Bankruptcy Law

The trustee shall, pursuant to the plan and upon the court's approval, sell any of the bankruptcy assets which secure the debtor's debts during the procedure at the market price on the date of sale. After deducting his fees and sale expenses, the trustee shall deposit the remainder of the sale proceeds into a separate current account for the payment of the secured creditor’s debt in accordance with the ranking of his security. If the amount deposited in the current account exceeds the amount of the secured debt, the trustee shall deposit such surplus into the debtor’s account. Article 83 Publication and Registration of Proposal Confirmation The trustee, within 10 days of the proposal’s confirmation date, shall: a) publish the proposal confirmation in the manner specified by the Regulations, including debtor’s name, head office address, commercial registration number, confirmation issuance date as well as a brief description of the items of the plan as specified in the Regulations; and b) deposit a copy of the court’s confirmation decision in the Bankruptcy Register.