Article 12 of Bankruptcy Law

The Bankruptcy Committee shall be competent for the following: (1) Supervising restructuring, bankruptcy and composition proceedings concerning debts subject to the Committee’s supervision. (2) Expressing an opinion on applications submitted to open proceedings under this Law concerning debts subject to the Committee’s supervision, and expressing an opinion on the preventive settlement proposal, restructuring plan, composition, and plan for liquidating and distributing the debtor’s assets concerning those debts. (3) Establishing a schedule of fees for trustees, supervisors and inspectors appointed under the provisions of this Law, and any costs they incur due to preventive settlement, restructuring or bankruptcy proceedings, and submitting it to the Minister for approval. (4) Selecting trustees and supervisors, determining their fees and expressing an opinion on their expenses, in cases where it is decided to appoint a trustee or supervisor under the provisions of this Law. (5) Establishing and organizing a register in which applications submitted concerning debts subject to the Committee’s supervision and the procedures taken thereon are recorded. (6) Submitting periodic reports to the Minister on its work, achievements and proposals concerning the tasks entrusted to it under this Law. (7) Preparing awareness seminars, holding conferences and discussion gatherings, and issuing events and studies relating to the Law. Home Page 1388 Law Index Bankruptcy Law Law No. 71 of 2020 Promulgating the Bankruptcy Law 8) Submitting proposals concerning the Executive Regulations of this Law and decisions issued in implementation thereof, and any other proposals aimed at developing the Law or developing its implementation procedures. 9) Any other powers provided for by this Law or its Executive Regulations or entrusted to it by the Minister. Chapter Two Opening Proceedings Subdivision One Submission of Applications