Cap. 631 чл. 6Duties of the officials when debtor is exposed to likelihood of insolvency.      Cap. 13.

(1) Where the officials of the debtor become aware that the debtor has become exposed to a likelihood of insolvency, either as a result of:

(a) the information and data made available by virtue of the early warning tools; or

(b) any financial review made by the auditors of the debtor; or

(c) any request by a creditor or creditors, or the representative of the debtor’s employees, or a debenture or equity holder to consider its financial position; or

(d) prevailing circumstances that otherwise expose the debtor to the likelihood of insolvency, the officials shall forthwith, and in any event, not later than thirty (30) days from becoming aware thereof, duly convene a meeting of the officials, for the purpose of reviewing the debtor’s position and of determining what steps should be taken to deal with the situation, having regard to the interests of the creditors, equity holders, employees, and other stakeholders of the debtor, and including, but not limited to, consideration as to whether the debtor should consult with an insolvency practitioner and, or,make a preventive restructuring application in terms of article 9.

(2) Without prejudice to sub-article (1), where the debtor is a sole trader, it shall be sufficient for the trader to document its review and determination in terms of sub-article (1), and keep record of such documentation in the manner set out in article 13 of the Commercial

Code.

(3) The minutes of a meeting in terms of sub-article (1) shall include a detailed review of the financial matters of the debtor and the determination made, and shall be kept at the debtor’s office.

(4) Where the meeting is called following a request by any person listed in paragraph (c) of sub-article (1), the debtor shall by not later than fourteen (14) days from the said meeting communicate in writing to such person, and to the competent authority whether a meeting in terms of sub-article (1) has been held.