In case of cancellation or annulment of the arrangement, the competent court shall pronounce reorganization or assets liquidation where it establishes insolvency.
In case of cancellation or annulment of the judicial composition, the competent court shall convert the reorganization into assets liquidation and shall appoint a trustee. Only one body of creditors shall be constituted before and after the composition.
With the assistance of the receiver, the trustee shall proceed, without delay, on the basis of the former inventory and, where seals had been affixed in accordance with Article 59 above, to check the assets, shares and documents; where necessary, he shall prepare an inventory and draw up a supplementary assessment.
He shall immediately have the court registrar publish an excerpt of the decision and a convening notice to new creditors, if any, to produce their debt securities for verification under the conditions provided for in articles78 and seq.above.
The new debt securities shall be verified immediately.
The previously approved claims shall automatically be carried forward to the new statement of claims, less sums of money which had been paid to creditors as dividends.
P. 89 of 139
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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