Ministry of Finance of the Republic of Kazakhstan
What is the duration of a bankruptcy procedure and from what date is it calculated?
According to paragraph 1 of Article 84 of the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy,” the bankruptcy procedure lasts nine months and may be extended by the creditors’ meeting for up to two years.
Repeated extensions are also permitted, provided that the total duration of the bankruptcy procedure does not exceed five years.
The bankruptcy procedure period is calculated from the date the court decision declaring the debtor bankrupt enters into legal force.
Do I need to include bank deposits in my tax return?
Yes, it is necessary, but only deposits in bank accounts in foreign banks located outside the Republic of Kazakhstan, in an amount that, in total, exceeds 1000 times the minimum monthly wage for all bank deposits.
What are the deadlines for submitting general declarations?
On paper and in electronic form - no later than September 15 of the current year in which the obligation to submit a declaration arose.
Through which website should administrators submit announcements?
According to paragraph 13 of Article 12 of the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy,” an administrator has the right to interact electronically with the authorized body and other persons in accordance with the procedure established by the authorized...
What is the bankruptcy estate and what does it include?
According to subparagraph 21) of Article 1 of the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy” (hereinafter – the Law), the bankruptcy estate is the property of the bankrupt that may be subject to recovery during bankruptcy proceedings, as well as the prop...
By what method is a bankrupt’s property sold, and who prepares the sale plan?
Paragraph 1 of Article 99 of the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy” (hereinafter – the Law) provides that the sale of a bankrupt’s property, including claims rights, is carried out by the bankruptcy administrator either through an electronic auct...
How can a debt be recovered from a supplier undergoing a rehabilitation procedure?
According to paragraphs 2, 3, and 4 of Article 72 of the Law of the Republic of Kazakhstan “On Rehabilitation and Bankruptcy” (hereinafter – the Law), creditors must submit their claims against the debtor no later than one month from the date of publication of the notice regardin...
What is the amount of remuneration paid to temporary and bankruptcy administrators of a debtor declared bankrupt upon the claim of the state revenue authorities?
The creditor pays the basic remuneration to the temporary administrator in the amount of one minimum monthly wage (MMW) established by the law on the republican budget for the relevant financial year, for a two-month period of performing duties (second paragraph of paragraph 5 of...
Who reimburses the administrative expenses of a bankruptcy administrator for a debtor declared bankrupt upon the claim of the state revenue authorities?
According to paragraph 2 of the Rules on the payment of basic remuneration to temporary and bankruptcy administrators and the Rules and amounts for reimbursement of other administrative expenses, approved by Order No. 413 of April 23, 2020, of the First Deputy Prime Minister of t...
