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How does the Court proceed should the requester of the bankruptcy procedure initiation and the insolvent enterprise reach an agreement?

Within 03 working days from the date the People’s Court accepted the lawful petition for bankruptcy procedure initiation, the insolvent enterprise and the creditor who submits the petition are entitled to send a written request to the People’s Court to negotiate the petition for withdrawal.

In the event both parties agree on the withdrawal of the petition for bankruptcy procedure initiation, the Court shall return it.

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