Monitoring of the financial condition of a bankrupt in an out-of-court bankruptcy procedure

In accordance with article 48 of the Law of the Republic of Kazakhstan "On Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan", the financial condition of a bankrupt is monitored by an authorized body for three years after the debtor is declared bankrupt.
Creditors also have the right to monitor the financial condition of a bankrupt.
The procedure and timing of the procedure were approved by the Order of the Deputy Prime Minister - Minister of Finance of the Republic of Kazakhstan dated March 10, 2023 No. 254 "On Approval of the Rules and Timing of monitoring the financial condition of the debtor and bankrupt."
Based on the results of financial monitoring, the authorized body draws up one of the following documents::
- An opinion on the acquisition by the bankrupt of property subject to state registration (including common joint property) after the completion of the out-of-court bankruptcy procedure;
- A certificate stating that the bankrupt has not acquired property subject to state registration (including common joint property) after completing the out-of-court bankruptcy procedure.
The conclusion is drawn up in 3 (three) copies: the first copy is kept in the nomenclature files of the authorized body, the second is sent to the bankrupt, and the third is sent to creditors within 3 (three) business days from the date of compilation.
The certificate is drawn up in 1 (one) copy and stored in the nomenclature files of the authorized body.
If the fact of the bankrupt's acquisition of property subject to state registration (including common joint property) is revealed, the authorized body sends the monitoring results to creditors.
Upon receipt of such information, creditors have the right to apply to the court to cancel the recognition of the debtor as bankrupt and resume bankruptcy proceedings in accordance with the Civil Procedure Code of the Republic of Kazakhstan.
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