The concept of a bill providing for appearance of the institution of bankruptcy of individuals in Kazakhstan will be developed by March 2016, said on Tuesday Mr. Yerbolat Dosaev, the Minister of National Economy, IA Novosti-Kazakhstan informs.

“In order to implement the new rehabilitation and bankruptcy mechanisms, and to settle insolvency, a relevant action plan will be adopted in January 2016, and by March the concept of the bill on the introduction of bankruptcy of individuals will be developed by March”, – Mr. Dosayev said at the Government’s session, presenting the draft Anticrisis Plan of the Government and the National Bank for 2016-2018.

In turn, Bakhyt Sultanov, the Kazakhstan’s Minister of Finance said that the task of introducing the bankruptcy procedure of individuals is planned to be implemented through the draft Law “On restoration of solvency of citizens”.

“The law on universal declaration will create conditions for effective implementation of personal bankruptcy and will help to objectively assess the financial position of citizens. Because these are two synchronous processes which are to be implemented from 2017, preparation of the draft bill has already begun and in March 2016 we will present the concept of it”- the Head of the Ministry of Finance confirmed.

In addition, he informed that currently work is being performed to restore solvency of entities within the framework of the new Law “On rehabilitation and bankruptcy”.

“The Ministry of Finance is actively conducting explanatory work with the business; we are getting the courts involved to allow the mechanisms to work properly, monitoring the feedback. However, the rate of  non-payments has grown by 40% over the recent two years”, – Mr. Sultanov stated.

He recalled that at the last meeting of the Government the Ministry of Finance proposed to instruct Akimats to create local commissions which “will be able to thoroughly investigate the regional problems related to growth of payables of economic entities in order to determine the measures to solve the problem at an early stage.” “The state revenue bodies have been instructed to take part in the work of these commissions,” – the Minister concluded.