Reorganization and judicial assets liquidation shall be opened for any debtor who finds himself in a insolvency.
Insolvency means that the debtor is unable to pay its due claims out of its available assets except in situations where credit reserves or payment deadline extensions consented by creditors enable the debtor to deal with current debts.
The debtor who becomes insolvent shall make a statement in order to obtain the opening of a reorganization or assets liquidation proceedings regardless of the nature of its debts.
The statement of insolvency shall be made by the debtor no later than thirty (30) days following the occurrence of the insolvency and lodged at the registry of the competent court against a receipt.
Without prejudice to the provisions of Article 33 hereinafter, the debtor shall specify in his statement whether he is petitioning for the opening of reorganization or assets liquidation proceedings.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 37
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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