The composition shall be annulled in case of fraud involving a concealment of assets or an exaggeration of debts where the fraud was uncovered after the confirmation of the preventive or judicial composition.
Theannulment shall automatically release individuals who consented a suretyship, granted or assigned an asset as collateral except where they had knowledge of the fraud at the time of their commitments.
Only the public prosecutor or the controllers are entitled to file an action for annulment after assessing the relevance or non-relevance of instituting thereof. It may be instituted only within one (1) year following the discovery of the fraud.
The competent court shall alone judge the appropriateness of pronouncing or not the annulment of the composition depending on the common interest of creditors and workers.
The decision to annul the composition shall be subject to appeal by the debtor, the public prosecutor or the controllers within fifteen (15) days from the date of the judgment.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 88
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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