Article 705 — Opening of Bankruptcy Proceedings

1/ Bankruptcy proceedings shall be opened upon the application of a debtor who has been in cessation of payments. 2/ Debtor who has been in cessation of payments shall at the latest within forty-five days apply to court for the opening of bankruptcy proceedings unless the debtor has already applied for the opening of reorganization proceedings in accordance with TITLE of this Book. 3/ The obligation of the debtor under Sub-Article (2) of this Article shall apply also to each partner in a general partnership and general partners in a limited partnership. 4/ Bankruptcy proceedings may also be opened upon the application of: a) persons who are jointly and severally liable with the debtor; b) one or more creditors whose claim against the debtor is due and payable; c) a liquidator appointed to liquidate the debtor’s business outside bankruptcy proceedings; d) a public prosecutor where the debtor’s cessation of business is apparent from criminal proceedings involving the debtor. 5/ The court may also initiate bankruptcy proceedings on its own motion where, as a result of proceedings against the debtor, it is apparent that the debtor is in cessation of payments. The court which has ascertained debtor’s cessation of payments shall refer the case to the court which has jurisdiction to order judgment of bankruptcy under this Book. 6/ In addition to his application, debtor shall submit documents listed under Article 637(1) of this Code. 7/ In addition to their application, creditors shall submit documents listed under Article 637 Sub-Article (4) of this Code and may suggest the name of the person to be appointed as trustee in bankruptcy.