1. Subject to the provisions set forth with regard to the application for the initiation of proceedings in the Preliminary Part of this Law, the debtor may submit an application for the initiation of the preventive settlement proceedings if its business is vulnerable to any of the following cases: a. If he has defaulted or there are reasons that make it expect or fear inability to repay all or any of its debts when they fall due. b. If its creditors had previously disapproved a proposal for a preventive settlement or a plan, or the Bankruptcy Court had decided not to ratify any of them, even if the same was made for other debts of the debtor, for which the application was not submitted, after three )3( months have passed from the date of the creditors' meeting or the Bankruptcy Court's decision. c. If a decision or judgment has previously been issued by the Bankruptcy Court to terminate the preventive settlement proceedings or to terminate the proceedings, even if the same was made for other debts of the debtor, for which the application was not submitted, after three )3( months have passed from the date of the Bankruptcy Court's decision or judgment. d. If a final judgment has previously been issued declaring the debtor bankrupt, after its rehabilitation in accordance with the provisions of this Law. 2. If the debt, for which the application is submitted, is still subject to any proceedings in accordance with this Law in execution of a decision issued to initiate the proceedings, the application may not be submitted. 3. As an exception to Clause )1( Paragraphs )B, C, D( and Clause )2( of this Article, the debtor may submit the application at any time if it attaches thereto evidence of the prior approval of the required majority of creditors on the preventive settlement proposal, for which the application is submitted.
Interpretation and application must be checked against the official text and current version.