Article 14 of Bankruptcy Law

Any creditor holding an ordinary debt, or a group of creditors holding ordinary debts numbering not fewer than three, where the debtor’s indebtedness to that creditor or group of creditors is not less than the amount specified by the Executive Regulations on the date of submission of the application, may submit an application for restructuring or declaration of bankruptcy if they have previously notified the debtor of the need to pay the debt due from him and he has not proceeded to pay it within one month from the date of notification. This shall apply to creditors whose debts are secured by a mortgage over the debtor’s business premises or an assignment of rights over cash flows arising from the debtor’s assets or business. It shall also apply to creditors whose debts are secured by a mortgage or privilege, provided that the value of the security securing their rights on the date of submission of the application is less than the value of the debtor’s indebtedness to the creditor applying individually or the group of creditors applying collectively by a difference not less than the amount specified by the Executive Regulations. The opinion of the relevant regulatory body must be sought before determining the amounts referred to in this Article with respect to debtors subject to its supervision. Law Index 1389 Home Page Bankruptcy Law Law No. 71 of 2020 Promulgating the Bankruptcy Law