Article 229. Debt Repayment Plan

The debtorʼs application, who is an individual entrepreneur, for recognition as insolvent may be accompanied by a debt repayment plan, a copy of which shall be sent to creditors and other persons participating in the insolvency case.

Upon absence of objections from the creditors, the court may approve the debt repayment plan, which shall be the basis for suspending the insolvency proceedings for a period not exceeding two months.

The debt repayment plan should include:

sources of debt repayment;

implementation time limit of the plan;

amount of sums monthly left to the debtor or members of their family for consumption;

amount of sums that are supposed to be sent monthly to pay off creditors' claims.

The court shall have the right, upon a reasoned petition of the persons participating in the insolvency case, within the period specified in paragraph two of this article, to amend the debt repayment plan, including increasing or reducing the period for its implementation, the amount of sums left monthly to the debtor or members of their family for consumption .

If, as a result of the fulfillment by the debtor, who is an individual entrepreneur, of the debt repayment plan, the creditors' claims are repaid in full, the insolvency proceedings shall be subject to termination.