Restoration of solvency and inclusion in the Register of creditors

Restoration of solvency and inclusion in the Register of creditors The legislation of the Republic of Kazakhstan provides for a procedure for restoring solvency if a citizen is in financial difficulties and cannot repay his debts in a timely manner. What opportunity does this give the debtor? A citizen with a stable income can go to court and present a plan to repay debts in a period of up to 5 years. This will allow you to pay off debts in stages and not acquire the status of a bankrupt. What is a register of creditors? This is an official list in which all creditors who are owed by the debtor are entered. It indicates the amount of arrears and the grounds for its occurrence. Why is this important? Only creditors whose claims are included in the Register of creditors can participate in the procedure and hope that their claims will be satisfied in the manner prescribed by law. What should a creditor do? The creditor must declare his claim within the established time frame and provide documents confirming the existence of the debt. Restoration of solvency and bankruptcy procedures are aimed at maintaining the balance of rights and interests of debtors and creditors, as well as regulating debt by legal means.