Bankruptcy Law

1. The small debtor or the competent authority may issue a decision to initiate the small debtors' financial restructuring procedure upon agreement with a listed trustee to assume the trustee’s duties. The small debtor or the competent authority shall provide the trustee with the decision as well as information and documents for judicial depository purposes, as determined by the Regulations. 2. The decision to initiate the procedure issued by the small debtor or the competent authority shall not be effective nor have any effect except after the judicial depository. 3. The creditor may file a petition with the court for the initiation of the procedure. The petition shall be registered with the court upon submission of relevant information and documents, as specified in the Regulations. 4. If the creditor files a petition with the court for the initiation of the procedure, the court shall notify the small debtor of such petition no later than five days from the date of filing. The small debtor may object to such petition during the hearing if the conditions for the initiation of the procedure are not met, the debt is disputed, or the creditor intends to abuse the procedure. The court may order the small debtor to provide the information and documents specified in the Regulations.