Article 97 of Bankruptcy Law

Subject to the provisions prescribed in this Law concerning an application to open proceedings, the debtor, creditors, and supervisory authority may submit an application to open restructuring proceedings in accordance with the following requirements: (1) If the debtor has ceased payment. ) If the debtor is in a state of deficit in financial position. (3) That the debtor’s business is capable of continuity. (4) If the debtor’s creditors have previously rejected a restructuring plan or the Bankruptcy Judge has previously issued a decision refusing to ratify a restructuring plan, even if this concerned debts of the debtor other than those in respect of which the application is submitted, the application may not be submitted until three months have elapsed from the date of the creditors’ meeting or the aforementioned decision of the Bankruptcy Judge. h If a decision has previously been issued by the Bankruptcy Judge or a judgment by the Bankruptcy Court terminating restructuring proceedings, even if this concerned debts of the debtor other than those in respect of which the application is submitted, the application may not be submitted until three months have elapsed from the date of issuance of the aforementioned decision of the Bankruptcy Judge or judgment of the Court. (6) If a final judgment declaring the debtor bankrupt has previously been issued, the application may not be submitted until three years have elapsed from the date the bankruptcy estate proceedings ended. If the indebtedness in respect of which the application is submitted remains subject to restructuring Law Index 1411 Home Page Bankruptcy Law Law No. 71 of 2020 Promulgating the Bankruptcy Law proceedings pursuant to a decision opening proceedings in accordance with this Law, the application may not be submitted. This provision shall apply to the cases stipulated in items 5, 4 of this Article. If the indebtedness in respect of which the application is submitted remains subject to bankruptcy declaration proceedings pursuant to a decision opening proceedings in accordance with this Law, the applicant must rely on the fact that the debtor’s business has become capable of continuity and attach evidence thereof to his application. As an exception to the provisions of items -4 -5-6-7-8 of this Article, the application may be submitted at any time if it is accompanied by evidence of the approval of the required majority of the restructuring plan in respect of which the application is submitted.