1. The regulatory authority may submit an application to initiate proceedings or a bankruptcy application regarding any debtor supervised thereby. In addition, it shall submit evidence that the debtor is in a state of cessation of payment or in a state of inability or instability in respect of its financial position, provided that it has notified the debtor and grant it an opportunity to respond within a period not exceeding (30) thirty days from the date of notification. Failure to submit the application within the period stipulated in this clause shall not result in the application not being admitted. 2. The Executive Regulations of this Law shall determine the minimum amount of debt that the debtor fails to pay off or is expected to fail to pay off, and also determine the minimum amount of the default in the financial position realized and is expected referred to in clause (1) of this Article.
Interpretation and application must be checked against the official text and current version.