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Articles11-13
Chapter4
ConcurrenceofRestructuringandBankruptcyProceedings
Article11.inthecaseoffilingarestructuringapplicationandabank-
ruptcyapplication,therestructuringapplicationshallbeexaminedfirst.
Article12.1.Therestructuringcourtshallimmediately,afterbecoming
awareofthebankruptcyapplicationfiled,notifythebankruptcycourtthat
therestructuringapplicationhasbeenfiled.
2.Thebankruptcycourtshallissueastayintheexaminationofabank-
ruptcyapplicationuntilafinalrulingontherestructuringapplicationhas
beenissued.Stayingoftheexaminationofthebankruptcyapplicationshall
notexcludethepossibilityofsecuringtheproperty.
3.Wheretheexaminationofabankruptcyapplicationwhichisstayed
iscontrarytotheinterestsofallthecreditors,thebankruptcycourtshallissue
adecisiononthecombiningoftherestructuringapplicationandthebank-
ruptcyapplicationforjointexaminationandresolutionunderonedecision.
Thebankruptcycourtshallexaminetheapplicationsinapanelcompetent
toexaminethebankruptcyapplication.
4.ifthecombiningoftherestructuringapplicationandthebank-
ruptcyapplicationforjointexaminationwouldleadtoasignificantdelay
intheissuanceofadecisioninrelationtothedeclarationofbankruptcyto
thedetrimentofcreditors,andthebankruptcycourthasbeenmadeaware
aboutthegroundsfortherestructuringpresentedbythedebtor,thebank-
ruptcycourtshallnotrenderadecisiononcombiningoftherestructuring
applicationandthebankruptcyapplicationforjointexaminationbutshall
examinethebankruptcyapplicationandnotifytherestructuringcourtabout
thefact.
Article13.ifthedebtorhasbeendeclaredbankrupt,therestructuring
courtshallissueastayintheexaminationoftherestructuringapplication
untiladecisiononthedeclarationofbankruptcyisfinalandbinding.The
restructuringcourtshallrefusetoapprovethearrangementinthearrange-
mentapprovalproceedingsorrefusetoopentherestructuringproceedings
whenthedecisiononthedeclarationofbankruptcyisfinalandbinding.in
thecaseofrescissionofthedecisiononthedeclarationofbankruptcyand
remand,theprovisionsofArticle11andArticle12sections2-4shallapply
accordingly.
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