Debt restructuring is used to support recovery of amounts due to the Fund and to reduce the risk of non-repayment. Restructuring terms are developed following analysis of the debtor’s business, financial position, ability to pay, collateral and prospects for repayment.
Objectives
Why Restructuring Is Used
Restore Solvency
Create conditions for restoring the debtor’s financial stability and ability to perform its obligations to the Fund.
Reduce Debt Burden
Adjust performance conditions to the debtor’s financial position and realistic repayment capacity.
Maximise Recovery
Select measures that support the greatest achievable performance of obligations owed to the Fund.
Practice Previously Published by the Fund
The Fund’s previously published English-language material describes agricultural restructuring cases in which borrowers received softer financing conditions, including reduced interest burden and longer repayment periods, helping businesses stabilise their financial position.
The same material describes later support measures under which repayment terms were revised and payment deferrals were used so that agricultural enterprises could preserve operations during difficult periods.
Review Process
How Restructuring Is Considered
Written Request from the Debtor
Consideration starts with a written request from the debtor containing proposals for performance of its obligations to the Fund.
Comprehensive Analysis
The Fund assesses the debtor’s financial position, operations, collateral, repayment sources and relevant risks.
Development of Terms
Based on the analysis, a possible combination of restructuring measures is developed for the particular debt.
Decision by the Authorised Body
The Fund’s authorised body makes the decision taking into account the analysis, risks, collateral quality, financial position and economic feasibility.
Implementation
Once approved, the agreed restructuring conditions are documented and applied to the debtor’s obligations.
Performance Monitoring
The Fund monitors payment discipline, financial position, collateral, covenants and other restructuring conditions.
Comprehensive Analysis
What Is Assessed Before a Decision
Independent Specialists
For property valuation, review of valuation reports, financial analysis and other work, the Fund may engage independent appraisers, audit organisations and, where necessary, consultants and other specialists.
Possible Solutions
Measures That May Be Applied
Currency of the Obligation
Changing the currency in which the obligation is denominated.
Terms and Repayment Schedule
Changing repayment periods, procedure or payment schedule.
Deferral and Instalments
Providing a deferral, instalment arrangement, grace period or flexible payment schedule.
Payment Priority
Changing the order and priority of principal, interest and other payments.
Interest Terms
Changing the interest rate or the method of calculating interest.
Adjustment of Debt Amounts
Full or partial adjustment, suspension or recalculation of components of principal, interest, fees, penalties or other debt.
Refinancing
Refinancing the outstanding debt.
Property in Satisfaction of Debt
Accepting property provided by the debtor or a third party in satisfaction of obligations.
Transfer of Debt
Transferring debt to a third party with the Fund’s consent.
Additional Security
Obtaining additional guarantees, sureties or other security.
Sale of Property
Sale by the debtor of part of its property for repayment of debt.
Sale or Assignment of Claims
Sale or assignment of rights of claim.
Securitisation
Use of a securitisation mechanism where permitted by legislation.
Participation in Management
Participation in management of the debtor’s financial and business activities.
Combined Mechanisms
Combining restructuring measures and using other lawful financial recovery mechanisms.
What Happens after Restructuring
The Fund monitors compliance with agreed conditions, including payment discipline, the debtor’s financial condition, collateral, covenants and other restructuring requirements.
If the agreed conditions are breached, measures may include debt recovery, enforcement against security, court proceedings and other remedies available under applicable legislation.
Resolution of the Government of the Republic of Kazakhstan No. 601 dated 9 July 2026
The Rules regulate the objectives of restructuring, the review and analysis of the debtor, possible restructuring measures, decision-making and subsequent monitoring of agreed conditions.
The Fund’s previously published practice is presented separately above. The official source-language regulatory text governs the current legal procedures and requirements.
Regulatory Document
Official Text of the Rules
The available official source-language regulatory document is displayed below.
Об утверждении Правил осуществления акционерным обществом «Фонд проблемных кредитов» видов деятельности, а также требований к приобретаемым (приобретенным) им активам и правам требования
Learn More