1. Not later than (10) ten days following the approval or rejection of the preventive settlement proposal, the debtor shall inform the Bankruptcy Department,, controller and Unit, where the debtor is supervised by the regulatory authority, of the same and shall attached the approved or disapproved proposal and the minutes of the meetings, in which the voting is made, as well as the documents containing a statement on the notices served for the appearance at the meetings and proof of appearance and voting. 2. In the event that the preventive settlement proposal is approved, the debtor shall provide the application for ratification of the plan to the Bankruptcy Department, within the notification described in Clause (1) of this Article. 3. The representative of the Creditors' Committee or the representative of any group of creditors or debtors holding a rate of (25%) of the debts owed by the debtor shall serve a notice in the event that the debtor fails to do so within the period specified in Clause (1) of this Article. 4. Within (10) ten days following receiving the noticed referred to in Clause (1) of this Article, the Bankruptcy Department shall inform all creditors of the same and of the attachments thereof. 5. In the event that the preventive settlement proposal is disapproved, the Bankruptcy Court shall, not later than (10) ten days following the notification of the Bankruptcy Department, issue its decision to terminate the proceedings of the preventive settlement and save the application. 6. The Bankruptcy Court may, in case of rejection of the settlement proposal, and based on the request of the debtor, Unit, where the debtor is supervised by the regulatory authority, the regulatory authority or the creditors, decide to initiate the or Bankruptcy Proceedings, as it deems appropriate in the manner that serves the interest of the debtor and interest of the creditors.
Interpretation and application must be checked against the official text and current version.