Financial Restructuring and Bankruptcy Law

Article 27 — Article (27) Evaluation of the Debtor's Position

Chapter Two: Initiation of Proceedings

Within (10) ten days from the date of being notified of the application or within the period specified by the Bankruptcy Court, the Unit shall evaluate the debtor's position with respect to the debts owed to institutions and companies supervised by the regulatory authorities. Furthermore, the Unit shall submit a report to be drawn up thereby in coordination with the competent regulatory authority at the Bankruptcy Department, provided that the report includes the following elements: 1. Explain the extent to which a preventive settlement or is possible or not. 2. State whether the debtor's property is sufficient to cover the costs or not. 3. State whether or not precautionary measures are required to be taken urgently and the justification therefor. 4. State whether the debtor is able to manage its business and assets on its own or whether its interest and the interest of the creditors require that the management of the debtor's business and assets be entrusted to the Trustee. 5. Nominate the Trustee recommended to be appointed to complete the or bankruptcy proceedings and his fees. 6. Any other recommendations that the Unit deems appropriate.

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