(In cases initiated after 1 March 2012)
The concept of bankruptcy proceedings:
Bankruptcy proceedings are proceedings in which the debtor receives a deferral of payment in order to enter into a bankruptcy settlement and attempts to enter into a bankruptcy settlement.
Initiation of bankruptcy proceedings:
An application for bankruptcy may be filed by a debtor or a creditor who wishes to enforce his claim in bankruptcy proceedings instead of liquidation proceedings.
A debtor may not file for bankruptcy if bankruptcy proceedings are pending against him or if an application for liquidation has been filed against him and a winding-up order has already been made.