Article 74 of Bankruptcy Law

The debtor shall deposit a copy of the preventive settlement proposal with the Bankruptcy Department, accompanied by a summary of the proposal, within three months from the date of issuance of the flight opening the proceedings. The bankruptcy judge may extend this period for a similar or longer period upon the debtor’s application after hearing the Bankruptcy Committee. In all cases, the required majority must approve any extension that would cause the period for depositing the preventive settlement proposal to exceed six months. Within the time limit referred to in the preceding paragraph, the debtor shall notify the Bankruptcy Committee, if the indebtedness is subject to its supervision, and the representative of the creditors’ committee and the committee members of the proposal and its attachments. The representative of the creditors’ committee and each of its members shall notify the class of creditors he represents of the proposal and its attachments no later than the end of the working day following the date of his receipt of the plan and its attachments. If the preventive settlement proposal is not deposited within the time limit specified in this Article, the bankruptcy judge may, upon an application submitted to him by a creditor or the Bankruptcy Committee if the indebtedness is subject to its supervision, terminate the preventive settlement proceedings. The judge shall issue his decision within ten days from the date of submission of the application.