Restoration of solvency and bankruptcy of citizens
On December 30, 2022, the Law of the Republic of Kazakhstan "On Restoration of solvency and Bankruptcy of citizens of the Republic of Kazakhstan" was signed. This Law shall enter into force sixty calendar days after the date of its first official publication, the Law was published in the republican newspaper Kazakhstanskaya Pravda dated January 1, 2023 No. 1 (29878). The authorized state body will accept applications and applications for the restoration of solvency and bankruptcy from citizens from March of this year. The authorized state body for the implementation of guidance in the field of public administration on the restoration of solvency and bankruptcy of citizens on the acceptance of appeals has not yet been determined. We assume that the Authorized state body will be the State Revenue Committee of the Ministry of Finance and its structural divisions. For more information, please contact the Law and Law Law Firm. 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. The relations that arise between individual entrepreneurs and legal entities (LLP, IP) in connection with the inability to fully satisfy creditors' claims are regulated by the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.
Attention!
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