Article 13 of Bankruptcy Law

The debtor may submit to the Bankruptcy Administration an application to commence preventive settlement, restructuring or declaration of bankruptcy proceedings within a maximum period of two months from the date of cessation of payment, or from the date on which information became available to him indicating that he would likely be unable to pay his debts when due, unless any creditor or regulatory authority has submitted an application to commence proceedings within the aforementioned period. Failure to submit the application within the time limits specified in this paragraph shall not render the application inadmissible. The debtor's submission of an application to commence declaration of bankruptcy proceedings shall entail divesting the debtor of the administration of his assets as of the date of submission, and any disposition by him of his assets as of that date shall be void. This shall not apply to assets that may not be attached, assets necessary for the maintenance of the debtor and his dependants, or the legal costs relating to the application to commence proceedings. The application shall be presented on the day of its submission to the Bankruptcy Judge to appoint an interim trustee to administer the debtor's assets and business. The Executive Regulations shall specify the minimum amount of indebtedness that the debtor has ceased to pay or would be unable to pay when due, as referred to in this Article. Submission of the Application by Creditors