JUDICIAL BANKRUPTCY OF CITIZENS IN KAZAKHSTAN
DOI:
https://doi.org/10.1063546/5tmde394Keywords:
insolvency, bankruptcy, restoration of solvency, bankrupt, creditor, settlement agreement, financial managerAbstract
The institution of personal bankruptcy is of immense relevancy in the current socio-economic landscape. The adoption of the Law of the Republic of Kazakhstan "On the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan" on December 30, 2022, was a significant event since it caused the reduction in the debt burden of borrowers and attenuated social tension within society. The article points out the key provisions of the Law of the Republic of Kazakhstan "On the Restoration of Solvency and Bankruptcy of Citizens of the Republic of Kazakhstan" dated December 30, 2022,
and provides examples from judicial practice regarding cases of this category. Since the
adoption of the law, the institution of personal bankruptcy has been developing with great
intensity, yet its dynamic development has led to a number of challenges in its application.
Further improvement of certain provisions of this legislative act is necessary, as well as the
adoption of a regulatory resolution on the application of the laws concerning the restoration
of solvency and bankruptcy of citizens by the courts.
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