LAW «ON RESTORING SOLVENCY AND BANKRUPTCY OF СITIZENS OF THE REPUBLIC OF KAZAKHSTAN»: INITIAL STEPS, PROBLEMS AND SOLUTIONS

Abstract

The article discusses the first results of the application of the Law “On the restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan”. The most pressing problems, gaps, and shortcomings of the law faced by applicant citizens, as well as other entities directly involved in the implementation of the law (financial managers, law enforcers, legal consultants, etc.), have been identified. However, a broad and stable legal practice has not yet formed around these issues. Nevertheless, these problems require urgent resolution. Nineteen legislative amendments adopted on July 19, 2024 do not fully address these issues.

The article proposes some targeted measures for promptly addressing the identified problems. It is argued that restoring solvency is, in the long term, the most promising procedure, as for the citizen and financial organizations and the society as a whole. However, the analysis of practice revealed that this procedure is the least in demand. The article examines some reasons for this situation and proposes measures to enhance the potential of the specified procedure. It is argued that in order to solve the problem of reducing debt burden from the population, more systemic measures of proactive state-legal regulation are necessary. One such measure is seen as the development of contractibility and financial literacy of the population.