Bankruptcy Law

1. If a person other than the debtor files a petition for the initiation of the debtor’s liquidation procedure, the court shall notify the debtor of the same within a period not exceeding five days from the date of registering the petition. The debtor may object to the petition before the court, or file a petition for the initiation of a protective settlement procedure or financial restructuring procedure if he establishes his ability to remain in business in a manner that best serves the interests of the majority of creditors. The court may order the debtor to provide any relevant information or document. 2. The debtor shall, upon filing a petition for the initiation of the procedure, notify his creditors of such petition as specified in the Regulations. The creditor may object to the petition before the court and may, as an exception to the provisions of Article 97 of this Law, file a petition for the initiation of a financial restructuring procedure if he establishes the debtor’s ability to remain in business in a manner that best serves the interests of the majority of creditors.