Bankruptcy Law

1. Without prejudice to the trustee’s powers and duties, the debtor shall continue to manage his business and activities during the period of the financial restructuring procedure under the trustee’s supervision. 2. If, during the procedure, the debtor or any of his officials fails to cooperate with the trustee or commits any act of negligence, mismanagement, or any offense stipulated in this Law, the trustee may request the court to suspend the debtor’s management of his business, provided the trustee provides the court with his opinion and that of the creditors’ committee, if any, regarding the continuation of the procedure. Accordingly, the court may decide to: a) assign the trustee instead of the debtor to manage the business, and transfer all the debtor’s powers and responsibilities to the trustee during the validity of the procedure. The trustee may seek the assistance of any person he deems appropriate in the management of the debtor’s business; b) appoint another person to replace the debtor in managing the business if the volume or type of the business so requires, and transfer all the debtor’s powers and responsibilities to such person during the validity of the procedure, provided the appointee fulfills the debtor’s obligations towards the trustee. If the appointee is a legal person, it must appoint a natural person as its representative; c) terminate the procedure and initiate the debtor’s liquidation procedure, if it deems it necessary; or d) decide on any other procedure stipulated in the Regulations. 3. If the debtor submits a signed request to the trustee declaring his decision to discontinue the management of his business during the procedure for personal reasons, the trustee may submit a request to the court in accordance with paragraph (2) of this Article.