that no motion for opening bankruptcy

[Iren_A]

Пожалуйста, помогите перевести.

Выражение встречается в следующем контексте:
3. The Contractor and the Contracting Party hereby jointly covenant and assure that they are and shall remain duly organized and existing companies operating in accordance with valid laws, and that no motion for opening bankruptcy, composition or rehabilitation proceedings has been filed in respect of either of them.
Заранее спасибо