Article 131 of Bankruptcy Law

Subject to the provisions prescribed in this Law concerning the application to open proceedings, as well as the cases set out in the Part concerning preventive settlement and the Part concerning restructuring in which the bankruptcy judge may issue a decision opening bankruptcy declaration proceedings, the bankruptcy judge shall issue a decision opening bankruptcy declaration proceedings if the following conditions are met: 1 - The debtor has ceased payment. 2 - There is a deficit in the debtor's financial position. 3 - The debtor's business is not capable of continuing.