1. Subject to the provisions stipulated regarding the application for the initiation of proceedings in the Preliminary Part of this Law, the debtor, creditors and the regulatory authority may submit an application for the initiation of proceedings if the debtor's business is viable, as follows: a. If the debtor has ceased to repay its debts. b. If the debtor is in a state of deficit in the financial position. c. If the debtor's creditors have previously disapproved the plan or the Bankruptcy Court has issued a decision refusing to ratify the plan, even if the same was made for other debts of the debtor for which the application has not been submitted, the application may not be submitted until three (3) months have passed from the date of the creditors' meeting or the issuance of the aforementioned court decision. d. If a decision or judgment has previously been issued by the Bankruptcy Court to terminate the proceedings, even if the same was made for other debts of the debtor for which the application has not been submitted, the application may not be submitted until three (3) months have passed following the date of issuance of the aforementioned decision or judgment issued by the Bankruptcy Court. e. It is not permissible to submit an application to initiate proceedings if a final judgment has previously been rendered declaring the debtor bankrupt unless it has been rehabilitated in accordance with the provisions of this Law. 2. If the debts, for which the application is submitted, are still subject to bankruptcy proceedings in implementation of a decision issued to initiate the proceedings in accordance with this Law, the applicant shall rely on the fact that the debtor's business has become viable and attach evidence thereof to its application. 3. As an exception to Clause (1), Paragraphs (C, D and E) and Clause (2) of this Article, the application may be submitted at any time if it is accompanied by evidence of the approval of the required majority on the plan for which the application is submitted.
Interpretation and application must be checked against the official text and current version.