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Egsat Consulting

A reliable support for your business
We've been helping foreign companies do business in Kazakhstan for 17 years
articles from our experts

Judicial bankruptcy

Judicial bankruptcy is a debt relief procedure carried out upon the debtor's petition to the district court at their place of registration. The process involves a financial manager, who distributes the debtor's assets (if any) to fairly satisfy creditors' claims.

When is bankruptcy filing appropriate?

The procedure can be applied in the following cases: it is important to consider the possibility of judicial bankruptcy as a way to resolve financial difficulties.

  1. You are a citizen of Kazakhstan.
  2. You have debts that you cannot pay.
  3. The debt amount exceeds 1,600 MCI

Stages of the procedure:

  1. Filing a claim in court
  2. Assessment of the debtor's financial condition
  3. Protection from foreclosure
  4. Valuation and distribution of property
  5. Bankruptcy declaration and debt write-off
  6. Monitoring financial status after bankruptcy

Result:

  • Complete debt write-off, if the debtor's assets do not cover all obligations, is the main result of judicial bankruptcy.
  • Ban on obtaining new loans - for 5 years after being declared bankrupt, the debtor cannot take out a loan or credit (except for microloans).
  • Monitoring the debtor's financial condition for 3 years after completion of bankruptcy proceedings.
  • Re-bankruptcy restrictions: a second bankruptcy procedure is possible no earlier than after 7 years.

Legal and accounting services for businesses in Kazakhstan

EGSAT Consulting provides legal, accounting, and consulting services for businesses in the Republic of Kazakhstan. We support entrepreneurs at every stage, from company registration to comprehensive support for existing businesses.

If you need help starting a business, legal support, or accounting, you can explore our key areas of expertise:

If you have any questions, you can contact us in any convenient way or leave a request for a consultation.

Contacts:
Phone: +7 (707) 711-01-86, +7 (707) 711-01-87
Contact page: https://egsat.kz/kontakty/

We are located:

Almaty office:

Al-Farabi Avenue, 108a, 3rd floor

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Astana office:

Kenesary Street 8, Office 714, 7th floor

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