The number of bankruptcy applications in Kazakhstan is rising, with over 49,000 people having submitted applications thus far. However, most of these applications are being rejected for various reasons, with a whopping 36,000 applications from citizens being rejected in just three months, media reports.
The number of processed applications is also relatively low, at just 6,058. Reportedly, the application is considered within 15 working days, and it is the responsibility of competent state bodies and the State Revenue Committee to process them accordingly. One of the critical requirements for those wishing to declare bankruptcy is no arrears in payments for the last 12 months.
‘Many applicants have failed to meet this requirement, with 55% of the rejected applications being in arrears. To avoid such rejections, clients should check the necessary information at the Bureau of Credit Histories before filing a bankruptcy application’, Deputy Head of the Office of Debt and Insolvent Debtors Meruert Sisembayeva stated.