Chapter 1 Chapter 1 Insolvency
Article (133) Insolvency of a Licensee
A Licensee is deemed to be insolvent if his financial position becomes unstable and he stops paying his due debts other than administrative fines and whatever type of tax.
Article (134) The Effects of Insolvency
The insolvent Licensee shall immediately cease to carry out any Regulated Service, make any payments or to carry on any business whatsoever in relation to Regulated Service, unless otherwise agreed in writing by the Central Bank.
Article (135) Judicial Compensation
Upon the request of the Central Bank, the liquidator or the external administrator, a compensation ruling may be passed against any official or employee of the Licensee who violated or permitted violation of the provision of Article (134) of this law, if such official or employee was fully aware or he should have been aware of the fact that the Licensee is insolvent and the said Licensee incurred losses by reason of such violation.