Article 9. Obligation of Debtor, Liquidation Commission or Liquidator To File Application With Court

The head of the debtor, which is a legal entity, the debtor, which is a natural person or an individual entrepreneur shall be obliged to apply for initiation of insolvency proceedings against the debtor to the court in cases where:

satisfaction of the claims of one or several creditors leads to the impossibility of the debtor to fulfill in full its monetary obligations to other creditors and (or) duties on taxes and fees;

body authorized to adopt a decision on the liquidation of the debtor in accordance with the constituent documents of the debtor, adopted a decision to apply to the court with the debtor's application for liquidation;

foreclosure on the debtor's property may render the debtor's economic activities impossible or lead to non-satisfaction of the claims of other creditors.

Where, during the liquidation of a legal entity, it becomes clear that it is impossible to satisfy the claims of creditors in full, the liquidation commission or the liquidator shall be obliged to apply to the court with an application to initiate insolvency proceedings against the debtor.

The application of the debtor, the liquidation commission or the liquidator must be sent to the court no later than one month from the moment the circumstances specified in parts one and two of this Article arise.