Article 23 of Bankruptcy Law

Except for applications submitted by supervisory authorities, the applicant must deposit with the court treasury a sum of money or a bank guarantee whose value shall be determined by the Executive Regulations, on the basis of the debtor’s total debts or assets on the date of submission of the application or the total debts of the creditor Home Page 1392 Index of the Law Bankruptcy Law Law No. 71 of 2020 Promulgating the Bankruptcy Law submitting the application if the application is submitted by a creditor. The Head of the Bankruptcy Department may decide that a smaller sum be deposited as he deems appropriate in this regard. The deposit shall be made in the manner and on the date determined by the Bankruptcy Department, and the deposited sum or guarantee shall be used to cover the expenses and costs of the preliminary proceedings for making a decision on the application. The Head of the Bankruptcy Department may defer the deposit of the aforementioned sum or guarantee if the applicant is the debtor and does not have the liquidity necessary for the deposit on the date of submission of the application, or if the preliminary proceedings will not require any costs. The Executive Regulations shall specify the judicial fees payable for applications, lawsuits, grievances, and appeals submitted pursuant to this Law, and the person responsible for paying them.