On March 3, 2023, the acceptance of bankruptcy applications began in Kazakhstan. Only on the first day of receiving applications, 2,466 Kazakhstanis applied for out-of-court bankruptcy and their number is increasing every day.

The application can be submitted via the website eGov.kz, mobile applications eGov Mobile, e-Salyq Azamat, as well as on paper in the nearest PSC branch.

Before submitting an application, the debtor must check compliance with the following conditions for each procedure and choose the most suitable one for him personally.

The Law of the Republic of Kazakhstan «On Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan» provides for three types of bankruptcy procedures for individuals: out-of-court bankruptcy, judicial bankruptcy and restoration of solvency. All three procedures are initiated only by the debtor himself, the creditor does not have the right to apply these procedures to the debtor.

One of the main conditions for filing an application for restoration of solvency and bankruptcy is the presence of obligations not exceeding 1600 times the monthly calculation index (MCI) – 5,520,000 tenge and the absence of repayment of debts within 12 months on the date of filing an application for obligations to all creditors specified in the application; or the presence of a default period – over 5 years as of the date of application.

It is necessary to have a response from the bank or microfinance organization about the refusal to change the terms of the contract or a copy of the debtor’s application or other confirmation of the application.

If the debt is not repaid for more than 5 years, all the conditions listed above are not taken into account.

Before submitting an application, it should be taken into account that citizens of Kazakhstan recognized as bankrupt will not be able to take loans for 5 years, and within 3 years after declaring a citizen bankrupt, his financial condition is subject to monitoring. Repeated bankruptcy is allowed only after 7 years.

You can find out which procedure is better to choose and which package of documents you need to collect for it through the Need Help mobile application.