Bankruptcy Law

1. Subject to Article 4 of this Law, no person shall be liquidated under any other law unless he is not distressed and his assets are sufficient to cover all his debts. 2. If the debtor undergoes a voluntary dissolution or liquidation in violation of paragraph (1) of this Article, members of the debtor’s board of directors or board of managers, and the like, shall be jointly and severally liable for any of the debtor's outstanding debts. 3. Voluntary liquidation, in violation of paragraph (1) of this Article, must not be included in the agenda of the debtor’s general assembly or shareholders’ assembly for voting. 4. The Regulations shall specify the provisions necessary for the implementation of this Article.