On the restoration and bankruptcy of citizens ' solvency
On December 30, 2022, the law" on restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan " was signed. This law shall enter into force after the date of its first official publication, upon the expiration of sixty calendar days. To date, the law has been published in the Republican newspaper "Kazakstanskaya Pravda" dated January 1, 2023 No. 1 (29878). Since March of this year, the authorized state body will begin accepting applications and applications from Citizens for the restoration of solvency and Bankruptcy. The authorized state body for the implementation of Management in the field of Public Administration for the reception of applications from citizens with applications on the issues of restoring the solvency of citizens and bankruptcy has not yet been determined, but we assume that the state Revenue Committee of the Ministry of Finance and its structural divisions may be an authorized state body. For more information, you can contact the law and Law Law Office. This law applies to relations arising in connection with the insolvency of a citizen of the Republic of Kazakhstan who is not registered as an individual entrepreneur, that is, this law does not apply to legal entities and individual entrepreneurs. Relations of individual entrepreneurs and legal entities (LLP, sole proprietor) arising in connection with the inability to fully satisfy the requirements of creditors are regulated by the legislation of the Republic of Kazakhstan on rehabilitation and Bankruptcy.
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