1. An ordinary creditor or a group of ordinary creditors may submit an application to initiate or Bankruptcy Proceedings in the event that the debtor defaults on any or more debts owed to them, provided that this debt is unconditional, undisputed and payable. In addition, the value of the debt shall not be less than the amount determined by the Executive Regulations of this Law on the date of submitting the application, provided that the applicant has previously served a notice to the debtor of the necessity to pay off the debt owed by the latter, not later than (30) thirty days from the date of the notice and the debtor has not taken the necessary measures to repay such debt. 2. The provisions of clause (1) of this Article shall apply to creditors whose debts are secured by a mortgage on the debtor's property or a transfer of a right over the cash flows generated from the debtor's property or businesses and to creditors whose debts are secured by a mortgage or lien, provided that the value of the securities guaranteeing their rights on the date of submitting the application is less than the value of the debtor's debt with respect to the individual creditor's application or to the collective creditors' application by a difference not less than the amount determined in the Executive Regulations of this Law for the individual creditor and for the collective creditors.
Interpretation and application must be checked against the official text and current version.