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LAW OF THE REPUBLIC OF KAZAKHSTAN

of December 30, 2022 No. 178-VII ZRK

About recovery of solvency and bankruptcy of citizens of the Republic of Kazakhstan

This Law governs the public relations arising in case of insolvency of the citizen of the Republic of Kazakhstan, establishes the bases for application of the procedure of recovery of solvency, and also the procedure of extrajudicial and judicial bankruptcy, procedure and conditions of their carrying out.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) current expenses - the citizen's expenses which arose later acceptance dates court of the statement for application of the procedure of recovery of solvency or judicial bankruptcy including remuneration of the financial manager;

2) deliberate bankruptcy - the actions of the citizen of the Republic of Kazakhstan made in private interests for the purpose of evasion from obligation fulfillment before creditors by alienation, concealment or destruction of property within three years before application of procedures of extrajudicial or judicial bankruptcy;

3) the bankrupt - the debtor concerning whom the procedure of extrajudicial bankruptcy is complete or the judgment about completion of the procedure of judicial bankruptcy took legal effect;

4) the debtor - the citizen of the Republic of Kazakhstan whose insolvency is the basis for application of procedures of recovery of solvency, and also extrajudicial and judicial bankruptcy;

5) the estate of the debtor - property of the debtor on which collection in the procedure of judicial bankruptcy can be turned;

6) the voluntary settlement - the procedure applied at any stage of the procedure of judicial bankruptcy for the purpose of its termination by the agreement signature between the debtor and creditors approved by court;

7) the creditor - person having to the debtor of the requirement, arising from civil and (or) other obligations, including according to the obligation which execution is provided with pledge of property of the debtor;

8) the register of requirements of creditors - the list of requirements of creditors to the debtor with indication of their amount, the basis and date of origin;

9) the financial manager - person performing activities in procedures of recovery of solvency and judicial bankruptcy;

10) the procedure of judicial bankruptcy - the procedure performed concerning the debtor judicially for the purpose of satisfaction of requirements of creditors at the expense of the estate of the debtor;

11) the procedure of extrajudicial bankruptcy - the procedure performed concerning the debtor extrajudicially for the purpose of discharge before banks of the second level, bank branches - the nonresident of the Republic of Kazakhstan, the organizations performing separate types of banking activities, the organizations performing microfinancial activities or the collection agencies according to this Law;

12) insolvency - inability of the debtor in full to fulfill monetary commitments and other requirements of cash nature;

13) the plan of recovery of solvency - the document containing complex of the actions directed to recovery of solvency of the debtor with indication of realization terms;

14) the procedure of recovery of solvency - the procedure applied judicially within which the financial, legal and other not contradicting the legislation of the Republic of Kazakhstan actions directed to recovery of solvency of the debtor are applied to the debtor;

15) authorized body - the state body performing management in the sphere of public administration on recovery of solvency and bankruptcy of citizens of the Republic of Kazakhstan.

Article 2. Legislation of the Republic of Kazakhstan on recovery of insolvency and bankruptcy of citizens of the Republic of Kazakhstan

1. The legislation of the Republic of Kazakhstan on recovery of solvency and bankruptcy of citizens of the Republic of Kazakhstan is based on the Constitution of the Republic of Kazakhstan and consists of the Civil code of the Republic of Kazakhstan, this Law and other regulatory legal acts.

2. If the international treaty ratified by the Republic of Kazakhstan establishes other rules, than those which contain in this Law then are applied rules of the international treaty.

Article 3. Coverage of this Law

1. This Law is applied to the relations arising in connection with insolvency of the citizen of the Republic of Kazakhstan who is not registered as the individual entrepreneur.

2. The relations arising at individual entrepreneurs in connection with inability to meet in full requirements of creditors are regulated by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.

3. The court considers applications for application of the procedure of recovery of solvency and the procedure of judicial bankruptcy, and also the conclusion of the voluntary settlement on general civil procedure rules with the features established by this Law.

Article 4. The principles of application to citizens of the procedure of recovery of solvency, and also the procedure of extrajudicial and judicial bankruptcy

Application to citizens of the procedure of recovery of solvency, and also the procedure of extrajudicial and judicial bankruptcy is based on the principles:

1) legality;

2) justice;

3) publicity and openness;

4) state regulation;

5) conscientiousness of citizens;

6) approaches of consequences.

Article 5. The bases for filing of application about application of the procedure of extrajudicial bankruptcy

1. The bases for giving in authorized body of the statement for application of the procedure of extrajudicial bankruptcy are availability of the obligations which are not exceeding the 1600-fold size of the monthly settlement indicator established by the law on the republican budget and operating for date of filing of application and compliance in total to the following conditions:

1) absence on the property property right, including the property which is in common property;

2) according to obligations to the creditors specified in the statement there is no repayment within twelve consecutive months for date of submission of such statement;

3) concerning the debtor procedures for settlement and (or) collection of unexecuted agreement obligations of bank loan and (or) the agreement on provision of the microcredit according to the laws of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan" and "About microfinancial activities" are carried out.

The measures for carrying out settlement and (or) debt collection specified in this subitem need to be carried out to the terms which are not exceeding eighteen months from the moment of emergence of overdue debt;

4) non-use of the procedure of extrajudicial or judicial bankruptcy within seven years for date of filing of application.

2. Despite subitem provision 2) of Item 1 of this Article, the debtor has the right to submit the application if he is receiver of the government address public assistance within six months preceding date of filing of application.

3. Despite provisions of Item 1 of this Article, the debtor has the right to submit the application if the term of non-execution of obligations constitutes over five years for date of filing of application.

Article 6. The bases for filing of application about application of the procedure of recovery of solvency or judicial bankruptcy

1. The bases for filing of application in court about application of the procedure of recovery of solvency or judicial bankruptcy are availability of the obligations exceeding the 1600-fold size of the monthly settlement indicator established by the law on the republican budget and operating for date of filing of application and compliance to the following conditions:

1) according to obligations to creditors there is no repayment within twelve consecutive months for date of submission of such statement;

2) concerning the debtor procedures for settlement and (or) collection of unexecuted agreement obligations of bank loan and (or) the agreement on provision of the microcredit according to the laws of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan" and "About microfinancial activities" are carried out.

The measures for carrying out settlement and (or) debt collection specified in this subitem need to be carried out to the terms which are not exceeding eighteen months from the moment of emergence of overdue debt;

3) there is no fact of application of the procedure of extrajudicial or judicial bankruptcy within seven years for date of filing of application.

2. The debtor whose size of all obligations (including completion date of which did not come) does not exceed the cost of the property belonging to it has the right to take a legal action only with the statement for application of the procedure of recovery of solvency.

3. The provision of Item 1 of this Article regarding the size of obligations of the debtor is not applied if creditor is:

physical person;

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