Article 242. Consideration of Insolvency Case of Absent Debtor

The court, within two weeks from the date of acceptance of an application for declaring the absent debtor bankrupt for proceedings, shall adopt decision on declaring the absent debtor bankrupt and initiating liquidation proceedings.

Monitoring, judicial rehabilitation and external management procedures shall not be applied in the insolvency case of an absent debtor.

The decision of the court shall be sent to the authorized state body, which, within a week from the date of receipt of this decision, shall submit to the court a candidate for the liquidation manager.

The liquidation manager shall notify in writing of the recognition of the absent debtor as bankrupt all creditors known, who, within one month from the date of receipt of the notice, may present their claims to the liquidation manager.

At the petition of the liquidation manager, upon discovery of the property of the absent debtor, the court may issue a ruling on termination of the simplified insolvency procedure and transition to the general insolvency procedures provided for by this Law.