The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has removed four debt collection agencies from the national register, under orders issued by its Almaty regional representatives department. The exclusions cover Finance Control Collection Agency LLP, Golden Collection Collection Agency LLP, Effective DebtCollection Collection Agency LLP, and Kazakhstan Finance Nadzor Collection Agency LLP. The stated legal basis under Article 9(1)(5) of Kazakhstan’s Law on Collection Activity was failure to carry out collection activity for 12 consecutive calendar months. After receiving the removal notice, the entities must complete re-registration within 30 calendar days by deleting the words “collection agency” and any similar wording that implies they conduct collection activity from their names. They must also, within five calendar days, notify relevant creditors, trust management counterparties and affected debtors connected to their debt collection or trust management arrangements.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-01-06
Kazakhstan's Agency for Regulation and Development of the Financial Market removes four debt collection agencies from the register for 12 months of inactivity
Kazakhstan's Financial Market Agency removed four debt collection agencies from the national register for not conducting collection activity for 12 months, per Article 9(1)(5) of the Law on Collection Activity. The agencies must re-register within 30 days, remove "collection agency" from their names, and notify relevant parties within five days.