Article 203. Claims of Natural Person Secured by Pledge

Foreclosure on pledged property shall not be allowed until a court ruling is issued to approve the plan for restructuring the debt of a natural person or a decision to declare a natural person bankrupt and start the procedure for selling their property is adopted.

After the court approves the plan for restructuring the debt of a natural person, the creditor who did not vote for this plan for obligations secured by the pledge of property of a natural person, shall have the right to apply to the court with a petition to foreclose on the pledged property of a natural person, and this petition may be satisfied by the court if it is not proven that the foreclosure of the said property impedes the execution of the debt restructuring plan of the individual.

The conditions for the repayment of creditors' claims secured by a pledge of property of a natural person must be specified in the plan for restructuring the debt of a natural person. These conditions shall be approved by pledge creditors.