Financial Restructuring and Bankruptcy Law

Article 84 — Article (84) Judgment Terminating the Preventive Settlement Proceedings

Part One: Preventive Settlement · Chapter Three: Termination of Preventive Settlement Proceedings Prior to Full Implementation

1. If the Bankruptcy Court decides that the preventive settlement proceedings be terminated, it may, based on a motion submitted thereto by the debtor, the regulatory authority or the creditors who are entitled to submit an application to initiate the proceedings in accordance with this Law, decide to initiate the or bankruptcy proceedings. 2. The Bankruptcy Court may include, in its judgment terminating preventive settlement proceedings, the placing of seals on the debtor's property. The judgment may also include any other precautionary measures. 3. The Bankruptcy Department shall, not later than (10) ten days following the issuance of the Bankruptcy Court's decision, terminate the preventive settlement proceedings, announce, notify and register the same in accordance with Article (35) of this Law. The Bankruptcy Court may suffice with recording the decision in the Bankruptcy Register and the Commercial Register.

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