Article 707 — Notice to Creditors

1/ Where application for bankruptcy is filed by creditors, partners with joint and several liability or a public prosecutor, the Court shall notify the debtor of the application within seven days from the application. 2/ The debtor shall, within twenty days from the receipt of the application, submit his reply indicating his agreement with or opposition to the application of bankruptcy. The debtor shall submit the documents listed under Article 637 Sub-Article (1) of this code and other supporting documents indicating whether he is in cessation of payments. 3/ Where the debtor admits the cessation of payments, the debtor shall indicate whether his business can still be eligible for reorganization proceedings under Title Three of this Book or should go to bankruptcy proceedings specified under this Title. 4/ Where the Court finds that the debtor is eligible for the opening of reorganization proceedings and where it anticipates that the reorganization plan, when prepared and submitted, will obtain the necessary votes, under TITLE of this Book, it shall order the opening of reorganization proceedings in lieu of bankruptcy proceedings.