Bankruptcy Law

1. If the small debtor is distressed, bankrupt, or is likely to suffer financial difficulties that may lead to distress, he may decide to initiate a protective settlement procedure for small debtors in accordance with the form issued by the Bankruptcy Committee. 2. The small debtor shall, prior to issuing his decision, prepare the proposal which shall include a brief description of his financial position along with the documents specified by the Regulations. 3. The small debtor shall deposit the decision for the initiation of the procedure in the Bankruptcy Register along with a copy of the proposal. Such decision shall become effective from the date of deposit in the register. 4. The small debtor shall invite his unsecured creditors to vote on the proposal, as specified in the Regulations.