Procedure for Restoring Solvency and Bankruptcy of Citizens
Application of the Solvency Restoration Procedure by the Court
By a court decision, the application of I.D.T. was granted, and the solvency restoration procedure was applied.
The applicant’s total indebtedness amounts to KZT 9,698,922.45.
According to the certificate of registered rights to immovable property dated April 25, 2023, I.D.T. owns an apartment with a market value of KZT 13,573,000, as indicated in the valuation report. I.D.T. is the director and sole founder of Ar LLP. The applicant’s sole source of income is remuneration received for providing social services as a personal assistant caring for the applicant’s mother, A.Y.B.N., who has had a Group I disability since childhood.
Subsequently, by a court ruling, the debtor’s solvency restoration plan submitted by the financial administrator and agreed upon by the creditors was approved. The plan implementation period is five years.
Similarly, the application of N.T.K. for the application of the solvency restoration procedure was granted.
According to the financial administrator’s report, the creditor indebtedness amounts to KZT 5,582,721, the market value of all the debtor’s assets as of the date of filing the application amounts to KZT 5,656,999, the average monthly income is KZT 220,000, and the average monthly expenses amount to KZT 15,000.
The debtor has permanent employment with Kr Gody LLP, holding the position of administrator under an employment contract dated May 1, 2024.
The court concluded that the debtor’s financial circumstances, the substantial amount of the obligations, and the insufficient level of income prevent the debtor from fulfilling the obligations owed to creditors in the short term.
Pursuant to Article 29 of the Law, a solvency restoration plan may include any financial, legal, or other measures that do not contravene the legislation of the Republic of Kazakhstan and are aimed at restoring the debtor’s solvency. Such measures must take into account the debtor’s income and current expenses, as well as the schedule for satisfying creditors’ claims and the amount of funds retained by the debtor for personal use on a monthly basis.
The period for implementing a solvency restoration plan must not exceed five years, except in the case provided for in subparagraph 2) of paragraph 3 of Article 32 of this Law.
In this case, the solvency restoration plan was also approved for a period of five years.
The court’s decision to dismiss the application of P.Y.-Sh.Y. for the application of the solvency restoration procedure was justified.
The applicant has outstanding obligations totaling KZT 7,290,513. At the same time, the applicant owns an apartment in Astana with a value of KZT 11,292,069.
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