Financial Restructuring and Bankruptcy Law

Article 204 — Article (204) Service of Decision Granting the Application for Invalidation or Rescission of Composition

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

1. The decision to admit and refer the application for the invalidation or rescission of the composition to the Bankruptcy Court shall be served. Furthermore, it shall be recorded and served upon the debtor, creditors, trustee and the Unit, where the debtor is supervised by the regulatory authority, within (10) ten days from the date of its issuance. 2. This decision shall have the same effects as the decision to initiate bankruptcy proceedings in accordance with this Law. 3. The bankruptcy trustee shall resume managing the debtor's assets starting from the day following the date of issuance of the decision to admit the application for the invalidation or rescission of the composition. If it is not possible for him to resume his mission due to his resignation or for any other reason, the Bankruptcy Court shall appoint another trustee in accordance with the provisions of this Law.

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