Article 81 of Bankruptcy Law

The debtor shall, within ten days from the date of approval or rejection of the preventive settlement proposal, Law Index 1406 Home Page Bankruptcy Law Law No. 71 of 2020 Promulgating the Bankruptcy Law notify the Bankruptcy Department, the supervisor, the Bankruptcy Committee, and the relevant supervisory authority, as the case may be, thereof and attach the approved or rejected plan, the minutes of the meetings at which voting took place, the documents evidencing the notices sent to attend the meetings, proof of attendance, and proof of voting. If the plan is approved, ratification of the plan shall be requested within the notification. The representative of the creditors’ committee, the representative of any class of creditors, or creditors holding 25% of the debtor’s debts may make this notification if the debtor fails to do so within the period specified in the preceding paragraph. The Bankruptcy Department must, within ten days from the date it receives the notification referred to in the preceding paragraph, notify all creditors thereof and of all its attachments. If the proposal is rejected, the Bankruptcy Judge shall, within ten days from the date the Bankruptcy Department is notified, issue a decision terminating the preventive settlement proceedings and closing the application. He may, upon the request of the debtor, the supervisory authority, or the creditors, decide to open restructuring proceedings or declare bankruptcy as he considers appropriate to the debtor’s situation and the interests of creditors. Second Section Ratification of the Preventive Settlement Proposal