1. If the Bankruptcy Court issues a decision to initiate proceedings, the debtor, under the supervision of the Trustee, shall develop a plan. The debtor may seek assistance from the Unit, where the debtor is supervised by the regulatory authority, in respect of the development of the plan, and the debtor shall file the plan with the Bankruptcy Department within a period not exceeding (3) three months following the date of issuance of the decision. The court may extend this period for a similar period or more upon the debtor's request after hearing the statements to be provided by the Unit. In all cases, the required majority shall approve any extension that would make the period for preparing and developing the plan exceed (6) six months. 2. In the event that the plan is not submitted within the period stipulated in Clause (1) of this Article, the Bankruptcy Court may, based on a motion submitted thereto by any of the creditors or the Unit, where the debtor is supervised by the regulatory authority, terminate the proceedings. It issues its decision, not later than (10) ten days following submitting the application.
Interpretation and application must be checked against the official text and current version.