The grounds for filing an application with the court for the application of the solvency restoration procedure are the fact that the value of the property owned by the debtor exceeds the amount of all of the debtor’s obligations (including obligations whose due date has not yet arrived) and/or the existence of a stable income.
The grounds for filing an application with the court for the application of the judicial bankruptcy procedure are:
the existence of obligations exceeding 1,600 times the monthly calculation index established by the law on the republican budget and effective as of the date of filing the application, in respect of obligations to creditors specified in subparagraph 11) of Article 1 of the Law of the Republic of Kazakhstan “On Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan”.
This provision, with regard to the amount of obligations, shall not apply if the debtor does not meet the condition stipulated by subparagraph 1) of paragraph 1 of Article 5 of the Law of the Republic of Kazakhstan “On Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan”;
the existence of obligations to other creditors;
failure to repay obligations to creditors for twelve consecutive months as of the date of filing such application.
Repayment shall mean a payment exceeding one monthly calculation index established by the law on the republican budget and effective as of the date of payment;
absence of any application of an out-of-court or judicial bankruptcy procedure within seven years as of the date of filing the application;
completion, in respect of the debtor, of the procedure for settlement and/or collection of outstanding obligations under a bank loan agreement and/or a microcredit agreement in accordance with the laws of the Republic of Kazakhstan “On Banks and Banking Activities in the Republic of Kazakhstan” and “On Microfinance Activities”.
The measures for settlement and/or collection of debt specified in this subparagraph must be carried out within a period not exceeding twelve months from the date on which the overdue debt arose.
The requirements for carrying out the measures for settlement and/or collection of debt specified above shall not apply to obligations to creditors referred to in the second part of subparagraph 11) of Article 1 of the Law of the Republic of Kazakhstan “On Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan”, as well as to bank loan agreements and/or microcredit agreements concluded before January 1, 2025.
