In case of reorganization or assets liquidation of a legal entity, any top executive who, without being insolvent, has:
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engaged in an independent professional, civilian, commercial, handicrafts or agricultural activity either through an intermediary or under cover of the legal entity concealing his dealings;
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used the creditor assets of the legal entity as if they were his own;
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Abusively operated, in his personal interest, a failing business which could but lead to the insolvency of the legal entity.
The competent court may also pronounce reorganization or assets liquidation of the top executives who are liable for all or part of the debts of a legal entity and who fail to pay such debts.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 107
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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