial bankruptcy procedures are provided. Additionally, citizens can restore their solvency: with a stable income, they repay debts according to an approved plan and do not receive bankrupt status.
The out-of-court procedure is intended for citizens without property subject to state registration, provided their debt meets legal requirements. Applications are submitted via eGov, eGov Mobile, the eSalyq Azamat app, or at a Public Service Center (PSC).
Judicial bankruptcy is applied if the debt exceeds the limit set by law or if the debtor owns property. A financial manager reviews assets and transactions from the past three years, interacts with creditors, and, if necessary, organizes the sale of property to repay the debt.
Solvency restoration can last up to five years. After being declared bankrupt, a citizen will not be able to obtain new loans or microloans for five years, and can only apply for bankruptcy again after seven years. For three years, their financial status will be under monitoring. Alimony and certain other obligations are not discharged in bankruptcy.
