Cap. 631 Art. 11Hearing of application and issue of preventive restructuring order.

(1) On the hearing of an application, which shall take place within not more than thirty (30) days from the filing of the application, the Court may, after examining all the circumstances and the options that are available, either dismiss the application or issue a preventive restructuring order, acceding thereto and placing the debtor under the requested preventive restructuring procedure.

(2) The Court shall immediately decide whether to accede to the application, and accordingly place the debtor under the preventive restructuring procedure and issue a preventive restructuring order, only where it is satisfied:

(a) that the application which has been submitted by the insolvency practitioner is complete and contains all the necessary annexes in terms of article 10;

(b) that the type of preventive restructuring being requested is suitable to the circumstances of the debtor and its creditors; and

(c) that the issuing of the preventive restructuring order would, in the event of an application for a standard or pre-formulated preventive restructuring procedure, be likely to facilitate the confirmation of a restructuring plan that satisfies the requirements of article 43(2) and shall enable the debtor to restructure, with a view to preventing insolvency and ensuring its economic viability, having regard to the interests of the creditors, equity holders, employees, and other stakeholders of the debtor.