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Article 1
This Law shall govern the manner and conditions of initiating and governing the bankruptcy of legal entities.
Bankruptcy proceedings, within the meaning of this Law, shall be liquidation or reorganisation.
Liquidation shall comprehend creditor satisfaction from the value of the bankruptcy debtor's whole assets, and/or the bankruptcy debtor as a legal entity.
Reorganisation shall comprehend creditor satisfaction accomplished in the manner and under the conditions contained in the plan of reorganisation by redefining relations between the debtor and the creditor, or changing the debtor's legal status, or in another manner provided by the plan.
