SECTION 119

The debtor shall propose a proposed judicial composition under the conditions set forth in articles 26 (11) and 27 above. Once the debtor files the proposed judicial composition, the court registrar shall inform the trustee who shall seek the opinion of the controllers, if appointed. The court registrar shall notify creditors thereof through publicity in a journal of legal notices of the State party concerned, and at the same time, through the filing of the statement of claims under the conditions set forth in article 87 above. In addition, the court registrar shall immediately notify creditors with a special security to respond no later than at the expiry of the deadline set in article 88 above by indicating whether they accept the proposed composition or whether they intend to grant time extensions and debt reductions different from those proposed and by submitting their own proposals. A copy of the proposed composition shall be sent to each creditor by registered mail with acknowledgement of receipt or by any means which leaves a written record. The deadline set in article 88 above shall be effective from the date on which the notice is received. The trustee shall build upon such deadlines for filing and verifying claims to reconcile the positions of the debtor and creditors on the development of the proposed composition and to P. 78 of 139 carry out the economic and social assessment referred to in article 119-1 hereinafter. In this context, he shall transmit to the receiver, prior to convening the bankruptcy meeting, a report outlining, for each creditor, if he was actually contacted and on what date; whether he agrees with the proposed composition and whether he favors its adoption; whether he has an adverse opinion thereof and the reasons thereof.