Article 17. Application of the out-of-court bankruptcy procedure The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

Home / RLA / Article 17. Application of the out-of-court bankruptcy procedure The Law on the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan

1. The period for conducting the out-of-court bankruptcy procedure by the authorized body is six months from the date of posting information about the debtor on the e-government web portal.

2. From the date of posting information about the debtor on the e-government web portal, the following consequences occur::

1) the terms of the debtor's debt obligations to creditors specified in subparagraph 11) of Article 1 of this Law, information about which is reflected in the database of credit bureaus, are considered expired.;

2) it is prohibited to require the debtor to fulfill the obligations of creditors specified in subparagraph 11) of Article 1 of this Law, information about which is reflected in the database of credit bureaus.;

3) the accrual of penalties (penalties, fines) and remuneration for all types of debt owed by the debtor to creditors specified in subparagraph 11) of Article 1 of this Law, information about which is reflected in the database of credit bureaus, is terminated.;

4) the debtor is prohibited from assuming new monetary or property obligations (except for obtaining micro-loans from pawnshops);

5) the debtor's consent to receive information about his property, including common joint property, from government agencies and other bodies and organizations for a period of up to three years preceding the application of the out-of-court bankruptcy procedure is considered granted.;

6) it is not allowed to collect money from the debtor's bank accounts in order to satisfy creditors' claims;

7) the execution of enforcement documents on debt collection to creditors specified in subparagraph 11) of Article 1 of this Law, information about which is reflected in the database of credit bureaus, is suspended.;

8) the creditor is prohibited from applying settlement and (or) recovery measures provided for by the laws of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", "On Microfinance activities" and "On Collection Activities".

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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