Bankruptcy Law

The debtor merchant may request the declaration of bankruptcy within 15 (Fifteen) days from the date of Cessation of payment, by an application submitted to the Secretariat of the Court stating the reasons for stopping payment and attaching the following documents

a. Assets of commercial books.

b. copy of the last audited balance sheet and profit and loss account.

c. A statement of the total personal expenses associated with the accounts of the debtor merchant or with the Redebtor merchant's movable property and real intrarelationship with it for the two years preceding the filing of the bankruptcy application or for the period of Engaging in trade if it is less than that.

d. A detailed statement of the debtor merchant's movable property and real estate, and their approximate value. On the date of cessation of payment, as well as cash deposited in his name with banks whether in the Sultanate or abroad.

e. statement of the names of creditors and debtors, their addresses, the amount of their rights or debts and insurances guarantor of it, if any.

f. A statement of non-fulfillment protests relating to commercial papers drawn up against the merchant.The debtor during the two years preceding the submission of the application for bankruptcy.

g. A certificate from the Registry stating that no judgment has been issued for the opening of protective composition procedures, indicating that he did not apply for restructuring.

The documents referred to in the preceding paragraph must be dated and signed by the debtor merchant, If it is not possible to submit some of these documents or complete their data, the debtor merchant shall clarify The Secretariat of the Court shall draw up a record of receipt of these documents. The court may oblige the debtor merchant within its specified period to submit additional documents. or information about his financial situation.