1. The Bankruptcy Court may, based on a motion submitted thereto during the period following the decision to ratify the preventive settlement proposal and before the proposal is fully implemented, decide to terminate the preventive settlement proceedings, in either of the following cases: a. If the debtor submits an application to terminate the proceedings on the basis that the conditions for initiating preventive settlement proceedings no longer apply to it or that it is unable to implement the preventive settlement proposal in accordance with the terms of the proposal. b. If the debtor or the regulatory authority submits an application to initiate or bankruptcy proceedings. 2. The Bankruptcy Department shall notify the creditors, the Unit, where the debtor is supervised by the regulatory authority, and the controller, as the case may be, of the application within (10) ten days from the date of its submission, and the Bankruptcy Court shall issue its decision to approve or disapprove the application, not later than (10) ten days from the date of its submission.
Interpretation and application must be checked against the official text and current version.