Kazakhstan Introduces Bankruptcy Law for Individuals

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

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