Article 16 of Bankruptcy Law

The supervisory authority may submit an application to open restructuring proceedings or proceedings for a declaration of bankruptcy in respect of any debtor subject to its supervision, provided that it submits evidence that the debtor is in a state of cessation of payment or a state of deficit in his financial position, or that it expects him to be in either state within a period not exceeding one year, provided that it addresses him and gives him an opportunity to respond within a period not exceeding one month. The Executive Regulations shall, after seeking the opinion of the supervisory authority concerned, specify the minimum amount of indebtedness that the debtor ceases to pay or is expected to cease paying. They shall also specify the minimum amount of the existing and anticipated deficit in financial position referred to in this Article. Multiple Applications