Bankruptcy Law

1 Creditors shall vote on the proposal in accordance with the procedures set forth therein and following the owners’ vote of acceptance, if any, in accordance with Article 28 of this Law. 2 The proposal shall be deemed approved if all classes of creditors vote in its favor. A class of creditors shall be deemed to have accepted the proposal if the claims of creditors voting in favor of the proposal represent two-thirds of the value of debts owed to voters in the same class, and such voters include creditors whose claims represent more than half of the debts of non-related parties, if any. 3 The Regulations shall specify the provisions necessary for the management of the voting process referred to in paragraph (1) of this Article. 4 Upon completion of the voting process, the debtor shall immediately notify the creditors and owners of the voting result, and shall deposit the same with the court. 5 If the creditors fail to vote on the proposal at the date set by the court, the court shall take necessary action, including setting another voting date, or terminating the procedure. 6 The Regulations shall specify the manner for plan amendment. Article 32 Petitioning the Court Confirmation of the Proposal If creditors accept the proposal, the debtor shall file a petition with the court to confirm it and shall, prior to filing the petition, notify creditors accordingly. The court shall set a date for the confirmation hearing. Article 33 Petitioning the Court Confirmation of the Proposal The initiation of a protective settlement procedure and the confirmation of the proposal shall not relieve the debtor of any obligation relating to his business under relevant laws.