Cap. 631 Art. 8Eligibility for preventive restructuring.        Cap. 12.

Where a debtor has, or the officials of the debtor have, whether by reference to article 6, or otherwise, reasonably determined that the debtor is exposed to a likelihood of insolvency, having regard to the debtor’s business circumstances and its actual, contingent, and prospective assets and liabilities, a preventive restructuring application may be made to the Court requesting it to place the debtor under a preventive restructuring procedure, provided that the debtor:

(a) has reasonable prospects of viability, that is to say the debtor’s economic viability is likely to be preserved or restored as a result of being placed under a preventive restructuring procedure;

(b) has not become liable for the payment of a debt that has remained unsatisfied, in whole or in part, after twenty-

four (24) weeks from the enforcement of an executive title against the debtor by any of the executive acts specified in article 273 of the Code of Organization and Civil Procedure, or has been otherwise declared by a court to be unable to pay its debts; and

(c) has not previously been admitted to preventive restructuring procedures in the three (3) years preceding the date of the application.