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articles from our experts

Judicial bankruptcy

Judicial bankruptcy is a debt relief procedure implemented upon the debtor's application to the district court at the place of its registration. The process is carried out with the participation of a financial manager, who distributes the debtor's property (if any) to fairly satisfy the creditors' claims.

When is a judicial bankruptcy appropriate?

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

  1. You are a citizen of Kazakhstan.
  2. You have debts that you can't pay.
  3. The amount of debts exceeds 1,600 MRP

Stages of the procedure:

  1. Filing an application with the court
  2. Assessment of the debtor's financial position
  3. Foreclosure defense
  4. Valuation and distribution of assets
  5. Bankruptcy recognition and debt relief
  6. Control over financial condition after bankruptcy

Result:

  • Complete debt forgiveness, if the debtor's assets do not cover all obligations, is the main result of judicial bankruptcy.
  • Prohibition on obtaining new loans - within 5 years after declaring bankruptcy the debtor cannot take a loan or credit (except for microcredits).
  • Monitoring of the debtor's financial condition for 3 years after the completion of bankruptcy proceedings.
  • Restriction on repeat bankruptcy — a repeat bankruptcy procedure is possible no earlier than after 7 years.

Legal and accounting services for businesses in Kazakhstan

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

If you need help starting a business, legal support, or accounting services, you can familiarize yourself with our main areas of expertise:

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

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

We're located:

Office in Almaty:

Al-Farabi Avenue, 108a, 3rd floor

Office in Astana:

Kenesary Street 8, 714 office, 7th floor

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