Article 232. Consideration by Court of Case On Insolvency of Debtor, who is Individual Entrepreneur

Simultaneously with the acceptance of an application for declaring a debtor, who is an individual entrepreneur, insolvent, the economic court shall seize their property, with the exception of property, which, in accordance with the legislation, cannot be levied. At the petition of the debtor, who is an individual entrepreneur, the court may release the property (part of the property) from arrest in the event of a reasonable guarantee or other guaranteed security for the fulfillment of the debtor's monetary obligations by third parties.

Upon the application of the debtor, who is an individual entrepreneur, the court may postpone the consideration of the insolvency case for no more than one month for the debtor, who is an individual entrepreneur, to make settlements with creditors or reach an settlement agreement.

If there is information about the opening of an inheritance in respect of a citizen, who is an individual entrepreneur, the court shall have the right to suspend the proceedings on the insolvency case of an individual entrepreneur until the issue of the inheritance is resolved.

If, within the period established by part two of this article, the debtor, who is an individual entrepreneur has not submitted evidence of satisfaction of creditors' claims and a settlement agreement has not been concluded within the specified period, the court shall adopt decision on declaring the debtor, who is and individual entrepreneur, bankrupt and initiating liquidation proceedings.