1. If the company is declared bankrupt, the Bankruptcy Court may, upon the request of the trustee, the Unit, where the debtor is supervised by the regulatory authority, or any of the creditors, oblige the members of the Board of Directors, the managers, any person responsible for the actual management of the company or those in charge of the liquidation, in respect of the liquidation procedures executed outside the framework of this Law, to pay an amount proportional to the mistake attributed to the person concerned. The amount shall be used to repay the company's debts if it is proven that any of them committed any of the following acts during the two years preceding the company's cessation of payment: a. Using commercial methods, whose risks are not thoughtfully studied, such as disposing of goods at prices lower than their market value in order to obtain amounts with the intention of avoiding bankruptcy proceedings or delaying their initiation. b. Entering into transactions with third parties to dispose of assets without compensation or in exchange for insufficient compensation and without a confirmed or proportionate benefit to the company's assets. c. Paying the debts of any creditor with the intention of causing damage to other creditors. d. If it becomes clear after the company's bankruptcy that its assets are insufficient to pay at least 20% of its debts, as long as it is proven that they failed to manage the company in a way that led to the deterioration of its financial condition. 2. The court shall not issue a judgment declaring the company insolvent debtor if the person to whom the acts described in this Article are attributed proves that he has taken all the precautionary measures that a reasonable person could take to reduce the potential losses on the company's assets and its creditors. 3. The case for the liability of the persons specified in Clause (1) of this Article shall be filed not later than (2) two years following the issuance of the judgment declaring the company bankrupt, otherwise the right to file the same shall be forfeited. 4. Any person who has proven its reservations regarding the same in writing shall be exempted from liability for the acts stipulated in Clause (1) of this Article.
Interpretation and application must be checked against the official text and current version.