Article 124 of Bankruptcy Law

Within a maximum period of ten days from the date on which the required majority approves or rejects the restructuring plan, the trustee shall notify the Bankruptcy Department and the Bankruptcy Committee, as applicable, thereof. He shall attach to the notification the approved or rejected plan, the minutes of meetings, and evidence of attendance and voting. If the plan is approved, he shall request its ratification. Within ten days from the date of its receipt of the notification referred to in the preceding paragraph, the Bankruptcy Department shall notify the debtor and all creditors of the notification referred to in the preceding paragraph and its attachments. If the plan is rejected, the bankruptcy judge may, within a maximum period of ten days from the date on which the Bankruptcy Department is notified thereof, issue a decision, upon the debtor’s application, ratifying the rejected plan, provided that creditors’ rights under the rejected plan are not less than what they would have obtained in the event of the debtor’s bankruptcy, after obtaining the trustee’s opinion on this matter and hearing creditors’ objections, or terminate the restructuring proceedings and close the application. The bankruptcy judge may, upon an application submitted to him by the debtor, the supervisory authority or creditors in accordance with what is prescribed in this Law concerning submission of an application to open proceedings, decide, by a reasoned decision, to open proceedings for a declaration of bankruptcy.