The Deputy Minister emphasized that to date, the bankruptcy procedure has been used more than 51 thousand times, resulting in the cancellation of debts amounting to 188 billion tenge.
“Currently, about 300 thousand citizens can apply for bankruptcy, but this remains at the discretion of each individual; we cannot automatically declare everyone bankrupt,” noted Birzhanov.
He added that applications must be submitted for consideration, after which a scoring analysis will be conducted. “We assessed the potential number — 300 thousand, who can submit an application,” explained the Deputy Minister.
Birzhanov also reminded about the amendments adopted on June 30, which excluded the requirement for debt restructuring for loans issued before January 1, 2025. The new rules allow the debtor to complete out-of-court bankruptcy without explanation, as well as release them from obligations to financial institutions that are not reflected in credit bureaus after the procedure is completed.
“These changes will help a greater number of citizens with unpaid debts access bankruptcy procedures,” believes Birzhanov.
The Deputy Minister also mentioned the ongoing improvement of legislation regarding personal bankruptcy. In particular, the parliament has adopted amendments concerning the exclusion of pawnshops from the list of creditors in the out-of-court bankruptcy process and the reduction of the procedure's duration for citizens with debts up to 1600 MRP that have not been repaid for more than five years.
It is important to note that since March 3, 2023, the law "On the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan" has been in effect. Citizens are offered three options: out-of-court bankruptcy, court bankruptcy, and restoration of solvency.
Additionally, on June 19, 2025, the law "On Amendments and Additions to Certain Legislative Acts" came into force, which simplified bankruptcy procedures. Now, when submitting an application, it is not required to provide documents on debt restructuring with the creditor, and there is no need to specify the exact amount of debt.
