1. The debtor shall file a copy of the preventive settlement proposal with the Bankruptcy Department, along with a summary of the proposal, within (3) three months following the date of issuance of the decision to initiate the proceedings. The Bankruptcy Court may extend this period for a similar period or periods based on the debtor's request after consulting the Unit, and in all cases the required majority shall approve any extension that would make the period for filing the preventive settlement proposal exceed (6) six months. 2. The debtor shall, within the time stipulated in Clause (1) of this Article, notify the Unit, where the debtor is supervised by the regulatory authority, the representative of Creditors' Committee and members of the committee of the proposal and its attachments. The representative of Creditors' Committee and each of its members shall notify the group of creditors he represents of the proposal and its attachments not later than the end of the day following the date of his receipt of the plan and its attachments. 3. In the event that the preventive settlement proposal is not submitted within the dates stipulated in this Article, the Bankruptcy Court may, based on a motion submitted thereto by any of the creditors or the Unit, where the debtor is supervised by the regulatory authority, terminate the preventive settlement proceedings. The court's decision shall be issued within (10) ten days from the date of submitting the motion.
Interpretation and application must be checked against the official text and current version.