Bankruptcy Law

1. The name of a natural person debtor shall be removed from the Bankruptcy Register 30 days following the date of the court’s decision to terminate the liquidation procedure. The debtor, as a result, can engage in commercial, professional, or for-profit activities. 2. A natural person debtor shall, upon removal of his name from the Bankruptcy Register, remain liable for any outstanding debt save by a special or public discharge from creditors. 3. A natural person debtor who remains liable for an outstanding debt shall be deemed bankrupt vis-a-vis outstanding rights of creditors even after the removal of his name from the Bankruptcy Register, for a period of 24 months from the date of termination of the liquidation procedure. During such period, the creditors may not file a petition with the court for the initiation of any bankruptcy procedure. The Regulations shall specify the procedures for creditors' claims of outstanding debts filed during such period. 4. The Regulations shall specify any procedure to be taken by the trustee upon the termination of the liquidation procedure.