Bankruptcy Law

1 -The court may, as specified in the Regulations and upon the request of the debtor during a hearing of which the counterparty is notified, terminate any contract to which the debtor is party if such termination is necessary to protect the debtor’s business and is in the interest of the majority of creditors, provided that such termination does not result in substantial damage to the counterparty; the counterparty must be notified of the court's decision if he fails to attend the hearing. 2- Notwithstanding paragraph (1) of this Article, no security contracts, including pledge agreements, shall be terminated except in accordance with the provisions of this Law or relevant laws.