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Articles by Our Experts

Court-Supervised Bankruptcy

Court-supervised bankruptcy is a debt discharge procedure initiated upon the debtor’s petition to the district court in the jurisdiction where the debtor is registered. The process is carried out with the participation of a financial administrator, who distributes the debtor’s assets (if any) to fairly satisfy the creditors’ claims.

When is judicial bankruptcy appropriate?

This procedure may 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 can't pay.
  3. The amount of debt exceeds 1,600 MPR

Steps in the procedure:

  1. Filing a Petition with the Court
  2. Assessment of the Debtor's Financial Condition
  3. Protection Against Collection
  4. Valuation and Distribution of Assets
  5. Declaration of Bankruptcy and Debt Discharge
  6. Monitoring Financial Condition After Bankruptcy

Result:

  • Full discharge of debts—if the debtor’s assets are insufficient to cover all obligations—is the primary outcome of judicial bankruptcy.
  • Prohibition on Taking Out New Loans — For 5 years after being declared bankrupt, the debtor may not take out a loan or credit (except for microloans).
  • Monitoring the debtor's financial condition for 3 years after the completion of the bankruptcy proceedings.
  • Restriction on repeat bankruptcy—a second bankruptcy proceeding may not be filed until at least 7 years have passed.

Legal and Accounting Services for Businesses in Kazakhstan

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

If you need assistance with starting a business, legal support, or accounting, please review our main areas of expertise:

If you have any questions, please feel free to contact us in any way that's convenient for you or submit a request for a consultation.

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

We are located at:

Almaty Office:

108a Al-Farabi Avenue, 3rd Floor

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Office in Astana:

8 Kenasary Street​, Office 714, 7th Floor

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