Introduction of an institution of bankruptcy of individuals is being studied in Kyrgyzstan. Minister of Economy of Kyrgyzstan Oleg Pankratov announced today at a meeting of the Parliamentary Committee on Economic and Fiscal Policy.
According to him, the situation with non-payment of loans is acute in the republic. Many people turn to the government, to the deputies with a request to write off their debts on loans. There are two options to solve the problem. The first is allocation of funds from the budget to pay off debts of those who cannot pay a loan.
«But there is a second option, which is more acceptable. We have a law on the bankruptcy of legal entities, but there is no law on the bankruptcy of individuals. Adoption of such documents is taking place all over the world. Bankruptcy suggests: if a person, for some reason, becomes insolvent, he or she may declare himself or herself bankrupt. In this case, restrictions on the possibility of seizure of his property to pay off the debts are imposed. This means that a person must repay debts, but must have at least minimum conditions for life,» Oleg Pankratov stressed.
