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Articles6-9
ofannouncementandenteringintotheRegisterdecisions,orders,documents
andinformationrelatingtotherestructuringandbankruptcyproceedings,
thenecessityofclarityandtransparencyofdatapresentedtotheRegister,its
easeofuseandthenecessitytoensurethesecurityoftheprocesseddata.
Chapter2
GroundsfortheOpeningofProceedings
Article6.1.Restructuringproceedingsmaybecarriedoutagainst
adebtorwhoisinsolventand/oratriskofinsolvency.
2.Aninsolventdebtorshallbeconstruedasadebtorwhoisinsolvent
inthemeaningoftheActof28February2003-BankruptcyLaw(J.L.of2015
items233and978),hereinafterreferredtoasthe“BankruptcyLaw”
.
3.Adebtorthreatenedwithinsolvencyshallbeconstruedasadebtor
whoseeconomicsituationindicatesthathemaysoonbecomeinsolvent.
Article7.1.UnlesstheActprovidesotherwise,therestructuringpro-
ceedingsshallbeinstitutedonthebasisoftherestructuringapplicationfiled
bythedebtor.
2.Therestructuringapplicationshallbeconstruedasanapplicationfor
theopeningoftherestructuringproceedingsandanapplicationfortheapprov-
alofthearrangementadoptedinthearrangementapprovalproceedings.
Article8.1.Acourtshallrefusetoopenrestructuringproceedings
iftheeffectofsuchproceedingswouldbedetrimentaltocreditors.
2.Thecourtshallalsorefusetoopenarrangementproceedingsand/or
remedialproceedingsifthedebtor’sabilitytopaythecurrentcostsoftheproceed-
ingsandfulfilobligationsarisingafteritsopeninghasnotbeenrenderedcredible.
Chapter3
RestructuringPlan
Article9.Theinitialrestructuringplanshallincludeatleast:
1)ananalysisofthecausesofthedebtor’sdifficulteconomicsituation;
2)aninitialdescriptionandoverviewoftheplannedrestructuringmeas-
uresandthecostsassociatedwiththem;
3)aninitialtimetablefortheimplementationoftherestructuringmea-
sures.
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