Financial Restructuring and Bankruptcy Law

Article 57 — Article (57) Particulars of the Application for Initiation of Preventive Settlement Proceedings and its Attachments

Part One: Preventive Settlement · Chapter One: Application for Initiation of Preventive Settlement Proceedings

Subject to the provisions of Article )22( of this Law, the debtor shall attach the following attachments to the application for the initiation of the preventive settlement proceedings: 1. Data, information and documents indicating that the necessary conditions to submit the application for the initiation of the preventive settlement proceedings have been met. 2. A brief explanation of the preventive settlement proposal, indicating its conditions, execution method, the guarantees for its execution, if any, and the schedule for execution. 3. A summary of the contracts and agreements proposed to be signed between the debtor and creditors to execute the preventive settlement proposal. 4. The ranking of the creditors. 5. In the event that a Creditors' Committee is formed according to the ranking of creditors, the debtor shall attach a list of the members of the said committee, indicating the name of the representative for each group of creditors, their electronic email, physical address, their phone numbers and the documents indicating the appointment of these members and representatives and the limits of their authorization by the creditors. 6. Procedures for calling a meeting of creditors to discuss the preventive settlement proposal, the voting mechanism and the persons who has the right to vote.

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