Bankruptcy Law

1. The debtor or the competent authority may file a petition with the court for the initiation of an administrative liquidation procedure if the debtor is distressed or bankrupt and his assets are insufficient to cover the expenses of the liquidation procedure or small debtors' liquidation procedure. The petition for the initiation of the procedure shall be registered with the court after filing it along with the relevant information and documents, as specified in the Regulations. 2. If the competent authority files a petition for the initiation of the procedure, the court shall notify the debtor of such petition within a period not exceeding five days from the date of filing. The debtor may object to such petition, and file a petition for the initiation of any other bankruptcy procedure. The court may order the debtor to submit any information or documents specified in the Regulations. 3. The debtor shall, upon filing a petition for the initiation of the procedure, notify his creditors as specified in the Regulations.