Financial Restructuring and Bankruptcy Law

Article 255 — Article (255) Amending the Deadlines and Time Limit Set out in the Law

Part Five: Proceedings for Preventive Settlement, or Bankruptcy Declaration During Emergency Financial Crisis

If the application for the initiation of proceedings was submitted by the debtor or creditor and was admitted by the Bankruptcy Court before the emergency financial crisis, the Bankruptcy Court may amend the deadlines and periods set out in this Law to additional periods not exceeding twice what is stipulated in cases other than emergency financial crises, to address the direct consequences resulting from the circumstances of the emergency financial crisis on the debtor's business.

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