Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Kazakhstan Introduces Bankruptcy Law for Individuals

Dec. 30, 2022, 1:46 PM

Kazakhstan President Kassym-Jomart Tokayev signed a law on the restoration of creditworthiness and citizen bankruptcy, according to a statement on the presidential press office website.

  • Individuals will have the ability to be declared bankrupt if debt is lower than 4.9m tenge ($10.6k) and their income does not exceed cost of living allowance of 36,018 tenge, Interfax cites Finance Minister Yerulan Zhamaubayev as saying
    • Individual must get court decision to enter bankruptcy if out-of-court bankruptcy isn’t an option, Interfax reports
    • Individuals can request in court to make payments in installments, according to Interfax

To contact the reporter on this story: ...