Bankruptcy Law

1. The trustee shall issue a decision to distribute the sale proceeds of the bankruptcy assets to creditors as specified in the Regulations. He shall distribute such proceeds among creditors in a single distribution in accordance with creditors’ priority ranking. However, multiple distributions of sale proceeds of bankruptcy assets may, if necessary, be carried out subject to the court's approval. 2. The trustee shall notify each creditor known to him of the distribution decision, and shall deliver a copy thereof at least 30 days prior to the date of distribution. A creditor may object to the distribution decision or its procedures before the court within 21 days from the date of notification, provided that the trustee is notified of said objection, and a copy of the objection documents are submitted to the trustee; in such case, the trustee must halt the distribution process pending a final decision on the objection. 3. The court shall hear the objection filed by the creditor and issue a decision thereon and on the distribution process within 20 days from the date of filing the objection. 4. The issuance of the distribution decision by the trustee shall not require the approval of the court. 5. The trustee shall retain an amount proportionate to the amount of debts subject of judicial dispute.