Financial Restructuring and Bankruptcy Law

Article 203 — Article (203) Admission of Application for the Invalidation or Rescission of the Composition

Part Three: Declaration of Bankruptcy · Chapter Eleven: Execution and Effects of Composition

1. If the application for invalidation or rescission of the composition and its attachments reveal its seriousness, the Bankruptcy Court shall issue a decision admitting the application, not later than (10) ten days from the expiration date of the period stipulated in Article (202.2) of this Law. The application file shall be referred to the Bankruptcy Court, accompanied by a report on the application and the proceedings undertaken in this regard. 2. The trustee shall, in the presence of the Head of the Bankruptcy Department or his representative, within (10) ten days from the date of issuance of the decision referred to in Clause (1) of this Article, make a supplementary inventory of the insolvent debtor's assets and prepare an additional budget.

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