Debt Recovery For Creditors And The Law Of Insolvency In Kazakhstan

In connection with its assignment of global recovery and issue ratings, Standard&Poor's Ratings Services has assessed Kazakhstan's insolvency regime as a Group C jurisdiction, based on its relative degree of "creditor-friendliness" as defined in Standard&Poor's report titled "Jurisdiction-Specific Adjustments To Recovery And Issue Ratings," published July 5, 2007, and available on RatingsDirect at www.ratingsdirect.com. On a global basis, Kazakhstan is not a friendly jurisdiction for creditors. Although the insolvency regime appears to offer certain formal protections to creditors—such as a relatively modern bankruptcy law and a centralized system for the registration of security—the regime is, in fact, highly unpredictable for creditors. Debt recoveries for creditors are extremely uncertain due to laws that are vague and applied

...(Editor's Note: We have updated our assessment of the insolvency regime detailed in this commentary following the publication of the criteria "Methodology: Jurisdiction Ranking Assessment", published Jan. 20, 2016. We list our latest jurisdiction ranking assessments in the commentary article "Jurisdiction Ranking Assessments Of National Insolvency Regimes," which is updated from time to time.) In connection with its assignment of global recovery and issue ratings, Standard & Poor's Ratings Services has assessed Kazakhstan's insolvency regime as a Group C jurisdiction, based on its relative degree of "creditor-friendliness" as defined in Standard & Poor's report titled "Jurisdiction-Specific Adjustments To Recovery And Issue Ratings," published July 5, 2007, and available on RatingsDirect at www.ratingsdirect.com....

Commentary