Which legal article does the court rely upon when terminating the preventive settlement procedure due to the failure to achieve the required quorum in the vote?
Legal Answer
Radiif AI Legal Assistant
⚡ Quick Answer:
The court relies on Article (39) of the Bankruptcy Law, which stipulates that the court shall rule to terminate the procedure if the required quorum is not achieved in the voting of the owners or creditors on the proposal.
Legal References & Citations
تقضي المحكمة بإنهاء إجراء التسوية الوقائية في أي من الحالات الآتية: أ - إذا تقدم المدين إلى المحكمة بطلب إنهاء الإجراء لاكتمال تنفيذ الخطة. ب - إذا لم يتحقق النصاب المطلوب في تصويت الملاك أو الدائنين...
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