Bankruptcy Law

The court shall terminate the small debtors' financial restructuring procedure if: a) the small debtor files a petition for the termination of the procedure on the premise that the conditions for the initiation of the procedure are no longer applicable, provided such petition is supported by a report from the trustee; b) the trustee files a petition for the termination of the procedure due to the completion of the implementation of the plan and the end of his duties; c) the trustee files a petition for the termination of the procedure if the quorum required for the creditors’ vote on the proposal is not met, or if such vote does not take place on the set date, without prejudice to Article 153(2) of this Law; d) it decides to nullify the plan; e) the trustee or the creditor files a petition for the termination of the procedure if implementation of the plan is infeasible; f) the trustee files a petition signed by the small debtor to terminate the procedure due to his intention not to continue management of his business or implementation of the plan, without prejudice to the provisions of Article 69 of this Law; or g) a person with interest files a petition for the termination of the procedure due to material violations during the procedure or due to the small debtor committing any of the offenses stipulated in this Law during the validity of the procedure, without prejudice to the provisions of Article 69 of this Law.