Bankruptcy Law

1. Without prejudice to relevant laws, the debtor must obtain the trustee’s written approval, during the period from the initiation of the financial restructuring procedure to the confirmation of the proposal, for any of the following acts: a) Preparing the proposal and implementing its procedures, including inviting creditors to vote thereon. b) Applying for financing. c) Paying due or outstanding debts. d) Concluding a new insurance contract that entails substantial obligations. e) Vacating any of the leased bankruptcy assets, and concluding any lease contract necessary or beneficial for his business. f) Concluding any agreement or settlement with one or more creditors. g) Providing or renewing any security for a third party. h) Changing any of the debtor’s registered premises or offices. i) Voting on a proposal of a debtor's debtor under any of the bankruptcy procedures entailing waiving any of the debtor’s rights. j) Concluding a contract for obtaining legal, accounting, or other consultancy services to assist him in the financial restructuring of his business. k) Filing lawsuits or litigating in any proceeding before judicial, quasi-judicial, or arbitration bodies. l) Appointing an agent to act on his behalf, except if such appointment falls within the scope of the debtor’s normal course of business. m)Establishing a subsidiary, or purchasing shares in another company. n) Transferring ownership of all or some of his business or assets beyond the normal course of his business. o) Requesting the termination of the procedure in accordance with Article 87(a) or (f) of this Law. p) Undertaking any action stipulated in the Regulations. 2. The debtor’s compliance with paragraph (1) of this Article shall not relieve him from any obligations stipulated in this Law and relevant laws. 3. The trustee shall exercise due diligence in the exercise of his powers and duties, and shall not be held liable to third parties for any loss or damage resulting from his approval of any of the debtor’s actions provided for in paragraph (1) of this Article.