1. The debtor may submit to the Bankruptcy Department an application for the initiation of preventive settlement, or bankruptcy proceedings, not later than sixty (60) days from the cessation of payment date or from the date on which it becomes aware of information confirming that it would be unable to pay off its debts when they fall due, unless any of the creditors or regulatory authorities has submitted an application for initiating the proceedings within the aforementioned period. Failure to submit the application within the deadlines stipulated in this clause does not result in the application not being admitted. 2. If the debtor submits an application to initiate bankruptcy proceedings, the debtor shall be prevented from disposing of its property as of the date of the application's submission, and any disposal of its property shall be invalidated as of that date. The same shall not apply to unattachable property or the property necessary to support the debtor and its dependents and the legal costs in relation to the application for the initiation of proceedings. The debtor shall manage its assets and business unless the Bankruptcy Court decides, sua sponte or upon motion of the debtor, any of the creditors, the Trustee, or the unit, if the debtor is supervised by the regulatory authority, to appoint a temporary Trustee to manage the debtor's assets and business. 3. The Executive Regulations of this Law shall determine the minimum amount of debt that the debtor has failed to repay or would have been unable to repay when due, referred to in clause (1) of this Article.
Interpretation and application must be checked against the official text and current version.