Section 13: To inquire into insolvency proceedings

() Where the Court issues an order to inquire into insolvency proceedings pursuant to sub-section (3) of Section 10, the inquiry official shall independently inquire into the financial situation of the concerned company in order to determine the following:

(a) Whether or not there should be issued an order for immediate liquidation of the company by the reason that its financial situation cannot be improved,

(b) Whether or not the period of inquiry, as referred to in Section 14, should be extended,

(c) Whether or not there should be issued an order for the restructuring of the company through the restructuring program,

(d) Whether or not the company has become or is likely to become insolvent.

2) The inquiry official shall make an inquiry pursuant to sub-section (1) and submit an inquiry report to the Court within the period specified by the Court, and such report shall contain, inter alia, the resolution, if any, adopted by the meeting of creditors, the company’s report and evaluation and recommendation made by the official.