Bankruptcy Law

1. Without prejudice to Article 106 of this Law, the trustee shall invite the creditors, whose claims and addresses are known to him, to a meeting to deliberate and decide, through voting, on cases which require their approval, including the following cases: a) The trustee receives multiple offers to purchase any substantial bankruptcy assets. b) The trustee determines, based on information and documents available to him, that the initiation of a lawsuit against a third party is in the best interest of the majority of creditors. c) The trustee decides that deferring the sale of any of the bankruptcy assets for a reasonable period is in the best interest of the majority of creditors; and d) A settlement or conciliation between the debtor and third parties is concluded in a manner that serves the interest of the majority of creditors. 2. The trustee’s call for a creditors’ meeting shall include the items subject to voting. 3. A decision taken pursuant to paragraph (1) of this Article shall be deemed valid if creditors representing the majority of the value of claims submitted by voting creditors voted in its favor.