Financial Restructuring and Bankruptcy Law

Article 72 — Article (72) Approval or Rejection of Preventive Settlement Proposal

Part One: Preventive Settlement · Chapter Two: Effect of Issuance of Decision to Initiate Preventive Settlement Proceedings

1. The preventive settlement proposal shall be deemed approved by the creditors when it is approved by the required majority. In the event that the proposal is not approved by the such majority in the first meeting for the creditors, the meeting shall be postponed for a period of (10) days, and another meeting shall be held for voting on this proposal. 2. In the event that the preventive settlement proposal is not approved by the required majority in the second meeting, the same shall be deemed as rejection for the preventive settlement proposal.

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