Bankruptcy Law

1. The debtor shall, with the assistance of the trustee, prepare the proposal within the period set by the court in its decision to initiate the financial restructuring procedure. 2. The proposal must include a description of the debtor’s financial position and the effect of the economic conditions thereon, as well as information and documents specified in the Regulations. 3. The trustee shall prepare a report indicating his opinion on the likelihood of creditors accepting the proposal as well as the feasibility of its implementation. 4. Without prejudice to the provisions of Chapter 14, the trustee may petition the court to approve the inclusion of a clause in the proposal providing for the amendment of any security if it is necessary for the implementation of the proposal, provided that such clause includes a statement according the affected secured creditor a security equivalent to his original security. 5. The trustee shall notify the secured creditor of his intention to file a petition with the court in accordance with paragraph (4) of this Article, and the creditor may challenge such petition before the court. 6. The trustee shall deposit a copy of the proposal with the court, which shall set a date for voting thereon. The trustee may propose to the court a date he deems appropriate.