Bankruptcy Law

1. Without prejudice to the provisions of Chapter 14 of this Law, the registration of a petition for the initiation of the liquidation procedure or issuance of a court's decision to initiate the procedure shall result in a moratorium until the date of issuance of a court's decision to reject the petition or terminate the procedure. 2. Any action contrary to paragraph (1) of this Article shall be deemed null and void. The court may, on its own motion or upon the request of a person with interest, order the recovery of any asset disposed of during the moratorium period, or take any other action it deems appropriate, without prejudice to the rights of bona fide third parties. An aggrieved party may file a claim for compensation. 3. As an exception to paragraph (1) of this Article, the court may, upon the petition of a secured creditor, authorize the enforcement against any of the bankruptcy assets securing the debtor’s debt. 4. The court shall, during the moratorium period and as specified in the Regulations, consider the petition of a creditor whose exact property is found in the possession of the debtor. 5. Notwithstanding paragraph (1) of this Article, the court may, upon the petition of a person with interest, suspend the moratorium period for certain claims which were subject of a procedure prior to the commencement of the moratorium period, if the court establishes that such action is in the best interest of the debtor and the majority of creditors.