Financial Restructuring and Bankruptcy Law

Article 46 — Article (46) Trustee's Handover of Amounts Received

Chapter Three: Appointment of the Trustee and Controller

1. The Trustee shall credit any amount he receives with regard to the proceedings to a special account in the bank determined by the Bankruptcy Court, not later than (2) two working days from the date he receives that amount. In addition, he shall submit to the court a statement of account of those amounts, not later than (5) five days from the date of deposit. 2. In the event that the Trustee delays the deposit of any amounts he has received, which was required to be deposited, without justification acceptable to the court, it may oblige him to pay a fine for each day of delay, not exceeding (9%) on an annual basis of the value of the amounts whose deposit is delayed. This fine shall be deposited in the account referred to in Clause (1) of this Article and shall be included in the general guarantee for creditors. 3. In the event that the Trustee delays the deposit of any amounts he has received, which was required to be deposited, without justification acceptable to the court, the Bankruptcy Court may decide to replace him with another Trustee.

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