Article 21. Bankruptcy of an individual entrepreneur of the Civil Code of the Republic of Kazakhstan

     1. The insolvency of an individual entrepreneur (Article 52 of this Code) is the basis for declaring him bankrupt.

     2. Bankruptcy of an individual entrepreneur is recognized on a voluntary or compulsory basis according to the rules established by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy. From the date of entry into force of the court ruling on the completion of the bankruptcy procedure of an individual entrepreneur, his registration as an individual entrepreneur becomes invalid.

     3. When bankruptcy procedures are applied to an individual entrepreneur, his creditors for obligations not related to entrepreneurial activity also have the right to present their claims if the deadline for fulfilling such obligations has arrived. The claims of these creditors that they have not declared in this manner, as well as claims that have not been fully satisfied from the estate, remain valid and may be brought to recovery after the completion of bankruptcy proceedings to the debtor as an individual. The amount of these claims is reduced by the amount of satisfaction received during the debtor's bankruptcy.

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