Bankruptcy Law

1. In its decision to initiate the administrative liquidation procedure, the court shall appoint the Bankruptcy Committee to manage the procedure. 2. The debtor’s management of his business shall be suspended immediately after the appointment of the Bankruptcy Committee. 3. The Bankruptcy Committee shall replace the debtor in managing his business and in fulfilling his statutory duties during the procedure. The Bankruptcy Committee shall not be held liable to third parties for its actions. 4. The debtor's disposition of any of his assets after the appointment of the Bankruptcy Committee shall be deemed null and void. The court may, upon the request of the Bankruptcy Committee, order the recovery of said assets or take any other action, without prejudice to the rights of bona fide third parties. An aggrieved party may file a claim for compensation. 5. The Bankruptcy Committee shall notify the debtor of any summons, notice, or order concerning him issued by the court or any other competent authority. Article 172 Announcing the Administrative Liquidation and the Submission of Claims to the Bankruptcy Committee 1. The Bankruptcy Committee shall announce, through the means specified by the Regulations, the court’s decision to initiate the administrative liquidation procedure within five days from the initiation date, and shall invite the creditors to submit their claims within a period not exceeding 60 days from the date of announcement. 2. The Bankruptcy Committee shall, within five days from the date of initiation of the procedure, notify the creditors known to the committee of the decision, and invite them to submit their claims within a period not exceeding 60 days from the notification date. 3. The Bankruptcy Committee shall deposit a copy of the court’s decision to initiate the procedure with the Bankruptcy Register. Article 173 Announcing the Administrative Liquidation and the Submission of Claims to the Bankruptcy Committee 1. The Bankruptcy Committee shall prepare a list of claims as specified in the Regulations. 2. If the administrative liquidation procedure is initiated, pursuant to a court decision to terminate any of the bankruptcy procedures and initiate this procedure, the Bankruptcy Committee shall observe the approved list of creditors, if any; otherwise, paragraph (1) of this Article shall apply. Article 174 Announcing the Administrative Liquidation and the Submission of Claims to the Bankruptcy Committee If the Bankruptcy Committee deems it necessary to conduct further investigation due to suspicion of a crime or a violation stipulated in this Law pertaining to any claim or disposition, it shall refer the matter to the relevant agency. Article 175 Announcing the Administrative Liquidation and the Submission of Claims to the Bankruptcy Committee The court may, upon the request of the Bankruptcy Committee, terminate the contracts of the debtor’s business employees in accordance with relevant laws. Article 176 Announcing the Administrative Liquidation and the Submission of Claims to the Bankruptcy Committee Debts that are not due and proven to be owed by the debtor shall be due and payable immediately after the initiation of the administrative liquidation procedure. Article 177 Announcing the Administrative Liquidation and the Submission of Claims to the Bankruptcy Committee 1. The Bankruptcy Committee may request the court, debtor, creditor, or any other party to provide any information or document relevant to the procedure. 2. The Bankruptcy Committee shall prepare a detailed inventory of bankruptcy assets, if any. The Regulations shall specify the provisions thereof.