Financial Restructuring and Bankruptcy Law

Article 220 — Article (220) Collecting the Debt from A Co-Principal Debtor

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

1. If a creditor collects part of the debt from any of the co-principal debtors, and then a decision is issued to initiate the proceedings for the rest of the co-debtors or any of them, the creditor may only get involved in the proceedings for the remainder of its debt, and shall continue to reserve the right to claim repayment of its remaining debt balance from any co-debtor against whom no decision to initiate proceedings has been issued. 2. Such a co-debtor may get involved in the proceedings in accordance with the provisions of this Law with regard to the debt balance he has paid on behalf of the debtor in respect of whom the decision to initiate the proceedings has been issued.

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