Financial Restructuring and Bankruptcy Law

Article 219 — Article (219) Co-Principal Debtors

Part Four: Common Provisions · Chapter One: Effects of Decision to Initiate the Proceedings

1. If there is a group of debtors who are liable for a single debt, and a decision is issued to initiate proceedings against any of them on such a debt, the decision shall not have any effect on the other co-debtors, unless otherwise stipulated. 2. If the preventive settlement proposal, plan or composition for the debt for which the decision to initiate the proceedings was issued has been ratified, its conditions shall apply to the other co-debtors.

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